Real Estate Trends – Canton, Massachusetts  #3

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 changes in three key metrics year over year for the municipality to see how the market has changed and evaluate what those observations mean for that market moving forward.

Today we are highlighting the Canton, MA in Norfolk County

 Canton MA Map - Canton Massachusetts Real Estate

One last post about a town that borders Boston to wrap up this month’s look at the danger of believing a blanket statement of the market being hot without looking at what is happening in that particular area right now.  In addition to this look at Canton we had our 5 Part Series on Boston, MA and prior to that the bordering towns of Winthrop, MA and Milton, MA and now Somerville, MA after that series to support this view.

In addition this is the third time we have looked at the Canton, MA real estate market since last fall.  We have looked at it previously looking at the data for September 2014 and February 2015, and the market was down both those times.

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

The housing market in Canton, MA appears to be down some since last year.  The average listing prices and the average sale prices were both down a fair amount, the days on market were up some since last year.  Inventory was about the same going from 18 sales in May of 2014 down to 16 in 2015. 

Average Listing Prices:

First we are going to look at the average listing price.  For Canton, MA the average listing price in May 2014 was $593,506.  This was down to $559,700 in May 2015.  That gives a 5.70% decrease year over year. 

Looking at our previous articles we see that in September of 2014 the market was down 9.43% year over year and in February 2015 it was down a massive 33.75%.  So this is actually the least dramatic dip we have seen for Canton, MA to this point, but it is safe to say that it seems to be consistently down over the previous year for a while now.

Average Sale Prices:

Next we will look at the average sale prices.  The average sale price for Canton, MA in May of 2014 was $580,183 and in May 2015 that was down to $539,077.  That gives a slightly larger 7.09% decrease.  Quick look at the medians we see about the same with just a couple 10ths of a percent bigger decrease.

Again looking at the previous articles we see in September of 2014 the market was down 10.24% year over year and in February 2015 it was down a huge amount at 31.96%.  Again this is actually the smallest decline we have seen, but the market has consistently been down each time we have looked at it.

Average Days on Market:

The final metric we are going to 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 Canton, MA the average days on market in May of 2014 were 91.22 and the average days on market for May 2015 were 98.25, for a very minor 7.71% decrease. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury  and Somerville outliers in the data can really skew these numbers.  This again is the case for Canton, MA in May.  In this case there was a very high days on market house in the 2014 data.

In 2014 there was a house with 522 days on market, which was almost as much as the next four highest combined and almost 32% of the total days on market for all 18 houses.  When removed the new calculation for the remaining 17 houses gives an average days on market of 65.88.  Using this adjusted number we see that the very small increase in the days on market now becomes a much more significant 49.13% increase.  This does somewhat change the observation that things are selling about as fast, or just a little slower, than last year.  Now it looks much more accurate that things are selling a lot slower than last year, to the tune of more than a month longer.

Looking at the previous articles on Canton, MA the days on market are more mixed.  In September we saw they were up a lot with an adjusted increase of 76% and in February there was a decrease of 23.64%.  This actually looks to be more of an effect of inconsistency in the previous year as the recent months have had actual days on market of 80.13, 81.38 and now 98.25. 

Canton, Mass Summary:

The Canton, Massachusetts real estate market has fallen off again since last year.  The drops in both listing prices and in sale prices once again make this very clear.  The increase in days on market also supports this observation.

In summary if you are looking to sell a house in Canton, MA now you should expect to get less than you would have last year.  You should also expect it to take a much longer time to sell compared to last year. 

 

 

Do you need to sell your Canton, Massachusetts house 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: Canton Map via Google Maps)

 

 

 

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