Real Estate Trends – Newburyport, 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 market in Newburyport, MA in Essex County

 Custom House Maritime Museum Newburyport MA - Newburyport Massachusetts Real Estate

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

The Newburyport, MA 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 up a lot as well, but that looks to be a bit deceptive from how it first appears.  Inventory was up a lot going from 16 sales in August of 2014 up to 28 in August 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Newburyport, MA the average listing price in August 2014 was $880,163.  This was down to $605,025 in August 2015.  This gives a huge decrease of 31.26% 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 2014.  For August of 2014 the median listing price for Newburyport, MA was $699,250 and in August 2015 it was $587,000 which now gives a much smaller, but still very significant 16.05% decline!

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price in Newburyport, MA in August of 2014 was $838,400 and in August 2015 that was down to $589,943.  That gives another significant 29.63% decrease. 

We see the same pattern with the median sale prices as we did for the listing prices; though this time 2015 was extremely close to the average.  For August of 2014 the median sales price for Newburyport, MA was $667,500 and in August 2015 it was $585,000 again giving a much smaller but significant 12.36% decrease. 

Prices are down a lot for Newburyport, MA.  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 quite a bit less than the 30% it would appear based on the averages and more in that 12% range. 

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 Newburyport, MA the average days on market in August of 2014 were 77.13 and the average days on market for August 2015 were 93.61, for a modest 21.37% 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, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos) and Norton (Condos) outliers in the data can really skew these numbers.  This again is the case for Newburyport, MA in August.  In this instance there was a very high days on market place in the 2015 data.

In 2015 there was a property with 743 days on market; this was more than the next 3 properties combined and was over 28% of the total days on market for all 28 houses.  When removed the new calculation for the remaining 27 properties gives an average days on market of 69.56. 

Using the adjusted numbers we see a very small 9.81% decrease.  This does change the general thought of the days on market are up slightly and now they appear to be down a very small amount.  While neither change was that big it is a big change to go from an increase to a decrease.

Newburyport, Mass Summary:

The Newburyport, Massachusetts real estate market is down quite a bit since last year.  The average prices and the median prices were both down by significant amounts, though the extent of the decline is tempered by looking more at the medians.  The days on market were down a very small amount but this has little impact on this analysis with such a small change and the very large drops in pricing.   

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

 

Do you need to sell your Newburyport, 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: Custom House Maritime Museum by Fletcher6 via Wikipedia)

 

 

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