Real Estate Trends – Canton, Massachusetts (Condos)

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 Canton, MA in Norfolk County

 Canton MA Town Library - Canton Massachusetts Real Estate

We have looked at Canton, MA’s single family market three times before (back in October 2014, in March and in June) but this is the first time we have looked at its condo market.

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

The Canton, MA condo market has fallen off since last year.   The average prices were both down a lot.  The median prices were down significantly as well.  The days on market appear to be down significantly, though as we have seen many times in the past this might not be fully accurate.  Inventory was pretty stable just going a tick down by going from 9 sales in November of 2014 to 8 in November 2015. 

Average Listing Prices:

Starting off we are going to look at the average listing price.  For condos in Canton, MA the average listing price in November 2014 was $380,241.  This was down to $304,463 in November 2015.  This gives a tremendous decrease of 19.92% year over year. 

Looking at the median prices we see that it was significantly lower than the average in 2014 and about the same as the average in 2015.  For November of 2014 the median listing price for Canton, MA condos was $350,980 and in November 2015 it was $305,000 which now gives a lower decrease of 13.10%.  Quite a bit lower but still a pretty large drop off.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Canton, MA in November of 2014 was $373,847 and in November 2015 that was down to $299,738.  That gives another very large 19.82% decrease, which is very similar to what we saw with 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 Canton, MA condos was $336,000 and in November 2015 it was $297,750 giving another smaller decrease of 11.38%.  This is the smallest of the 4 metrics, however this is still a very significant drop.

Prices are definitely down double digits for condos in Canton, MA this month.  The medians are the preferred metric for real estate price analyses so we would put more weight on those.  So while prices are definitely down a significant amount for condos in Canton, MA they are probably down more like the 11-13% indicated by the medians than the ~20% we’d say based on 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 condos in Canton, MA the average days on market in November of 2014 were 121.33 and the average days on market for November 2015 were 79.38 for a sizable 34.58% 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, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3 and Hanover outliers in the data can really skew these numbers.  This again is the case for Canton, MA condos in November.  In this instance there was a very high days on market place in the 2014 data.

In 2014 there was a property with 438 days on market; this was almost as much as the next 3 properties combined and over 40% of the total days on market for all 9 Properties.  When removed the new calculation for the remaining 8 properties gives an average days on market of 81.75. 

Using the adjusted numbers we now get a meaningless decrease of 2.90%.  This totally changes the general conclusion of the days on market being way down to essentially being flat. 

Canton, Mass Summary:

The Canton, Massachusetts condo real estate market is down a bit since last year.  The average prices were down a lot and median prices were down substantially as well.  The days on market were pretty much flat so not much effect on these conclusions. 

In summary if you are looking to sell a condo in Canton, MA now you should expect to get a lot less for it than you would have gotten last year.  You can also expect it to take about the same amount of time to sell compared to last year as well. 

 

Do you need to sell your Canton, 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: Canton MA Town Library via Town of Canton Website)

 

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