Real Estate Trends – Plymouth, 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 America’s Hometown Plymouth, MA in Plymouth County

 Mayflower II - Plymouth MA Real Estate

As we all know Plymouth was originally settled by the Pilgrims in 1620, and you might also know if you read our market reports on Duxbury, MA and Derry, NH I like to mention my famous relatives.  In this case I have about 8 relatives that came over on the Mayflower so going to Plimoth Plantation is like an extended family reunion.  :)

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

The Plymouth, MA Condo market appears to be down some since last year.  Both the average listing and average sales prices were down significantly while the days on market were also up.  Inventory went up significantly as well with 20 sales in June 2014 and 32 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Condos in Plymouth, MA the average listing price in June 2014 was $376,043.  This was down to $317,459 in June 2015.  That gives a very large 15.58% decrease year over year. 

We wanted to also look at the medians since there seemed to be some big jumps right around these points and it was not clear where they fell without calculating them, this interestingly was the case both years.  If we look at those numbers we see a median list price of $395,250 in June 2014 and $301,950 in June 2015 giving a much larger 23.61% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Plymouth, MA Condos in June of 2014 was $365,913 and in June 2015 that was down to $308,964.  That gives an almost identical decrease of 15.56%. 

There is also a discrepancy in the median sale prices.  Like with the list prices we see that the 2014 median is more than the average price and it is less than it in 2015.  If we look at those we see the median sale price was $395,250 in June 2014 (yes it was the same as the list price median) and $292,250 in June 2015 giving again a much larger 26.06% decrease.

The Plymouth, MA Condo market was down significantly no matter which way you want to look at it but using the more conventional median prices the market is down a tremendous amount 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 Plymouth, MA Condos the average days on market in June of 2014 were 90.60 and the average days on market for June 2015 were 103.06, for a fairly small 13.75% increase. 

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, Pelham, NH and Westford outliers in the data can really skew these numbers.  This again is the case for Plymouth, MA Condos in June.  In this case there was a very high days on market place in 2014.

In 2014 there was a condominium with 461 days on market; this was almost as high as the next 2 combined and over 25% of the total days on market for all 20 Condos.  When removed the new calculation for the remaining 19 Condos gives an average days on market of 71.11.  Using this adjusted number we see that there is a much larger and more significant 44.93%.  So we have the same conclusion that days on market are up since last year, however it seems that instead of a modest increase we are looking at a fairly significant one.    

Plymouth, Mass Summary:

The Plymouth, Massachusetts real estate Condo market looks like is has declined a significant amount since last year.  The substantial drops in both listing prices and sale prices show this very clearly.  In addition the large increase in days on market also is evidence of this conclusion.

In summary if you are looking to sell a Condo in Plymouth, MA now you should plan on getting a lot less than you would have expected to get last year.  In addition you should also expect it to take a bit longer to sell compared to last year as well.  

 

Do you need to sell your Plymouth, 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: Mayflower II by OldPine via Wikipedia)

 

 

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