Real Estate Trends – Bridgewater, 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 Bridgewater, MA in Plymouth County. 

 

Actually this is the first part of a “Bridgewater Week” where we will also Profile East Bridgewater and West Bridgewater as well.

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

The Bridgewater, MA market appears to have gone down a little bit since last year.  Both the average listing and average sales prices were pretty flat but the medians were down.  The days on market look to be down some though.  Inventory was stable with 27 sales in July of 2014 and 28 in July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Bridgewater, MA the average listing price in July 2014 was $351,207.  This was down to $350,246 in July 2015.  This gives a meaningless decrease of a bit less than 0.3% year over year.  

However taking a quick glance at the median prices we see they are a fair bit lower than the averages in 2015.  For July of 2014 the median listing price for Bridgewater, MA was $349,900 and in July 2015 it was $319,450 which now gives a fairly substantial 8.70% decline

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Bridgewater, MA in July of 2014 was $348,439 and in July 2015 that was down to $343,143.  That gives a pretty insignificantly small decrease of 1.52%. 

We see the same pattern with the median sale prices as we did for the listing prices above.  For July of 2014 the median sales price for Bridgewater, MA was $350,000 and in July 2015 it was $310,000 giving a large 11.43% decrease compared to the average.  This is the largest drop of any of the four numbers we looked at. 

The difference in median prices seen in both cases here are classic examples of why the median prices are generally preferred when evaluating real estate prices.  In this case there were a couple of abnormally high sales in 2015 that really pulled up the average price, but overall a lot more places were selling in the lower end of the market than in 2014.  The median has its own issues but this is an instance where it is probably the better metric to use so it doesn’t overweigh the importance of those handful of sales compared to all the other ones.

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 Bridgewater, MA the average days on market in July of 2014 were 76.44 and the average days on market for July 2015 were 70.71, for a insignificant 7.50% decrease. 

Bridgewater, Mass Summary:

The Bridgewater, Massachusetts real estate market looks uneven.  The very minor drops in listing prices and sale prices when looking at the averages, along with the fairly flat days on market would lead one to believe that things were mostly flat and stable year over year.  However taking a look at the medians, they show things are down a pretty good amount.  The only thing you can say with a lot of surety is that the market has not improved since last year.  In my opinion this is a case where the medians are the better choice and tell a more accurate story, and that story is that Bridgewater, MA is actually down a bit.

In summary if you are looking to sell a house in Bridgewater, MA now you might expect to get a less for it than you would have expected to get last year.  You should also expect it to take about the same amount of time or just slightly less to sell compared to last year as well.   

 

Do you need to sell your Bridgewater, 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: Flag of Bridgewater Massachusetts via Wikipedia)

 

 

Speak Your Mind

*