Real Estate Trends – Littleton, 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 Littleton, MA in Middlesex County

 Littleton MA Town Common - Littleton Massachusetts Real Estate

We looked at Littleton back in November when the market was down very substantially.

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

The Littleton, MA market has fallen off since last year.   Both the average prices and the median prices were down pretty good amounts.  The days on market looked to be up a little, but this may be understated.  Inventory was stable with 9 sales in April of 2015 and in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Littleton, MA the average listing price in April 2015 was $476,622.  This was down to $424,411 in April 2016.  This gives a pretty large decrease of 10.95% year over year. 

Looking at the median prices we see that they were lower in both years.  For April of 2015 the median listing price for Littleton, MA was $439,000 and in April 2016 it was $395,000 which now gives a just slightly smaller decrease of 10.02%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Littleton, MA in April of 2015 was $470,778 and in April 2016 that was down to $410,611.  That gives larger decrease of 12.78%, compared to the average list price. 

We see the same pattern than we did for the median list price.  For April of 2015 the median sales price for Littleton, MA was $440,000 and in April 2016 it was $400,000 giving another very large decrease of 9.09%. 

Prices are down a good amount in Littleton, MA in April.  The overall range was not that large going from about 9-13%.  The average sale price was bit higher than the rest, however I would totally disregard that data point just because it is a little off from the others and that it is an average, when medians are the preferred evaluation metric.  Since there are only 18 total sales over the 2 years we can dig a little deeper into where the numbers come from and doing this you see that the highest and 3 of the 4 highest sales were all in 2015 (so not just 1 sale pulling it up) and the 4 lowest were all in 2016 (so almost half the sales pull that one down) which seems to show a real pattern of houses selling for less this year.  That all being said the most used metric for these analyses is the median sale price and was the lowest at just over 9%.  So where is the real drop?  It is probably somewhere in between these 2, actually the 10-11% range of the 2 listing price metrics is probably right.  Generally I would leave it as being down 9-13% but if pressed to be more specific I would say prices are down a little over 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 Littleton, MA the average days on market in April of 2015 were 120.67 and the average days on market for April 2016 were 129.78 for a fairly inconsequential 7.55% 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) #2Somerset, Everett (Multifamily), Sharon, Dedham #4, Boston’s Brighton (Condos) and Winthrop (Condos) outliers in the data can really skew these numbers.  This again is the case for Littleton, MA in April.  In this instance there was a very high days on market place in 2016.

In 2015 there was a property with 546 days on market; this was more than the other 8 properties combined and just over 50% of the total days on market for all 9 Properties.  When removed the new calculation for the remaining 8 properties gives an average days on market of 67.50. 

Using the adjusted numbers we now get a much larger increase of 92.27%.  This does change the basic conclusion that the days on market were only up a little.  They did look to be up either way however the initial increase was very small and not much of a signal but using the adjusted numbers the increase is huge nearly doubling and greatly supporting a conclusion of the market being down.

Littleton, Massachusetts Summary:

The Littleton, Massachusetts real estate market is down substantially since last year.  The average prices and the median prices were all down quite a bit.  The days on market were also up a lot as well further indicating a weakening overall market in the town.

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

 

Do you need to sell your Littleton, 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: Littleton MA Common by Tim Pierce via Wikipedia)

 

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