Real Estate Trends – Essex County, Massachusetts (Condos)

Introduction:

In this latest market trend report we are looking more regionally with our first “County Report” for the  Massachusetts real estate market in a while.  The advantage of doing this is that instead of looking at just a handful of properties we can analyze dozens, and in this case hundreds.  Those of you that are familiar with statistics you know that more data points the better the analysis you can do.

In this case we will be looking at the condo sales in Essex County.  In most areas there are significantly less condo sales than detached single family houses and for many towns there would not be enough to make any meaningful assessments.  There are several cities and towns that have a large condo segment.  For example Suffolk County is actually dominated by them, but that is the exception.

Essex County is made of the Cities of Amesbury, Beverly, Gloucester, Haverhill, Lawrence, Lynn, Methuen, Newburyport, Peabody and Salem and the Towns of Andover, Boxford, Danvers, Essex, Georgetown, Groveland, Hamilton, Ipswich, Lynnfield, Manchester-By-The-Sea, Marblehead, Merrimac, Middleton, Nahant, Newbury, North Andover, Rockport, Rowley, Salisbury, Saugus, Swampscott, Topsfield, Wenham and West Newbury.

 Essex County Map - Essex County MA Real Estate

Market Trends in Essex County, MA – August 2014 and 2015:

The Essex County, MA condo market has declined a bit since last year.  The average listing prices are down and average sales prices were down by a bit as well.  The days on market did also decrease some year over year though.  Inventory was up a good amount with 213 sales in August of 2014 and 289 sales in August 2015. 

Average Listing Prices:

First let’s look at the average listing price.  For Essex County, MA condos in August 2014 the average list price was $309,566.  This was down a bit to $282,499 in August 2015.  That gives a fairly large decrease of 8.74%. 

Average Sale Prices:

The next item to examine is the average sale prices.  The average sale price for Essex County, MA condos in August of 2014 was $304,480 and in August 2015 that was down some to $279,431.  That results in a slightly smaller decrease of 8.23%. 

Average Days on Market:

Finally we will take a look at the average days on market, a measure of how long it takes for a house to sell in the market.  For Essex County, MA condos the average days on market in August of 2014 was 90.45 and the average days on market for August 2015 were 70.65.  This gives us a modest 21.89% decrease.

Essex County, Mass Summary:

The Essex County, Massachusetts condo market looks like is has declined since last year.  The decent decreases in both listing prices and sale prices support this.  The decrease in the days on market is still encouraging, but not as big of a factor as the price drops.   

In summary if you are looking to sell a condo in Essex County, MA now you should expect to get less for it than you would have last year.  However you should also expect to be able to sell it a little bit faster than you would have last year, if you are priced correctly of course.    

 

Do you need to sell your Essex County, 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: Essex County Map via Worcestermass.com)

 

 

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