Real Estate Trends – Arlington, Massachusetts #2

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 once again highlighting the market in Arlington, MA in Middlesex County

 Menotomy Indian Hunter, by Cyrus E. Dallin in Arlington MA Center - Arlington Massachusetts Real Estate

We last looked at the Arlington single family market last January we also looked at its Condo Market back in October.

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

The Arlington, MA market has fallen off a bit since last year.   The average prices were down a little and the median prices were down more.  However the days on market appear to be down quite a bit though.  However that might be overstated.  Inventory was stable with 10 sales in February of 2015 as well as in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Arlington, MA the average listing price in February 2015 was $750,990.  This was down to $735,890 in February 2016.  This gives a tiny decrease of 2.01% year over year. 

Looking at the median prices we see that it was slightly higher in 2015 and much lower in 2016.  For February of 2015 the median listing price for Arlington, MA was $761,950 and in February 2016 it was $594,000 which now gives a very large decrease of 22.04%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Arlington, MA in February of 2015 was $751,600 and in February 2016 that was down to $736,600.  That gives an almost identical decrease of 2.00% compared to the average list price. 

We see basically the same pattern as we did with the listing prices.  For February of 2015 the median sales price for Arlington, MA was $772,500 and in February 2016 it was $625,250 giving the largest decrease we have seen at 19.06%. 

Depending on if you look at the averages or the medians you can conclude that the Arlington, MA market this month was either mostly flat with a small downtick or was down quite significantly.  The 2% drop indicated by the averages is probably enough to say it is down but it is a pretty small amount.  However medians are the common and preferred way to evaluate real estate prices and those are down much more with a range of 19-22%.  Given the preference to medians we would conclude that the market is down around 20%, maybe a touch under since the median sale price was down closer to 19% than 20%.

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 Arlington, MA the average days on market in February of 2015 were 78.20 and the average days on market for February 2016 were 47.30 for a pretty sizable 39.51% 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, Londonderry, NH, Georgetown, South Boston (Condos) and Needham outliers in the data can really skew these numbers.  This again is the case for Arlington, MA in February.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 238 days on market; this was almost as much as the next 3 properties combined and over 30% of the total days on market for all 10 Properties.  When removed the new calculation for the remaining 9 properties gives an average days on market of 60.44. 

Using the adjusted numbers we now get a much smaller decrease of 21.74%.  This does not change the general conclusion of the days on market being down.  However instead of a fairly significant drop the days on market now appear to have dropped a much more moderate amount. 

Arlington, Massachusetts Summary:

The Arlington, Massachusetts real estate market is down a good amount since last year.  The average prices were only down a hair, however median prices were down by a very substantial amount.  The days on market were down a fair amount though, which is nice for a seller but does not make up for prices that are down that much. 

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

 

Do you need to sell your Arlington, 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: Menotomy Indian Hunter, by Cyrus E. Dallin via Wikipedia)

 

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