Real Estate Trends – Methuen, 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 Methuen, MA in Essex County

 Nevins Memorial Library - Methuen Massachusetts Real Estate

We did look at Methuen’s single family market back in January, which showed that market was down moderately in December.

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

The Methuen, MA Condo market appears to be down a bit since last year.  Both the average listing and average sales prices were down a good amount.  However, the days on market have gone down a significant amount year over year.  Inventory was down a lot getting cut in half from 18 sales in May of 2014 to 9 in May 2015. 

Average Listing Prices:

First off we are going to look at the average listing price.  For Methuen, MA Condos the average listing price in May 2014 was $274,045.  This was all the way down to $149,289 in May 2015.  That gives a huge 45.52% decrease year over year. 

As stated in many previous articles we use the average numbers because they are generated automatically from the data, while the more standard median numbers are not.  However we always at least “eye ball” the medians to ensure there is not a great discrepancy.  That is not the case here! 

Taking a look at the medians we see it is close to the average in 2015 but much lower in 2014.  Using those number, $204,900 in 2014 and $150,000 in 2015, we see a much smaller decrease of 26.79%.  This is still a tremendous decrease but still a lot smaller than ridiculously large drop seen with the averages.

Though looking at either method it is pretty clear that listing prices are way down in May this year.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Methuen, MA Condos in May of 2014 was $277,327 and in May 2015 that was down to $149,256.  That gives an even larger decrease of 46.18%. 

Not surprisingly we see the same effect as above when looking at the median sales prices.  In this case we see in 2014 it was $197,500 and in 2015 we see $155,000 for a 21.52% decrease.  Still huge though less than the drop seen using the average sale price, and less than the drop in the listing prices seen above.  However just as with above no matter which method you want to look at the prices are clearly down quite a bit since last year.

Average Days on Market:

Finally the last 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 Methuen, MA Condos the average days on market in May of 2014 were 85.61 and the average days on market for May 2015 were 47.22, for a noticeably significant 44.84% decrease.  This is somewhat surprising given the stark falloff in prices. 

Methuen, Mass Summary:

The Methuen, Massachusetts condominium real estate market looks like is has declined quite a bit since last year.  The very sizable drops in listing prices and sale prices show things are down a good amount.  The large decrease in days on market is an interesting counterpoint to the pricing trend and some small consolation for sellers right now.    

In summary if you are looking to sell a Condo in Methuen, MA now you should expect to get much less than you would have expected to get last year.  However you should expect it to take a much shorter time to sell compared to last year if you meet the new lower pricing.

 

Do you need to sell your Methuen, 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: Nevins Memorial Library by EraserGril via Wikipedia)

 

 

 

 

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