Real Estate Trends – Plainville, 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 the Plainville, MA in Norfolk County

 Plainville MA Seal - Plainville Massachusetts REal Estate

Market Trends in Plainville, MA – July 2014 and 2015:

The Plainville, MA market appears to have gone down a lot since last year.  Both the average listing and average sales prices were down quite a bit.  The days on market look to be up substantially as well.  Inventory was consistent with 9 sales in July of 2014 and 9 also in July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Plainville, MA the average listing price in July 2014 was $438,100.  This was down to $369,156 in July 2015.  This gives a huge 15.74% decrease year over year. 

With that big of a change and such a small number of properties we also make sure to take a look at the median prices for Plainville, MA too.  Looking at those numbers we see they are pretty close to the averages in both years.  For July of 2014 the median listing price for Plainville, MA was $439,900 and in July 2015 it was $359,000 which actually gives an even larger 18.39% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Plainville, MA in July of 2014 was $432,511 and in July 2015 that was down to $366,104.  That gives a similar but very slightly smaller decrease of 15.35% compared to the average list price. 

Again we see the median sale prices are pretty similar to the averages, though the July 2015 does have a lightly bigger difference relative to the listing prices and the 2014 sales median.  For July of 2014 the median sales price for Plainville, MA was $431,500 and in July 2015 it was $350,000 giving a larger 18.89% decrease compared to the averages, and the largest drop of any of the 4 number we just looked at.

One note I want to make is looking at the July 2015 sold prices there is one that is listed as $350.  In my opinion that is clearly a typo and should be $350,000 (or at least something between $350K and $351K, it had been listed for $359,000) so in the above calculations involved backing out the incorrect number and redoing them with $350,000.  The effect is more important since it not only would have dragged the average down about $37K it also happened to be the median number as well.  If the sale was in fact for the low amount we would have seen decrease around 25% for the average and just under 30% using the new Median of $306,000.

No matter which method used, and with or without the corrected numbers, everything shows that prices are down significantly for Plainville, MA 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 Plainville, MA the average days on market in July of 2014 were 28.67 and the average days on market for July 2015 were 82.0, for a huge 186.0% 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), Boston’s Jamaica Plain , Halifax,Braintree (Condos) and Newton (Multifamily) outliers in the data can really skew these numbers.  This again is the case for Plainville, MA in July.  In this case there was a very high days on market place in 2015.

In 2015 there was a house with 344 days on market; this was just about as high as the next 6 properties combined with 46.6% of the total days on market for all 9 houses.  When removed the new calculation for the remaining 8 properties gives an average days on market of 49.25. 

Using the adjusted numbers we see that there is a much smaller 71.78% increase.  While this is much, much smaller it doesn’t really change the conclusion at all since an increase of almost 72% is still a huge jump and things are selling much slower than last year.

Plainville, Mass Summary:

The Plainville, Massachusetts real estate market looks like is has declined quite a bit since last year.  The significant drops in listing prices and sale prices, by both averages and medians show things are down significantly.  The very large increase in days on market also strongly supports a decline. 

In summary if you are looking to sell a house in Plainville, MA now you should expect to get significantly less for it than you would have expected to get last year.  In addition you should also expect it to take a much longer time to sell compared to last year as well.  With the time to sell up so much sellers might want to consider taking a slight discount on the lower prices to move the house faster.

 

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

 

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