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

 Littleton MA Seal - Littleton Massachusetts Real Estate

Market Trends in Littleton, MA – October 2014 and 2015:

The Littleton, MA market has fallen off a tremendous amount since last year.   Both the average listing and sale prices were down very large amounts.  The median prices were down huge amounts as well.  The days on market do appear to be down significantly, though as we have seen before this might be deceptive.  Inventory was down slightly with 9 sales in October of 2014 and 7 in October 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Littleton, MA the average listing price in October 2014 was $493,956.  This was down to $374,957 in October 2015.  This gives a huge decrease of 24.09% year over year. 

We definitely need to check the medians as well with such a big drop.  Looking at the median prices we see that they are quite a bit lower than the averages, especially in 2015.  For October of 2014 the median listing price in Littleton, MA was $459,900 and in October 2015 it was $299,900 which now gives a much larger decrease of 34.79%!

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price in Littleton, MA in October of 2014 was $496,211 and in October 2015 that was down to $358,743.  That gives another huge 27.70% decrease. 

We see the same basic pattern with the median sale prices as we did for the listing prices.  For October of 2014 the median sales price for Littleton, MA was $460,000 and in October 2015 it was $287,000 giving another tremendously large decrease of 37.61%, which is the largest decrease of the four metrics examined.

No matter how you want to examine them prices are definitely down a lot in the Littleton, MA market in October.  All the indicators say prices are down more than 25%.  Since the median prices are generally the more preferred method and these were both down much more than the corresponding averages it is safe to conclude that prices are probably down more like the 35% or more range rather than the smaller 25% decreases indicated by the averages.

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 Littleton, MA the average days on market in October of 2014 were 110.44 and the average days on market for October 2015 were 69.57 for a significant 37.01% 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, Weston, Groton and Wellesley outliers in the data can really skew these numbers.  This again is the case for Littleton, 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 537 days on market; this was more than all the other 8 properties combined and over 54% of the total days on market for all 9 Properties.  When removed the new calculation for the remaining 8 properties gives an average days on market of 57.13. 

Using the adjusted numbers we see an increase of 21.77%.  This changes the general thought of the days on market being down a significant amount.  Now it looks like they are actually up by a moderate amount rather than being down a lot.  While this is still not a tremendous increase it is not insignificant, and the swing from the initial perception is very significant.

Littleton, Mass Summary:

The Littleton, Massachusetts real estate market is down a huge amount since last year.  The average prices are down a lot and the median prices were down significantly more.  The days on market were also up a fair amount, which gives further support of a weakening market. 

In summary if you are looking to sell a house in Littleton, MA now you should expect to get much 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 Littleton, 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: Littleton MA Seal via Wikipedia)

 

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