Real Estate Trends – Groton, 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 Groton, MA in Middlesex County

 Groton MA Map from 1831 - Groton Massachusetts Real Estate

Market Trends in Groton, MA – September 2014 and 2015:

The Groton, MA market has fallen off quite a lot since last year.   Both the average listing and sale prices were down a huge amount.  The median prices were down significant amounts as well.  The days on market do appear to be down a lot though.  However that appears to be deceptive.  Inventory was stable with 8 sales in September of 2014 and in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Groton, MA the average listing price in September 2014 was $489,913.  This was down to $436,563 in September 2015.  This gives a sizable decrease of 10.89% year over year.  

Looking at the median prices we see that they are quite a bit lower than the averages in both years.  For September of 2014 the median listing price in Groton, MA was $472,000 and in September 2015 it was $415,650 which now gives a slightly larger decrease of 11.94%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price in Groton, MA in September of 2014 was $482,956 and in September 2015 that was down to $415,393.  That gives an even larger 13.99% decrease. 

We see the same basic pattern with the median sale prices as we did for the listing prices.  For September of 2014 the median sales price for Groton, MA was $469,500 and in September 2015 it was $397,500 giving an even larger 15.34% decrease.

Prices are definitely down in the Groton, MA market in September.  All the indicators say prices are down at least in the 10-15% range.  Since sale prices were down more than listing ones and that the medians were down more than the averages for each I would say that prices are probably down more like the more than 15% seen with the median sale price than in the 10% 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 Groton, MA the average days on market in September of 2014 were 113.50 and the average days on market for September 2015 were 88.75 for a noticeable 21.81% 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), Melrose (Condos), Norton (Condos), Newburyport, Atkinson, NH, Fairhaven, Lexington, Arlington (Condos), Salisbury and Weston outliers in the data can really skew these numbers.  This again is the case for Groton, MA in September.  In this instance there was a very high days on market place in the 2014 data.

In 2014 there was a property with 420 days on market; this was almost as much as the next 5 properties combined and over 46% of the total days on market for all 8 Properties.  When removed the new calculation for the remaining 7 properties gives an average days on market of 69.71. 

Using the adjusted numbers we see an increase of 27.31%.  This does change the general thought of the days on market being down a moderate amount.  Now it looks like they are up by a similar amount they looked to be down before.  While this is still not a tremendous increase it is not insignificant and the swing of almost 50 percentage points alters the perception a lot.

Groton, Mass Summary:

The Groton, Massachusetts real estate market is down since last year.  The average prices are down a bit as were the median prices.  The days on market were up a fair amount as well, which further supports a dip in the market. 

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

 

Do you need to sell your Groton, 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: 1831 Groton Massachusetts Map by Norman B. Leventhal  Map Center via Wikipedia)

 

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