Real Estate Trends – Dracut, Massachusetts (Condos) #3

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 taking another look at the Condo market in Dracut, MA in Middlesex County

 Dracut MA Town Seal - Dracut Massachusetts Real Estate

We have looked at Dracut condos a couple times in the past, but not since last April so we are overdue to see how things are going there.

Market Trends in Dracut, MA – January 2015 and 2016:

The Dracut, MA condo market has fallen off since last year.   The average prices were down a lot and the median prices were down a bit more.  The days on market were also up by some as well.  Inventory was up a lot doubling from 5 sales in January of 2015 to 10 in January 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Dracut, MA the average listing price in January 2015 was $211,940.  This was down to $161,400 in January 2016.  This gives a huge decrease of 23.85% year over year. 

Looking at the median prices we see that they were lower than the averages in both years.  For January of 2015 the median listing price for Dracut, MA condos was $197,000 and in January 2016 it was $146,950 which now gives an even bigger decrease of 25.41%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Dracut, MA in January of 2015 was $203,780 and in January 2016 that was down to $154,590.  That gives another extremely large 24.14% decrease.

We see a fairly similar pattern with the median sale prices as we did for the listing prices.  For January of 2015 the median sales price for Dracut, MA condos was $194,000 and in January 2016 it was $135,500 giving another larger decrease of 30.15%, the largest of the pricing metrics. 

This month prices are down massively for condos in Dracut, MA compared to last year.  There is not a huge gap between the drops we see with the averages and what it is for the medians so it is fair to say prices are down from just under 24% to just over 30%.  The gap for the 1st three metrics was even tighter at a spread of just over 1.5%.  However the one that is a little higher in the median sale price which will generally be considered the most important price measure of the 4.  Therefore it is a little harder to try to pin down the market more than that general range.  In the end we would conclude that prices seem to be down a little over 30% for Dracut, MA condos in January since the median sales are the biggest factor but we would not fight to hard with someone that felt that it was more like 24-25%.

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 Dracut, MA the average days on market in January of 2015 were 99.80 and the average days on market for January 2016 were 108.40 for a very small 8.62% increase. 

Dracut, Mass Summary:

The Dracut, Massachusetts condo real estate market is down tremendously since last year.  The average prices were down a lot and the median prices were down even more.  The days on market are up a small amount as well.

In summary if you are looking to sell a condo in Dracut, MA now you should expect to get far less for it than you would have gotten last year.  You can also probably expect it to take slightly more time to sell compared to last year as well. 

 

Do you need to sell your Dracut, 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: Dracut Town Seal via Wikipedia)

 

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