Real Estate Trends – Marlborough, 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 the Marlborough, MA in Middlesex County

 Marlborough MA Seal - Marlborough Massachusetts Real Estate

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

The Marlborough, MA condo market appears to have gone down a bit since last year.   The average listing and sale prices were down as well as the median prices.  The days on market were also up a lot.  Inventory was stable with 12 sales in both July of 2014 and July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For condos in Marlborough, MA the average listing price in July 2014 was $251,087.  This was down to $201,925 in July 2015.  This gives a tremendous decrease of 19.58% year over year.  

With that big of a difference we definitely like to look at the median prices as well.  Also taking a fast look at the median prices we see they are both a bit different than the averages.  For July of 2014 the median listing price for a condo in Marlborough, MA was $259,900 and in July 2015 it was $189,850 which now gives a much larger 26.95% decline!

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Marlborough, MA in July of 2014 was $253,729 and in July 2015 that was down to $198,806.  That gives another extremely significant decrease of 21.65%. 

We see the same pattern with the median sale prices as we did for the listing prices.  For July of 2014 the median sales price for Marlborough, MA was $257,500 and in July 2015 it was $190,500 giving another much larger 26.02% decrease. 

It is clear that prices are down significantly for Marlborough, MA condos with all the measures being way down.  Based on this data it is pretty safe to say that prices are down at least 20% and probably more like 25%+.

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 Marlborough, MA condos the average days on market in July of 2014 were 54.58 and the average days on market for July 2015 were 84.83, for a very large 54.93% 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), Newton (Multifamily), Plainville ,Boxford, Wayland , West Bridgewater and East Bridgewater outliers in the data can really skew these numbers.  This again is the case for Marlborough, MA condos 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 215 days on market; this was almost exactly as much as the next 3 properties combined and with almost 33% of the total days on market for all 12 condos.  When removed the new calculation for the remaining 11 properties gives an average days on market of 40.0. 

Using the adjusted numbers we see that now there is a very significant 112% increase.  This does not change the general thought since they looked to be up a lot to start, but now the magnitude of the change is quite a bit more striking.

It is worth mentioning that in 2015 there were 2 points that were a bit larger than the rest.  However, as mentioned in the past we are only eliminating points that are obviously outliers without going through a rigorous statistical analysis to be able to prove it.  So it is possible that there was an outlier, or even 2, in the 2015 data but this cannot be said without going through that procedure, while the point in 2014 looks pretty clean cut.

Marlborough, Mass Summary:

The Marlborough, Massachusetts condo real estate market is down tremendously since last year.  All pricing metrics were down at least in the 20% range with both median list and sale prices being down over 26%.  In addition the days on market are up very significantly which further supports a drop in the market.

In summary if you are looking to sell a condo in Marlborough, MA now you should expect to get much less for it than you would have gotten last year.  You should also expect it to take a lot more time to sell compared to last year as well.  With this kind of huge drop in the market sellers need to price it right and might want to consider taking even more of a discount to avoid sitting on the place for a very long time as well.

 

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

 

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