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

 East Bridgewater MA Seal - East Bridgewater Massachusetts Real Estate

This is the 3rd part of our “Bridgewater Week” where we also Profiled Bridgewater and West Bridgewater as well.

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

The East Bridgewater, MA market appears a bit confusing and inconsistent.  Both the average listing and average sales prices were up but the median prices for both were down.  The days on market were down a bit, but that appears to be misleading.  Inventory was up a bit with 9 sales in July of 2014 and 16 in July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For East Bridgewater, MA the average listing price in July 2014 was $315,267.  This was up to $317,725 in July 2015.  This gives a miniscule increase of 0.78% year over year. 

Taking a look at the median prices we see they are a bit lower than the averages, especially in 2015.  For July of 2014 the median listing price for East Bridgewater, MA was $309,000 and in July 2015 it was pretty close to the average at $286,450 which now gives a fairly substantial 7.30% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for East Bridgewater, MA in July of 2014 was $310,589 and in July 2015 that was up to $319,002.  That gives another pretty small increase of 2.71%. 

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 East Bridgewater, MA was $300,000 and in July 2015 it was $285,500 giving a 4.83% decrease compared to the average. 

This is a rare instance where we get totally different results using the averages or the medians.  Usually these only give us a difference in magnitude of our conclusions.  Similar to Bridgewater at the start of the week the averages made it look flat, though the small changes were down, but then a larger decrease with the medians because of the 2015 average being pulled up by a couple of abnormally large sales.  We will draw a similar conclusion that the medians give the more accurate view in this case and the market is down slightly. 

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 East Bridgewater, MA the average days on market in July of 2014 were 97.33 and the average days on market for July 2015 were 93.56, for a meaningless 3.87% 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, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax,Braintree (Condos), Newton (Multifamily), Plainville ,Boxford, Wayland  and West Bridgewater outliers in the data can really skew these numbers.  This again is the case for East Bridgewater, MA in July.  In this instance there was a very high days on market places in the 2014 data.

In 2014 there was a house with 437 days on market; this was almost exactly as much as all of the other 8 properties combined with 49.89% 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 54.88. 

Using the adjusted numbers we see that now there is a very significant 70.48% increase.  This again changes the general thought since they looked to be pretty much flat, but now look to be up quite a bit.

East Bridgewater, Mass Summary:

The East Bridgewater, Massachusetts real estate market seems inconsistent and a little harder than most to evaluate.  The tiny increases in listing prices and sale prices when looking at the averages make it look mostly flat, and maybe a tiny tick up.  However looking at the medians we definitely see a drop, though not a huge one when weighing the sale prices more heavily.  Then the days on market further confuse the issue as they looked basically flat at first but with deeper evaluation they seem to actually be up a good amount, which supports the contention of a down market.

In summary if you are looking to sell a house in East Bridgewater, MA now you should probably expect to get a little bit less for it than you would have expected to get last year.  You should also probably expect it to take longer to sell compared to last year as well.   

 

Do you need to sell your East 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: East Bridgewater MA Seal via Wikipedia)

 

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