Real Estate Trends – Lowell, Massachusetts #3

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 revisiting the market in Lowell, MA in Middlesex County

 Lowell MA National Park Boat Tour - Lowell Massachusetts Real Estate

This is the 3rd time we have looked at single families in Lowell (Previously Last December and in April) as well as Lowell’s Multifamily Market and most recently Lowell’s Condo Market.  As of this writing we have featured Lowell more than any other city other than Boston, MA which we do a lot of features on specific neighborhoods.

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

The Lowell, MA market has fallen off somewhat since last year.   Both the average listing and sale prices were down some, as were the median prices as well.  However the days on market were down a little bit.  Inventory was up a fair amount going from 31 sales in September of 2014 up to 39 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Lowell, MA the average listing price in September 2014 was $252,395.  This was down to $235,449 in September 2015.  This gives a pretty modest decrease of 6.71% year over year. 

Taking a look at the median prices we see that they are a little bit different than the average in both 2014 and in 2015, and in different directions.  For September of 2014 the median listing price in Lowell, MA was $258,900 and in September 2015 it was $229,000 which now gives a much larger 11.55% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price in Lowell, MA in September of 2014 was $247,545 and in September 2015 that was down to $232,424.  This gives another fairly modest 6.11% decrease, similar to the drop in average listing prices above. 

We see a different pattern with the median sale prices as we did for the listing prices with them being closer to the averages and the small differences are in the same direction.  For September of 2014 the median sales price for Lowell, MA was $245,000 and in September 2015 it was $229,000 giving a slightly larger 6.53% decrease.

By all of the measures the Lowell, MA market is down at least some amount.  With 3 of the 4 metrics looked at say things are down in the 6-7% range I would dismiss the much larger drop seen in the median list price as just an anomaly.  Therefore it is fair to conclude that the single family market in Lowell, MA is down in the 6-7% range this month compared to September of 2014.

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 Lowell, MA the average days on market in September of 2014 were 71.58 and the average days on market for September 2015 were 63.36, for a fairly small 11.48% decrease. 

Lowell, Mass Summary:

The Lowell, Massachusetts real estate market is down somewhat since last year.  The average prices and the median prices were all down.  The Median list price was down by a significant amount but we would discount that and look more at the other 3 pricing metrics that were all in the 6-7% range to evaluate exactly how far we think things have fallen.  The days on market were actually down a modest amount but overall they are still fairly high.   

In summary if you are looking to sell a house in Lowell, MA now you should expect to get less for it than you would have gotten last year.  You should also expect it might sell a little bit faster compared to last year too. 

 

Do you need to sell your Lowell, 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: National Park Service boat tour of the Lowell Canal System by Jlpapple via Wikipedia)

 

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