Real Estate Trends – Everett, Massachusetts (Multifamily)

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 Multifamily market in Everett, MA in Middlesex County

 Everett MA Flag - Everett Massachusetts Real Estate

Market Trends in Everett, MA – March 2015 and 2016:

The Everett, MA multifamily market has fallen off some since last year.   The average prices were down a bit and the median prices were also down.  The days on market look to be up significantly, though there is more analysis needed on those.  Inventory was fairly stable with 8 sales in March of 2015 and 7 in March 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For Multifamilies in Everett, MA the average listing price in March 2015 was $503,328.  This was down to $466,971 in March 2016.  This gives a decrease of 7.22% year over year. 

Looking at the median prices we see that it was higher in 2016 and lower in 2015.  For March of 2015 the median listing price for a multifamily in Everett, MA was $493,950 and in March 2016 it was $469,000 which now gives a slightly smaller decrease of 5.05%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Everett, MA multifamilies in March of 2015 was $505,850 and in March 2016 that was down to $466,143.  That gives a tiny bit higher decrease of 7.85% compared to the average list price. 

We see the same pattern that we did with the listing prices, though for 2015 they are almost the same.  For March of 2015 the median sales price for a multifamily in Everett, MA was $505,000 and in March 2016 it was $483,000 giving another smaller decrease of 4.36%. 

Prices are down for the multifamily market in Everett, MA this month.  The drop is noticeable but as big as we have seen in many of our other recent reports with the overall range being less than 4-8%.  Since median prices are generally the preferred way to look at real estate pricing so they are probably down in the 4-5% range those show, and probably closer to the bottom of that range as the median sales price was the lowest drop of everything.

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 a multifamily in Everett, MA the average days on market in March of 2015 were 67.63 and the average days on market for March 2016 were 190.57 for a huge 181.8% 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), Lakeville, Raynham, Holliston, Londonderry, NH, Georgetown, South Boston (Condos), Needham #2, Arlington #2, Foxboro #2, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2Boston’s South End (Condos) #2 and Somerset outliers in the data can really skew these numbers.  This again is the case for Everett, MA multifamily properties in March.  In this instance there was a very high days on market places in both years.

In 2015 there was a property with 246 days on market; this was almost as much as the next 5 properties combined and almost 45.5% of the total days on market for all 8 Properties.  When removed the new calculation for the remaining 7 properties gives an average days on market of 42.14. 

In 2016 there was a property with 810 days on market; this was more than the other 6 properties combined and almost 61% of the total days on market for all 7 Properties.  When removed the new calculation for the remaining 6 properties gives an average days on market of 87.33. 

Using the adjusted numbers we now get an increase of 107.2%.  This does not change the general conclusion of the days on market being significantly increased.  Now the size of the increase is a little smaller while still being very, very large. 

Everett, Massachusetts Summary:

The Everett, Massachusetts multifamily real estate market is down since last year.  The average prices were down as were the median prices as well.  The days on market were up a tremendous amount which definitely boosts the conclusion of a weaker market. 

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

 

Do you need to sell your Everett, Massachusetts multifamilyhouse 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: Everett MA Flag via Wikipedia)

 

Speak Your Mind

*