Real Estate Trends – Milton, 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 highlighting the market in Milton, MA in Norfolk County

 Milton MA Seal - Milton Massachusetts Real Estate

This is our 2nd look at Milton but it has been almost a year since we have looked at this town.

Market Trends in Milton, MA – April 2015 and 2016:

The Milton, MA market has fallen off significantly since last year.   The average prices were down substantially as were the median prices too.  The days on market were down a bit however.  Inventory was relatively stable with 14 sales in April of 2015 up to 16 in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Milton, MA the average listing price in April 2015 was $823,050.  This was down to $635,344 in April 2016.  This gives a very large decrease of 22.81% year over year. 

Looking at the median prices we see that it was lower in both years.  For April of 2015 the median listing price for Milton, MA was $717,000 and in April 2016 it was $597,450 which now gives a smaller but still significant decrease of 16.67%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Milton, MA in April of 2015 was $817,950 and in April 2016 that was down to $635,344.  That gives another very large decrease of 22.32%, and almost identical compared to the average list price. 

We see the same pattern as we did for the median list price.  For April of 2015 the median sales price for Milton, MA was $753,000 and in March 2016 it was $600,000 giving another very large decrease of 20.32%. 

Prices are down significantly for Milton, MA in April.  The median list price was a bit under the range for everything else being a little under 17%, so we will not give very much weight to this measure.  The other 3 metrics had a range of about 20-23% for the decrease.  The median sale price was the lowest of these 3 though and since medians are more often used in these types of pricing analyses we would conclude price are most likely down close to the bottom of that range and are down just over 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 Milton, MA the average days on market in April of 2015 were 70.50 and the average days on market for April 2016 were 42.81 for a substantial 39.28% decrease.

Milton, Massachusetts Summary:

The Milton, Massachusetts real estate market is down substantially since last year.  The average prices were down a very significant amount while the median listing prices were down almost as much.  The days on market were down a good bit though, but not nearly enough to start to compensate for the sizable price drops. 

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

 

Do you need to sell your Milton, 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: Seal of Milton Massachusetts via Wikipedia)

 

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