Real Estate Trends – Wareham, 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 Wareham, MA in Plymouth County

 Gateway to Cape Cod Light Houses in Wareham MA - Wareham Massachusetts Real Estate

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

The Wareham, MA market has fallen off since last year.   The average prices were down a little and the median prices were down by more.  The days on market increased significantly as well.  Inventory was pretty stable with 23 sales in March of 2015 and 21 in March 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Wareham, MA the average listing price in March 2015 was $238,709.  This was down to $235,195 in March 2016.  This gives a trivial decrease of 1.47% year over year. 

Looking at the median prices we see that it was much lower in both years.  For March of 2015 the median listing price for Wareham, MA was $199,900 and in March 2016 it was $189,900 which now gives a larger decrease of 5.00%.  Not a huge decrease but much larger and not insignificant. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Wareham, MA in March of 2015 was $223,122 and in March 2016 that was down to $219,876.  That gives basically the exact same decrease of 1.45% compared to the average list price. 

We see the same pattern as we did for the median list price.  For March of 2015 the median sales price for Wareham, MA was $195,000 and in March 2016 it was $184,900 giving another larger decrease of 5.18%. 

It does look that prices are down in Wareham, MA in March.  The averages were only down a hair and the medians were down a bit more.  Medians are the favored measure in real estate price analysis so those are probably the more accurate representation.  Given that prices are likely down right around the 5% seen with those.

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 Wareham, MA the average days on market in March of 2015 were 112.96 and the average days on market for March 2016 were 153.86 for a substantial 36.21% increase. 

Wareham, Massachusetts Summary:

The Wareham, Massachusetts real estate market is down since last year.  The average prices were down a marginal amount and the median listing prices were down a bit more.  The days on market were also up a significant amount given some more evidence of a weaker market. 

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

 

Do you need to sell your Wareham, 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: “Gateway to Cape Cod” Lighthouses in Wareham MA by ToddC4176 via Wikipedia)

 

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