Real Estate Trends – Lowell, Massachusetts (Condos)

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward

Today we are highlighting the Condo market in Lowell, MA in Middlesex County

 Pawtucket Canal at Central St. - Lowell MA Real Estate

Market Trends in Lowell, MA – May 2014 and 2015:

We have looked at Lowell a few times in the past examining its single family housing market in November and in March as well as its Multifamily housing market in January, but this is the first time we have taken a look at the sizable condo market in the city.

The Lowell, MA Condo market appears to be down a lot since last year.  Both the average listing and average sales prices were down significantly.  However, the days on market decreased substantially year over year as a small counter point to the pricing drops.  Inventory was about the same going from 31 sales in May of 2014 to 30 in May 2015. 

Average Listing Prices:

Starting off first we will look at the average listing price.  For Lowell, MA Condos the average listing price in May 2014 was $209,924.  This was down to $162,580 in May 2015.  That gives a very significant 22.55% decrease year over year. 

Average Sale Prices:

Next we will look at the average sale prices.  The average sale price for Lowell, MA Condos in May of 2014 was $208,173 and in May 2015 that was down to $159,547.  That gives an even larger decrease of 23.36%, which again is quite large. 

Average Days on Market:

The final metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Lowell, MA Condos the average days on market in May of 2014 were 99.87 and the average days on market for May 2015 were 62.23, for a fairly large 37.69% decrease.  It is slightly surprising to see such a large decrease in the days on market when prices were down so much

Lowell, Mass Summary:

The Lowell, Massachusetts real estate condo market looks like is has declined dramatically since last year.  The very large drops in listing prices and sale prices show this pretty clearly.  However, the fairly significant decrease in days on market is at least one nice reprieve for sellers looking at getting quite a bit less than they may have expected.    

In summary if you are looking to sell a Condo in Lowell, MA now you should expect to get a lot less than you would have last year.  However you should also expect it to take much less time to sell compared to last year if you have it priced correctly.

 

Do you need so sell your Lowell, Massachusetts Condo fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Pawtucket Canal at Central St by John Phelan via Wikipedia)

 

 

 

 

 

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