Real Estate Trends – Fall River, Massachusetts (Multifamily)

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 Multifamily market in Fall River, MA in Bristol County

 Kennedy Park in Fall River MA - Fall River Massachusetts Real Estate

Market Trends in Fall River, MA – November 2014 and 2015:

The Fall River, MA multifamily market has fallen off significantly since last year.   Both the average listing and sale prices were down a lot while the median prices were down significantly as well.  The days on market were also up by a large amount.  Inventory was up some with 10 sales in November of 2014 and 13 in November 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For multifamily properties in Fall River, MA the average listing price in November 2014 was $190,070.  This was down to $168,638 in November 2015.  This gives a sizeable decrease of 11.28% year over year. 

Looking at the median prices we see that they are higher than the averages one year and less in the other.  For November of 2014 the median listing price for a multifamily in Fall River, MA was $197,450 and in November 2015 it was $159,900 which now gives a much larger decrease of 19.02%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Fall River, MA multifamily properties in November of 2014 was $177,000 and in November 2015 that was down to $154,001.  That gives another very large 12.99% decrease.

We see a similar pattern with the median sale prices as we did for the listing prices.  For November of 2014 the median sales price for a multifamily in Fall River, MA was $180,000 and in November 2015 it was $139,000 giving by far the largest decrease of any of the metrics with a drop of 22.78%.

All the metrics are showing that prices are down double digits for the Fall River, MA multifamily properties market in November.  However, the median prices suggest things are down much more than the average prices indicate.  Since Medians are the preferred analysis method we would conclude that prices are down much more like the ~20% seen with the median prices rather than 11-13% you see with 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 property to sell in the current market.  For Fall River, MA multifamily properties the average days on market in November of 2014 were 90.10 and the average days on market for November 2015 were 130.31 for a large 44.63% increase. 

Fall River, Mass Summary:

The Fall River, Massachusetts real estate multifamily market is down a huge amount since last year.  The average prices are down quite a bit and the median prices even more.  The days on market were also up a large amount indicating a much slower market as well. 

In summary if you are looking to sell a multifamily property in Fall River, MA now you should expect to get a lot less for it than you would have gotten last year.  You should also expect it to take a significantly longer time to sell compared to last year too. 

 

Do you need to sell your Fall River, Massachusetts multifamily property 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: Kennedy_Park_Fall_River by Marcbela via Wikipedia)

 

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