Real Estate Trends – Norton, 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 Norton, MA in Bristol County

 Norton MA Town Common - Norton Massachusetts Real Estate

Market Trends in Norton, MA – August 2014 and 2015:

The Norton, MA condo market has fallen off a lot compared to last year.   The average listing and sale prices and the median prices are all down significantly.  The days on market appear to be down a lot, but that looks to be a bit overstated from how it first appears.  Inventory was up a little going from 8 sales in August of 2014 up to 11 in August 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For condos in Norton, MA the average listing price in August 2014 was $347,354.  This was down to $277,564 in August 2015.  This gives a huge decrease of 20.09% year over year. 

We want to see what the medians look like with such a big drop using the averages.  Taking a look at the median prices we see that it is quite a bit smaller than the average in 2015.  For August of 2014 the median listing price for a condo in Norton, MA was $344,900 and in August 2015 it was $219,900 which now gives a much larger 36.24% decline!

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Norton, MA in August of 2014 was $370,228 and in August 2015 that was down to $285,257.  That gives another significant 22.95% decrease. 

We see a slightly different pattern with the median sale prices as we did for the listing prices; in this case both are much smaller than the averages.  For August of 2014 the median sales price for Norton, MA was $336,450 and in August 2015 it was $217,000 again giving a much larger 35.50% decrease. 

Prices are down a lot for Norton, MA condos.  No matter which method you look at they are down a significant amount.  Since medians are generally favored it is reasonable to say that prices are down well over 20% and upwards of 30% since 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 Norton, MA condos the average days on market in August of 2014 were 100.00 and the average days on market for August 2015 were 57.09, for a very significant 42.91% 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 , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos) and Melrose (Condos) outliers in the data can really skew these numbers.  This again is the case for Norton, MA condos in August.  In this instance there was a very high days on market place in the 2014 data.

In 2014 there was a property with 321 days on market; this was almost as much as the next 2 properties combined and was over 40% of the total days on market for all 8 condos.  When removed the new calculation for the remaining 7 properties gives an average days on market of 68.43. 

Using the adjusted numbers we see a much smaller 16.57% decrease.  This does not change the general thought of the days on market are down, but originally they seemed to be down a lot and now it is by a fairly small amount. 

Norton, Mass Summary:

The Norton, Massachusetts condo real estate market is down quite a bit since last year.  The average prices and the median prices were both down by huge amounts.  The days on market were down a small amount which is nice but does not make up for pricing being down 20-35%.   

In summary if you are looking to sell a condo in Norton, MA now you should expect to get a lot less for it than you would have gotten last year.  Though you also should expect it to take a little less time to sell compared to last year as well.    

 

Do you need to sell your Norton, 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: Norton Town Common by Marcbela via Wikipedia)

 

 

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