Real Estate Trends – Wenham, 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 Wenham, MA in Essex County

 Wenham MA Town Hall - Wenham Massachusetts Real Estate

Market Trends in Wenham, MA – December 2014 and 2015:

The Wenham, MA market has fallen off some since last year.   The average prices were down, as were the median prices too.  The days on market however are down some.  Inventory was flat with 5 sales in December of 2014 and 5 in December 2015 as well. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Wenham, MA the average listing price in December 2014 was $606,560.  This was down to $489,160 in December 2015.  This gives a very large decrease of 19.36% year over year. 

Looking at the median prices we see that 2014 was a little bit lower and 2015 was higher.  For December of 2014 the median listing price for Wenham, MA was $599,000 and in December 2015 it was $499,000 which now gives a slightly smaller decrease of 16.69%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Wenham, MA in December of 2014 was $588,100 and in December 2015 that was down to $482,200.  That gives another large 18.01% decrease. 

We see a similar pattern with the median sale prices as we did for the listing prices.  For December of 2014 the median sales price for Wenham, MA was $571,000 and in December 2015 it was $485,000 giving another significant decrease of 15.06%. 

All indicators show that prices are down year over year in December for Wenham, MA.  The range is not very big showing things down from about 15-20%.  Looking a little closer the bigger drops were seen in the averages and also in the listing prices.  Given that sales are much more important than listing prices and the medians are the favored metric we would conclude the prices are probably down more like the 15% shown with the median sale price rather than the slightly higher numbers seen with the other 3 indicators we looked at.

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 Wenham, MA the average days on market in December of 2014 were 88.40 and the average days on market for December 2015 were 54.00 for a pretty good 38.91% decrease. 

Wenham, Mass Summary:

The Wenham, Massachusetts real estate market is down significantly since last year.  The average prices were way down and median prices were down substantially as well.  The days on market are down some, which is a little surprising with sizable price drops.  However this does not really change the conclusion of a sizeable decline in the market.

In summary if you are looking to sell a house in Wenham, MA now you should expect to get quite a bit less for it than you would have gotten last year.  You should also expect it to take a little less time to sell compared to last year as well. 

 

Do you need to sell your Wenham, 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: Wenham Town Hall by Fletcher6 via Wikipedia)

 

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