Real Estate Trends – Medway, 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 Medway, MA in Norfolk County

 Sanford Mills in Medway MA - Medway Massachusetts Real Estate

Market Trends in Medway, MA – November 2014 and 2015:

The Medway, MA market has fallen significantly since last year.   The average prices were both down a very large amount and the median prices were down by even more.  However the days on market appear to be down a bit though.  Inventory was stable with 9 sales in both November of 2014 and in November 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Medway, MA the average listing price in November 2014 was $447,489.  This was down to $365,389 in November 2015.  This gives a very large decrease of 18.35% year over year. 

Looking at the median prices we see that it was much larger in 2014 but lower than the average in 2015.  For November of 2014 the median listing price for Medway, MA was $489,900 and in November 2015 it was $349,000 which now gives an even larger decrease of 28.76%!

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Medway, MA in November of 2014 was $440,644 and in November 2015 that was down to $356,956.  That gives a fairly similar 18.99% decrease compared to the average listing price. 

We see a similar pattern with the median sale prices as we did for the listing prices for both years.  For November of 2014 the median sales price for Medway, MA was $470,000 and in November 2015 it was $349,000 giving another significantly larger decrease of 25.74%.

Prices are down significantly in Medway, MA this month.  We easily conclude that they are down at least 18%, and likely much more.  Since median prices are the preferred metric in these types of real estate price comparisons it is fair to assume that prices are down more like at least 25% indicated there.

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 Medway, MA the average days on market in November of 2014 were 79.22 and the average days on market for November 2015 were 34.56 for a very big 56.37% decrease, which is a bit surprising given how much prices have fallen. 

Medway, Mass Summary:

The Medway, Massachusetts real estate market is down a bit since last year.  The average prices were down some and median prices were down by quite a bit more.  The days on market were down a lot though, which can be a counter argument to the weakening market.  However, while it is nice for current sellers to be able to move things faster, this does not come close to making up for drops in prices of over 20%.. 

In summary if you are looking to sell a property in Medway, MA now you should expect to get much less for it than you would have gotten last year.  However you can also expect it to take a lot less time to sell compared to last year too. 

 

Do you need to sell your Medway, 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: Sanford Mills on the Charles River – Medway, MA by John Phelan via Wikipedia)

 

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