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

 Medfield MA Town Seal - Medfield Massachusetts Real Estate

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

The Medfield, MA market has fallen off a bit since last year.   The average prices were both down a lot while the median prices were down significantly as well.  The days on market were also up substantially.  Inventory was stable with 9 sales in January of 2015 and 9 also in January 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Medfield, MA the average listing price in January 2015 was $661,133.  This was down to $580,400 in January 2016.  This gives a fairly sizable decrease of 12.21% year over year. 

Looking at the median prices we see that they were a bit larger in both years.  For January of 2015 the median listing price for Medfield, MA was $665,000 and in January 2016 it was $599,000 which gives a slightly smaller decrease of 9.92%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Medfield, MA in January of 2015 was $655,233 and in January 2016 that was down to $580,222.  That gives another large decrease of 11.45% year over year. 

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 Medfield, MA was $680,000 and in January 2016 it was $592,000 giving another large decrease of 12.94%, and the largest of all the metrics we looked at. 

All our metrics show that prices are down for Medfield, MA in January.  Overall the range is not that big showing decrease of roughly 10-13%.  However aside from the median list price the rest are in the top half of the range.  Since sales are the most important indicator and the fact that the median sales price is usually considered the most important indicator prices are likely down much closer to the 13% mark.

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 Medfield, MA the average days on market in January of 2015 were 68.56 and the average days on market for January 2016 were 113.78 for a very large 65.96% increase. 

Medfield, Mass Summary:

The Medfield, Massachusetts real estate market is down some from last year.  The average prices were down and median prices were down quite a bit as well.  The days on market are also up significantly which further supports the observation of the market being down.

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

 

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

 

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