Real Estate Trends – Westford, Massachusetts

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 Westford, MA in Middlesex County

 Old Westford Academy - Westford Massachusetts Real Estate

Market Trends in Westford, MA – June 2014 and 2015:

The Westford, MA market appears to be down some since last year.  Both the average listing and average sales prices were down.  The days on market did go down a little bit since last year though.  Inventory was stable with 23 sales in both June 2014 and in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Westford, MA the average listing price in June 2014 was $512,074.  This was down to $472,335 in June 2015.  That gives a fairy significant 7.76% decrease year over year. 

However looking at the medians it was very close to the average in 2014 but much lower in 2015.  If we look at those we see a median list price of $514,900 in June 2014 and $414,900 in June 2015 giving a much larger 19.42% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Westford, MA in June of 2014 was $503,526 and in June 2015 that was down to $468,793.  That gives a slightly smaller decrease of 6.90%. 

There is also a discrepancy in the median sale prices.  The main difference in what we saw above with the list prices is that the 2014 median is also a bit different than the average price.  If we look at those we see a median sale price of $517,900 in June 2014 and $402,500 in June 2015 giving again a much larger 22.28% decrease.

The market was down a bit either way but using the more standard median prices the market is down tremendously from 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 Westford, MA the average days on market in June of 2014 were 78.78 and the average days on market for June 2015 were 50.61, for a fairly significant 35.76% 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 , Somerville, Canton #3 and Pelham, NH outliers in the data can really skew these numbers.  This again is the case for Westford, MA in June.  In this case there was a very high days on market house in the 2014.

In 2014 there was a house with 527 days on market; this was higher than the next 2 combined and over 29% of the total days on market for all 23 houses.  When removed the new calculation for the remaining 22 houses gives an average days on market of 58.41.  Using this adjusted number we see that there is still a decrease but now is only 13.35%.  So the same general conclusion that days on market are down but now it seems to be fairly modest rather than fairly significant.    

Westford, Mass Summary:

The Westford, Massachusetts real estate market looks like is has declined a bit since last year.  The drops in listing prices and sale prices show things are down.  The only question is if it is just down a little as it appears with the average prices or is down tremendously as seen with the median prices.  The decrease in days on market is fairly small and overall this isn’t a major consideration given the drops in prices.

In summary if you are looking to sell a house in Westford, MA now you should expect to get less than you would have expected to get last year.  In addition you should also expect it to take a somewhat shorter time to sell compared to last year as well.   

 

Do you need to sell your Westford, 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: Old Westford Academy by John Phelan via Wikipedia)

 

 

 

 

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