Real Estate Trends – Georgetown, 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 Georgetown, MA in Essex County

 Georgetown MA Town Offices - Georgetown Massachusetts Real Estate

Market Trends in Georgetown, MA – February 2015 and 2016:

The Georgetown, MA market has fallen off significantly since last year.   The average prices were down a lot and the median prices were down even more.  However the days on market are down a lot though, and might actually be understated at first glance.  Inventory was down slightly going from 7 sales in February of 2015 to 5 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Georgetown, MA the average listing price in February 2015 was $480,971.  This was down to $334,895 in February 2016.  This gives a huge decrease of 30.37% year over year. 

Looking at the median prices we see that it was higher in both years.  For February of 2015 the median listing price for Georgetown, MA was $515,000 and in February 2016 it was $349,900 which gives an even larger decrease of 32.06%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Georgetown, MA in February of 2015 was $468,779 and in February 2016 that was down to $316,000.  That gives a slightly larger 32.59% decrease compared to the average list price. 

We see a slightly different pattern with the median sale prices as we did for the listing prices.  It was still quite a bit higher for 2015 but in 2016 it was a tiny bit lower than the average.  For February of 2015 the median sales price for Georgetown, MA was $515,000 and in January 2016 it was $315,000 giving the largest decrease we have seen at 38.83%. 

Without regard to which of the pricing metrics you want to look at they are all showing prices are down significantly year over year for Georgetown, MA in February.  Every indicator was down over 30% so it is safe to say that is the minimum we are looking at.  Medians are generally favored over averages and sales are more important than listing prices so that set starts at a little over 32% and the most important figure, the median sale price, was down just under 39%.  No matter what things are down a lot but it is probably closer to the worst case of pushing 40% than the best case of “only” being down a touch over 30%.

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 Georgetown, MA the average days on market in February of 2015 were 157.14 and the average days on market for February 2016 were 102.00 for a pretty sizable 35.09% decrease. 

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), Lakeville, Raynham, Holliston and Londonderry, NH outliers in the data can really skew these numbers.  This again is the case for Georgetown, MA in February.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 338 days on market; this was much more than the other 4 properties combined and over 66% of the total days on market for all 5 Properties.  When removed the new calculation for the remaining 4 properties gives an average days on market of 43.0. 

Using the adjusted numbers we now get a huge decrease of 72.64%!  This does not change the general conclusion of the days on market being down.  However instead of a fairly moderate drop the days on market now appear to have fallen a huge amount.  This is definitely a little surprising given the large prices drops seen.

Georgetown, Massachusetts Summary:

The Georgetown, 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 were down a huge amount though, as a counter argument to how much the market is down.  While the decrease in days on market was substantial the price drops were all far too large for that to significantly impact the conclusion of a decline in the market.

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

 

Do you need to sell your Georgetown, 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: Georgetown Town Offices by Fletcher6 via Wikipedia)

 

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