Real Estate Trends – Billerica, Massachusetts (Condos)

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 Condo market in Billerica, MA in Middlesex County

 Billerica Center - Billerica Massachusetts Real Estate

Market Trends in Billerica, MA – May 2015 and 2016:

The Billerica, MA condo market has fallen off a bit since last year.   The average prices are down and the median prices were down even more.  The days on market were down a little though.  Inventory was up a lot, doubling with 6 sales in May of 2015 up to 12 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Billerica, MA the average listing price for a condo in May 2015 was $306,783.  This was down to $262,008 in May 2016.  This gives a sizable decrease of 14.60% year over year. 

Looking at the median prices we see that they were higher in both years.  For May of 2015 the median listing price for condos in Billerica, MA was $344,449.50 and in May 2016 it was $286,500 which now gives a larger decrease of 16.82%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Billerica, MA in May of 2015 was $305,325 and in May 2016 that was down to $265,575.  That gives another significant decrease of 13.02%, slightly less than the average list price. 

We see the same pattern that we did for the median list price.  For May of 2015 the median sales price for a Billerica, MA condo was $342,500 and in May 2016 it was $286,500 giving another large decrease of 16.35%. 

Prices have gone down quite a bit for condos in Billerica, MA in May.  The range was not huge going from roughly 13-17% down.  The declines in the average prices were a little less than the medians.  However the medians are the preferred method when evaluating real estate prices so we will give more weight to them.  Given that both medians were down 16-17% and that is where we would say that the prices have fallen by this month. 

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 Billerica, MA condos the average days on market in May of 2015 were 59.83 and the average days on market for May 2016 were 50.17 for a small 16.15% decrease.

Billerica, Massachusetts Summary:

The Billerica, Massachusetts condo real estate market is down a lot since last year.  The average prices were down while the median prices were down even more.  The days on market were down a tiny bit however, which is a nice consolation for sellers but does not make up for the sizeable price drops.

In summary if you are looking to sell a condo in Billerica, MA now you should expect to get less for it than you would have gotten last year.  However you could also expect it to take a little less time to sell compared to last year as well. 

 

Do you need to sell your Billerica, Massachusetts Condo 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: Billerica Center; Billerica MA by John Phelan via Wikipedia)

 

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