Real Estate Trends – Lakeville, 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 Lakeville, MA in Plymouth County

 Lakeville MA Town Seal - Lakeville Massachusetts Real Estate

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

The Lakeville, MA market has fallen off significantly since last year.   The average prices were both down a lot while the median prices were down significantly as well.  The days on market also appear to be up quite a bit as well, however this may be deceiving.  Inventory was pretty stable only going down from 8 sales in January of 2015 to 7 in January 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Lakeville, MA the average listing price in January 2015 was $375,475.  This was down to $274,529 in January 2016.  This gives a massive decrease of 26.88% year over year. 

Looking at the median prices we see that they were a bit higher in both years.  For January of 2015 the median listing price for Lakeville, MA was $399,900 and in January 2016 it was $310,000 which gives a slightly smaller decrease of 22.48%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Lakeville, MA in January of 2015 was $367,363 and in January 2016 that was down to $264,714.  That gives a larger 27.94% decrease compared to the average list price. 

We see the same pattern with the median sale prices as we did for the listing prices.  For January of 2015 the median sales price for Lakeville, MA was $380,250 and in January 2016 it was $306,000 giving another large decrease of 19.53%. 

All our metrics show that prices are down significantly year over year for Lakeville, MA in January.  The averages were down a bit more than the medians.  However the medians are usually preferred in these kinds of real estate analyses and since sales are most important we would lean towards the lowest option of saying it is down just under 20% vs. the 27-28% the averages suggest.

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 Lakeville, MA the average days on market in January of 2015 were 119.25 and the average days on market for January 2016 were 158.57 for a pretty big 32.97% increase. 

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, Hanover, Canton (Condos), Belmont #2, Seabrook, NH and Hingham (Condos) outliers in the data can really skew these numbers.  This again is the case for Lakeville, MA in January.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 502 days on market; this was a bit more than the next 3 properties combined and over 45% of the total days on market for all 7 Properties.  When removed the new calculation for the remaining 6 properties gives an average days on market of 101.33. 

Using the adjusted numbers we now get a fairly small decrease of 15.03%.  This does change the conclusion of the days on market being up a modest amount.  Now we see they are actually down some.  This is not a huge decrease but the swing from a moderate increase to this does change the perception a bit.

Lakeville, Mass Summary:

The Lakeville, Massachusetts real estate market is down quite a bit since last year.  The average prices were way down and median prices were down quite a bit as well.  The days on market do appear to be down a little, but not nearly enough to counteract the large prices drops.

In summary if you are looking to sell a house in Lakeville, 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 little less time to sell compared to last year as well. 

 

Do you need to sell your Lakeville, 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: Lakeville MA Seal via Wikipedia)

 

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