Real Estate Trends – Easton, Massachusetts #2

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 again highlighting Easton, MA in Bristol County

 Easton MA Seal - Easton Massachusetts Seal

We looked at Easton back in November last year where we saw it was pretty steady by the averages but down significantly by the medians.  Let’s see how things compare now.

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

The Easton, MA market has fallen off a bit since last year.   Both the average listing and sale prices were down a good bit and the median prices were down as well.  The days on market were up somewhat too.  Inventory jumped significantly, almost doubling going from 16 sales in August of 2014 up to 31 in August 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Easton, MA the average listing price in August 2014 was $536,063.  This was down to $473,005 in August 2015.  This gives a large decrease of 11.76% year over year. 

Taking a quick look at the median prices reveals that they are quite a bit less than the average both years.  For August of 2014 the median listing price for Easton, MA was $487,450 and in August 2015 it was $427,500 which now gives a slightly larger 12.30% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for in Easton, MA in August of 2014 was $518,503 and in August 2015 that was down to $464,660.  That gives another large 10.38% decrease. 

We see the same pattern with the median sale prices as we did for the listing prices.  For August of 2014 the median sales price for Easton, MA was $483,750 and in August 2015 it was $420,000 giving another larger and very significant 13.18% decrease. 

No matter which way we look at it prices are down for Easton, MA.  Since the medians usually are given more weight than averages the fact that these were a little higher and that the decrease of the median sale price was the largest of the 4 items we looked at it is safe to say that prices are down double digits and probably closer to that 13% mark. 

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 Easton, MA the average days on market in August of 2014 were 74.50 and the average days on market for August 2015 were 87.65, for a pretty small 17.65% increase. 

It is worth pointing out that both years had a questionable point that could have been removed as we have in so many previous instances.  However neither quite was at the “no brainer” level so we did not run calculations with adjusted numbers.  Since both sets had a potential outlier if they both were removed they would have still been up and the general conclusions would not have changed.

Easton, Mass Summary:

The Easton, Massachusetts real estate market is down since last year.  The average prices and the median prices were both down by large amounts.  The days on market were also up, further showing a softening market. 

In summary if you are looking to sell a house in Easton, MA now you should expect to get a bit less for it than you would have gotten last year.  You should also expect it to take slightly more time to sell compared to last year as well. 

 

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

 

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