Real Estate Trends – Danvers, 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 Danvers, MA in Essex County

 Danvers MA Seal - Danvers Massachusetts Real Estate

We looked at the single family market in Danvers at the end of last year but haven’t been back there since with one of our reports.  That part of the market was pretty flat at the time with only minor prices drops, not quite the same as we will see here.

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

The Danvers, MA condo market has fallen off a bit since last year.   Both the average listing and sale prices were down a lot.  The median prices were down as well.  The days on market were up a good amount as well.  Inventory was down a little going from 17 sales in September of 2014 down to 14 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Danvers, MA condos the average listing price in September 2014 was $330,741.  This was down to $277,579 in September 2015.  This gives a very large decrease of 16.07% year over year. 

Taking a look at the median prices reveals that they are quite a bit different than the averages and in different direction both years.  For September of 2014 the median listing price for condos in Danvers, MA was $306,999 and in September 2015 it was $289,450 which now gives a much more modest 5.72% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Danvers, MA in September of 2014 was $335,105 and in September 2015 that was down to $272,586.  That gives another very large 18.66% 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 Danvers, MA condos was $317,749 and in September 2015 it was $288,000 giving another smaller, but this time still fairly large, 9.36% decrease.

No matter which way we look at it, prices are down a lot for condos in Danvers, MA in September 2015 the only question is the magnitude of the drop with the 4 metrics ranging from just under 6% to almost 19%.  Giving more weight to sale prices over listings (since that is what truly matters in the end) and more weight to medians, since those are generally the preferred number in these types of evaluations, we would conclude that things are probably down in the 10% range indicated by the median sale price instead of double that as indicated by the averages for both listing and sales prices. 

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 a condo in Danvers, MA the average days on market in September of 2014 were 81.76 and the average days on market for September 2015 were 119.79, for a fairly significant 46.51% increase. 

Since we see so many situations where a single very high days on market property skews these numbers it is worth pointing out that both years had a condo that was on the market for over a year.  However in both cases even though these were the highest ones the 2nd , and in one case the 3rd , highest ones were not that much smaller so we would not assume that the biggest would qualify as a true outlier.

Danvers, Mass Summary:

The Danvers, Massachusetts real estate condo market is down since last year.  The average prices were both down by very large amounts.  The median prices were both down by smaller amount but still down and the median sales price was down almost 10%.  The days on market were also up by a large amount further showing the weakening market. 

In summary if you are looking to sell a condo in Danvers, MA now you should expect to get a bit less for it than you would have gotten last year.  You should also expect it may take a lot more time to sell compared to last year too.  Seller’s might want to consider taking a little more of an initial discount to stand out and not have the property sitting on the market for 4+ months as the average condo in Danvers has been.

 

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

 

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