Real Estate Trends – Raynham, 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 Raynham, MA in Bristol County

 Raynham MA Library - Raynham Massachusetts Real Estate

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

The Raynham, MA market has fallen substantially since last year.   The average prices were down a lot and the median prices were down significantly as well.  The days on market also appear to be up a bit also, however this may be deceiving.  Inventory was pretty stable only going down from 13 sales in January of 2015 to 11 in January 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Raynham, MA the average listing price in January 2015 was $412,144.  This was down to $324,882 in January 2016.  This gives a huge decrease of 21.17% year over year. 

Looking at the median prices we see that they were a bit lower in both years.  For January of 2015 the median listing price for Raynham, MA was $399,900 and in January 2016 it was $285,000 which gives a much larger decrease of 28.73%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Raynham, MA in January of 2015 was $399,915 and in January 2016 that was down to $314,673.  That gives a very similar 21.32% 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 Raynham, MA was $385,000 and in January 2016 it was $280,000 giving another larger decrease of 27.27%. 

All the metrics we looked at show that prices are down significantly year over year for Raynham, MA in January.  The medians were down a bit more than the averages and since the medians are the preferred statistic when analyzing real estate the 27-29% drops suggested by the medians is probably more accurate than the, still sizable, 21% the averages suggest.  Also since the median sales price was a little lower than the decrease in the listing prices things are probably down on the low end of the range for just a little over 27%.

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 Raynham, MA the average days on market in January of 2015 were 97.77 and the average days on market for January 2016 were 122.82 for a decent 25.62% 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, Hingham (Condos) and Lakeville outliers in the data can really skew these numbers.  This again is the case for Raynham, MA in January.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 523 days on market; this was a bit more than the next 4 properties combined and almost 39% of the total days on market for all 11 Properties.  When removed the new calculation for the remaining 10 properties gives an average days on market of 82.80. 

Using the adjusted numbers we now get a fairly small decrease of 15.31%.  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.

Raynham, Mass Summary:

The Raynham, Massachusetts real estate market is down significantly since last year.  The average prices were way down and median prices were down even more.  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 Raynham, 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 Raynham, 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: Raynham_Public_Library by Emw via Wikipedia)

 

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