Real Estate Trends – Whitman, 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 Whitman, MA in Plymouth County

 Whitman MA Town Hall - Whitman Massachusetts Real Estate

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

The Whitman, MA market has fallen off some since last year.   Both of the average prices were down.  The median prices were down as well.  The days on market appear to be down significantly though.  Inventory was up a bit with 13 sales in October of 2014 and 19 in October 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Whitman, MA the average listing price in October 2014 was $352,223.  This was down to $301,728 in October 2015.  This gives a very significant decrease of 14.34% year over year. 

Checking out the median prices as well, we see that they are a fair bit lower than the averages in both years.  For October of 2014 the median listing price in Whitman, MA was $329,900 and in October 2015 it was $289,900 giving a slightly smaller decrease of 12.12%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price in Whitman, MA in October of 2014 was $347,531 and in October 2015 that was down to $299,291.  That gives a slightly smaller decrease of 13.88%, 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 Whitman, MA was $323,000 and in October 2015 it was $287,000 giving another significant but slightly smaller decrease of 11.15%.

Everything points to the fact that prices are definitely down by double digits this month in the Whitman, MA market.  All the indicators say prices are down 11-15%.  However since the median prices are generally preferred in these analyses we will give a little more weight to those and since they were down just a little bit less than the averages we conclude that they are down more like 11-12% than the slightly larger amounts 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 Whitman, MA the average days on market in October of 2014 were 93.31 and the average days on market for October 2015 were 50.16 for a significant 46.24% decrease. 

Many times in the past we have seen this particular metric skewed when you have an outlier that is much higher than the rest.  We also have mentioned we only adjust for that when that point is so blatantly an outlier we do not need to run a stringent statistical analysis to eliminate it.  This month there was a pretty large one in the 2014 data for Whitman, MA.  This was a very large one that accounted for just under a third of the total days on market for all 13 properties.  However there was a 2nd smaller but still very large point that was close to 25% of the total.  While I think it is likely this biggest point could be eliminated it is not a “no brainer” one so we did not adjust for it.  Finally after going through all this it is worth noting that even if that point WAS eliminated the revised days on market would still be up around 25% so it would not change the conclusions much, it would only moderate the level of decrease somewhat.

Whitman, Mass Summary:

The Whitman, Massachusetts real estate market is down since last year.  The average prices are down a lot and the median prices were down almost as much.  The days on market were actually down a fair amount, which is a counter argument for a weakening market.  However prices are the much more important indicator and they were down double digits, so the reduced days on market is a nice takeaway for a seller but does not counteract the major price drop. 

In summary if you are looking to sell a house in Whitman, MA now you should expect to get a good bit 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 Whitman, 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: Whitman Town Hall by ToddC4176 via Wikipedia)

 

 

 

 

 

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