Real Estate Trends – Norwood, 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 Norwood, MA in Norfolk County

 Hartshorn Market c.1920 in Norwood MA - Norwood Massachusetts Real Estate

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

The Norwood, 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 however are down a little.  Inventory was pretty stable only going up from 12 sales in January of 2015 to 13 in January 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Norwood, MA the average listing price in January 2015 was $432,842.  This was down to $399,862 in January 2016.  This gives a fairly sizable decrease of 7.62% year over year. 

Looking at the median prices we see that they were a bit smaller in both years.  For January of 2015 the median listing price for Norwood, MA was $429,900 and in January 2016 it was $385,000 which gives a larger decrease of 10.44%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Norwood, MA in January of 2015 was $425,100 and in January 2016 that was down to $384,377.  That gives a larger 9.58% decrease compared to the average list price. 

We see the same basic pattern with the median sale prices as we did for the listing prices.  For January of 2015 the median sales price for Norwood, MA was $424,900 and in January 2016 it was $365,000 giving another large decrease of 14.10%, and the largest of all the items we looked at. 

All our metrics show that prices are down a good amount year over year for Norwood, MA in January.  Medians are generally favored over averages and sales are clearly much more important that listing prices we will give the least weight to the average listing price and the most to the median sale price.  Using that logic we will pretty much disregard the by far lowest decrease seen with the average listing price.  The median listing and average sale price were both similar around a 10% decline so no need to decide which is more useful.  However, since the median sale price is probably the single most important one and that being down just over 14% would indicate that those other things might be understating things.  Our conclusion would be that prices are down a minimum of around 10% but likely are down a bit more in that 14% range indicated by the median sales prices.

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 Norwood, MA the average days on market in January of 2015 were 65.83 and the average days on market for January 2016 were 54.15 for a pretty small 17.74% decrease. 

Norwood, Mass Summary:

The Norwood, Massachusetts real estate market is down some from last year.  The average prices were down and median prices were down quite a bit more as well.  The days on market are down a little, but not nearly enough to counteract the large prices drops.

In summary if you are looking to sell a house in Norwood, MA now you should expect to get less for it than you would have gotten last year.  However, you can also expect it to take slightly less time to sell compared to last year as well. 

 

Do you need to sell your Norwood, 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: Hartshorn Market c.1920 via Wikipedia)

 

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