Real Estate Trends – Dedham, Massachusetts #4

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 Dedham, MA in Norfolk County

 Map of Dedham MA - Dedham Massachusetts Real Estate

This is our 4th look at Dedham with the most recent back in December 2015

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

The Dedham, MA market has fallen off since last year.   The average prices were down as were the median prices as well.  The days on market appear to be down a bit, however this maybe overstated.  Inventory was relatively stable with 19 sales in April of 2015 down to 17 in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Dedham, MA the average listing price in April 2015 was $543,110.  This was down to $507,276 in April 2016.  This gives a decent decrease of 5.02% 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 Dedham, MA was $417,400 and in April 2016 it was $369,900 which now gives a much larger decrease of 11.38%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Dedham, MA in April of 2015 was $525,263 and in April 2016 that was down to $505,174.  That gives another modest decrease of 3.82%. 

We see the same pattern as we did for the median list price.  For April of 2015 the median sales price for Dedham, MA was $410,000 and in March 2016 it was $370,000 giving another larger decrease of 9.76%. 

Prices are down some in Dedham, MA this month.  The averages show only modest decreases from just under 4% to 5% but the medians indicate much more significant drops in the almost 10% to about 11.5%.  Since medians are the more widely used method for analyzing real estate pricing data we would say that these are much more indicative of what is going on.  However since the median listing price was at the bottom of the range best determination is that prices are probably down right around 10%.

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 Dedham, MA the average days on market in April of 2015 were 83.68 and the average days on market for April 2016 were 51.71 for a substantial 38.21% 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), Needham #2, Arlington #2, Foxboro #2, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2, Boston’s South End (Condos) #2,   Somerset, Everett (Multifamily) and Sharon outliers in the data can really skew these numbers.  This again is the case for Dedham, MA in April.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 416 days on market; this was a lot more than the next 2 properties combined and over 26% of the total days on market for all 19 Properties.  When removed the new calculation for the remaining 18 properties gives an average days on market of 65.22. 

Using the adjusted numbers we now get a decrease of 20.71%.  This does not change the conclusion of the days on market being down by a fairly decent amount however the magnitude of the drop is definitely far less impressive. 

Dedham, Massachusetts Summary:

The Dedham, Massachusetts real estate market is down since last year.  The average prices were down a very modest amount but the median prices were down much more substantially.  The days on market were down a bit though. 

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

 

Do you need to sell your Dedham, 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: Map of Dedham Massachusetts via Google Maps)

 

Speak Your Mind

*