Real Estate Trends – Haverhill, Massachusetts (Condos) #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 Condo market in Haverhill, MA in Essex County

 Haverhill MA Flag - Haverhill Massachusetts Real Estate

This is the 2nd time we have looked at this market but have not looked at condos here in Haverhill for over a year ago.  At that time things were fairly flat being down just a little bit.

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

The Haverhill, MA condo market has fallen off a lot since last year.   The average prices are down and the median prices were down much more.  The days on market were up a little as well.  Inventory was down a lot with 32 sales in May of 2015 down to 24 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Haverhill, MA the average listing price for a condo in May 2015 was $209,086.  This was down to $193,630 in May 2016.  This gives a modest decrease of 7.39% year over year. 

Looking at the median prices we see that they were higher in 2015 and lower in 2016.  For May of 2015 the median listing price for condos in Haverhill, MA was $224,900 and in May 2016 it was $183,600 which now gives a very large decrease of 18.36%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Haverhill, MA in May of 2015 was $206,384 and in May 2016 that was down to $189,619.  That gives another modestly high decrease of 8.12%, and slightly higher than we saw for 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 Haverhill, MA condo was $222,950 and in May 2016 it was $184,950 giving another larger decrease of 17.04%. 

Prices have gone down quite a bit for condos in Haverhill, MA in May.  The range was pretty large going from roughly 7.5-18.5% down.  The declines in the average prices were much lower than the medians at about 7.5% to a little over 8%.  The medians were much higher with drops of 17-18.5%.  Medians are the much more preferred method to evaluate real estate pricing data generally so we would conclude that range is the more accurate representation.  On the bright side since sales trump listing prices the best guess is that prices are down right around 17% instead of the slightly high top of the median’s range.

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 Haverhill, MA condos the average days on market in May of 2015 were 74.88 and the average days on market for May 2016 were 83.79 for a fairly small 11.90% increase.

Haverhill, Massachusetts Summary:

The Haverhill, Massachusetts condo real estate market is down a significant amount since last year.  The average prices were down some while the median prices were down significantly more.  The days on market were up a little bit as well, which does further support the conclusion of a down market.

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

 

Do you need to sell your Haverhill, 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: Flag of Haverhill MA via Wikipedia)

 

 

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