Real Estate Trends – Berkley, 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 Berkley, MA in Bristol County

 Berkley MA 1895 Map - Berkley Massachusetts Real Estate

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

The Berkley, MA market has fallen off some amount since last year.   Both the average listing and sale prices were down.  The median prices were down some as well.  The days on market do appear to be down significantly though.  Inventory was up with 5 sales in October of 2014 and 8 in October 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Berkley, MA the average listing price in October 2014 was $337,720.  This was down to $306,175 in October 2015.  This gives a significant decrease of 9.34% year over year. 

We also want to check out the median prices as well.  We see that they are actually fairly close to the averages however it is lower in one case and higher in the other, which will magnify the differences.  For October of 2014 the median listing price in Berkley, MA was $329,900 and in October 2015 it was $309,450 which now gives a smaller decrease of 6.20%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price in Berkley, MA in October of 2014 was $332,985 and in October 2015 that was down to $298,488.  That gives a slightly larger 10.36% decrease, compared to the average listing price.

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 Berkley, MA was $329,900 and in October 2015 it was $305,000 giving another smaller decrease of 7.55%.

All the data confirms that prices are definitely down in the Berkley, MA market in October.  All the indicators say prices are down 6-10%.  Since the median prices are generally the more preferred method we will give a little more weight to those and since they were down a little less than the averages we would conclude that they are down more like ~7% than the more like 10% 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 Berkley, MA the average days on market in October of 2014 were 115.40 and the average days on market for October 2015 were 53.88 for a very significant 53.31% decrease.  It is a little surprising so see such a large drop when prices were down a decent about.

Berkley, Mass Summary:

The Berkley, Massachusetts real estate market is down somewhat since last year.  The average prices are down a lot and the median prices were down a bit as well.  The days on market were actually down a fair amount, which is a counter argument for a weakening market, however price always rules the day and the pricing is down.  That being said selling about 2 months faster than last year is a nice change for a home seller and will save them some money in holding costs, just not enough to offset the pricing decreases. 

In summary if you are looking to sell a house in Berkley, MA now you should expect to get less for it than you would have gotten last year.  However, you should also expect it to sell much faster compared to last year too. 

 

Do you need to sell your Berkley, 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: Berkley Massachusetts 1895 Map via Wikipedia)

 

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