Real Estate Trends – Marlborough, 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 once again highlighting the Condo market in Marlborough, MA in Middlesex County

 Marlborough MA Town Library circa 1903-04 - Marlborough Massachusetts Real Estate

This is the 2nd time we have looked at the Condo market in Marlborough, MA with the first time back at the end of August.  We also checked out its single family back in April.

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

The Marlborough, MA condo market has fallen off since last year.   The average prices were both down significantly while the median prices were down a lot as well.  The days on market appear to be pretty flat.  Inventory was down a bit going from 12 sales in November of 2014 to 7 in November 2015. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Marlborough, MA the average listing price in November 2014 was $264,499.  This was down to $192,871 in November 2015.  This gives a huge decrease of 27.08% year over year. 

Looking at the median prices we see that it was a bit lower than the average in both years.  For November of 2014 the median listing price for Marlborough, MA condos was $254,900 and in November 2015 it was $180,000 which now gives an even slightly bigger decrease of 29.38%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Marlborough, MA in November of 2014 was $268,969 and in November 2015 that was down to $186,686.  That gives another very large 30.59% decrease, which is very similar, but a bit larger, that 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 $250,800 and in November 2015 it was $183,900 giving slightly smaller decrease of 26.67%. 

The prices are down a lot for condos in Marlborough, MA this month.  Looking at this data the range is pretty tight and there is no real pattern between the averages and the medians so we will just leave it at prices being down from about 26% to a little over 30%. 

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 Marlborough, MA the average days on market in November of 2014 were 82.50 and the average days on market for November 2015 were 77.29 for a fairly meaningless 6.32% decrease. 

Marlborough, Mass Summary:

The Marlborough, 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 had very little bearing on determining these conclusions. 

In summary if you are looking to sell a condo in Marlborough, 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 Marlborough, 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: Public Library, Marlborough, MA (1903-04) via Wikipedia)

 

 

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