Real Estate Trends – Halifax, 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 Halifax, MA in Plymouth County

 Halifax MA Seal - Halifax Massachusetts Real Estate

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

The housing market in Halifax, MA appears to be down quite a bit since last year.  Both the average listing and average sales prices were down significantly.  The days on market were up a good bit, but we will see that might be deceptive.  Inventory was pretty stable with 11 sales in June 2014 and 12 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Halifax, MA the average listing price in June 2014 was $362,427.  This was down to $260,225 in June 2015.  That gives a huge 28.20% decrease year over year. 

We have been calculating the changes with the medians more regularly anyway, but whenever there is that big of a difference with the averages we will always check the medians too.  In this case the median list price for Halifax, MA in June 2014 was $334,000 and in June 2015 it was $264,950 for a smaller 20.67% decrease.  While definitely a lot smaller than what we saw with the average a 20% decline is still very large.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Halifax, MA in June of 2014 was $355,611 and in June 2015 that was down to $259,000.  That gives a marginally smaller decrease of 27.17%. 

Obviously we will want to also examine the median sale prices as well.  If we look at the median sale price for Halifax, MA for June 2014 was $333,500 and in June 2015 it was $266,500 to give a 20.09% decrease, which is a bit less than for the averages but is still a huge drop. 

The prices for the Halifax, MA real estate market was down significantly since last year no matter how you look at it.

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 Halifax, MA the average days on market in June of 2014 were 91.73 and the average days on market for June 2015 were 118.08, for a large 28.74% 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, Westford, Plymouth (Condos) and Boston’s Jamaica Plain outliers in the data can really skew these numbers.  This again is the case for Halifax, MA in June.  In this case there was a very high days on market place in 2015.

In 2015 there was a house with 712 days on market; this was higher than all the other 11 houses combined with just over 50% of the total days on market for all 12 houses.  When removed the new calculation for the remaining 11 houses gives an average days on market of 64.09. 

Using the adjusted numbers we see that there is a pretty significant 30.13% decrease.  This is an uncommon instance where that one crazy data point completely changed the conclusion we could draw.  Originally the days on market looked to be up a pretty big amount but after the adjustment they are actually significantly shorter than last year.

Halifax, Mass Summary:

The Halifax, Massachusetts real estate market looks like is has declined a significant amount since last year.  The substantial drops in both the listing and sale prices show this crystal clear.  Surprisingly the days on market are actually down a fair bit, as a very small consolation for a seller looking at getting 20% less for their property.

In summary if you are looking to sell a house in Halifax, MA now you should expect to get significantly less than you would have expected to get last year.  However if priced correctly you should expect to sell it faster than you would have last year.  

 

Do you need to sell your Halifax, 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: Halifax MA Seal via Wikipedia)

 

Speak Your Mind

*