Real Estate Trends – Lowell, Massachusetts (Condos) #2

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 Lowell, MA in Middlesex County

 Lelacheur Park Home of the Lowell Spinners - Lowell Massachusetts Real Estate

We frist took a look at the Lowell, MA Condo market back in June where is was down a huge amount.  Things are not that bad this time around.  Keep reading to see how the Lowell, MA Condo market is doing now.

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

The Lowell, MA condo market has fallen off since last year.   Both the average listing and sale prices were down a bit.  The median prices were down as well.  The days on market do appear to be down moderately, though as we have seen before this might be somewhat deceptive.  Inventory was fairly stable but up slightly with 23 sales in October of 2014 and 25 in October 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Condos in Lowell, MA the average listing price in October 2014 was $200,600.  This was down to $185,462 in October 2015.  This gives a noticeable decrease of 7.55% year over year. 

 Looking at the median prices we see that they are quite a bit lower than the averages both years.  For October of 2014 the median listing price for a condo in Lowell, MA was $185,900 and in October 2015 it was $172,500 which now gives a very similar decrease of 7.21%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Lowell, MA condos in October of 2014 was $197,630 and in October 2015 that was down to $180,203.  That gives another pretty good 8.82% 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 condos in Lowell, MA was $183,500 and in October 2015 it was $170,000 giving a slightly smaller decrease of 7.36%.

All the metrics we examine show that prices are definitely down for the Lowell, MA condo market in October.  Everything was pretty close with only the average sale price being down much more than the other indicators, but not that much.  I think it is reasonable to give less weight to that one and say that prices are probably down roughly 7-7.5% that is seen with the other 3 items.

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 property to sell in the current market.  For Lowell, MA condos the average days on market in October of 2014 were 93.43 and the average days on market for October 2015 were 75.08 for a modest 19.64% 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, Wellesley and Littleton outliers in the data can really skew these numbers.  This again is the case for Lowell, MA condos in October.  In this instance there was a very high days on market place in the 2014 data.

In 2014 there was a property with 426 days on market; this was much more than the next 2 properties combined and almost 20% of the total days on market for all 23 Properties.  When removed the new calculation for the remaining 22 properties gives an average days on market of 78.32. 

Using the adjusted numbers we still see a decrease, but of only 4.14%.  This does not change the general conclusion of the days on market being down.  However, now it looks like they are pretty flat with a fairly meaningless decline rather than being down by a moderate amount.

Lowell, Mass Summary:

The Lowell, Massachusetts real estate condo market is down a fair amount since last year.  The average prices are down as well as the median prices.  The days on market were fairly flat, so pretty much a non factor in determining how the market is doing. 

In summary if you are looking to sell a condo in Lowell, MA now you should expect to get less for it than you would have gotten last year.  You should also probably expect it to take more or less the same amount of time to sell compared to last year too. 

 

Do you need to sell your Lowell, 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: Lelacheur Park via Wikipedia)

 

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