Real Estate Trends – Woburn, 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 Woburn, MA in Middlesex County

 Anderson Regional Transportation Center in Woburn MA - Woburn Massachusetts Real Estate

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

The Woburn, MA condo market has fallen off since last year.   The average prices were down a lot.  The median prices were down significantly as well.  The days on market were down by a lot though.  Inventory was down slightly going from 13 sales in December of 2014 to 10 in December 2015. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Woburn, MA the average listing price in December 2014 was $324,885.  This was down to $287,950 in December 2015.  This gives a pretty large decrease of 11.37% year over year. 

Looking at the median prices we see that it was a lot higher in 2014 but just a touch higher than the average in 2015.  For December of 2014 the median listing price for Woburn, MA condos was $379,900 and in December 2015 it was $289,950 which now gives a much bigger decrease of 23.68%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Woburn, MA in December of 2014 was $325,799 and in December 2015 that was down to $285,340.  That gives another large 12.42%. 

We see a fairly similar pattern with the median sale prices as we did for the listing prices.  For December of 2014 the median sales price for Woburn, MA condos was $370,000 and in December 2015 it was $293,750 giving another larger decrease of 20.61%. 

This month prices are down significantly for condos in Woburn, MA compared to last year.  Since medians are generally preferred over averages and sales are more important than listing prices we are going to give most of the weight to the median sale price.  So more than what the average prices say but a little less than the drop in median list prices, therefore we would conclude that prices seem to be down about 20% for Woburn, MA condos in December.

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 Woburn, MA the average days on market in December of 2014 were 189.08 and the average days on market for December 2015 were 34.80 for a mammoth 81.60% decrease. 

With such a huge decline it is worth talking a little about the raw data.  As anyone that regularly reads these reports will have seen we often correct this metric if there is a blatant statistical outlier in the data, which is not the case here.  What we do see in the 2014 data is a very clear Bimodal distribution (to get all math geeky with the terminology :) ).  There is one place with only 6 days on market then a cluster of 7 of the 13 that are between 38 and 54 then a cluster of 5 that are at 269 and above.  So while this number is real it looks more like people sold a place in 1-2 months or sat on it for a year or more.

As a side note on that, there does not seem to be any rhyme or reason to the high days on market as 4 of the 5 sold for over list price and the other one sold at over 99.5% of the list price.  I will give this advice to anyone looking to buy a property – If it has been listed for over a year you can probably offer a little less for it and still be competitive.  :) 

Woburn, Mass Summary:

The Woburn, Massachusetts condo real estate market is down a bit since last year.  The average prices were down and median prices were down substantially more.  The days on market are down a substantial amount, but while that big of a drop is very good for someone trying to sell it does not make up for such large drops in price.

In summary if you are looking to sell a condo in Woburn, MA now you should expect to get a lot 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 as well. 

 

Do you need to sell your Woburn, 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: Anderson Regional Transportation Center by BMRR via Wikipedia)

 

 

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