Real Estate Trends – Ipswich, Massachusetts

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 Ipswich, MA in Essex County

 

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

The Ipswich, MA market has fallen off significantly since last year.   The average prices are down a lot and the median prices were down a bit more.  The days on market appear to be pretty flat at first glance.  However as we have seen before this needs a little closer analysis.  Inventory was down a little with 12 sales in May of 2015 down to 9 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Ipswich, MA the average listing price in May 2015 was $608,825.  This was down to $451,200 in May 2016.  This gives a massive decrease of 25.89% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For May of 2015 the median listing price for Ipswich, MA was $648,000 and in May 2016 it was $409,000 which now gives a much larger decrease of 36.88%!

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Ipswich, MA in May of 2015 was $564,708 and in May 2016 that was down to $441,228.  That gives another very large decrease of 21.87%, though a little smaller than the average list price. 

We see a different pattern than we did for the median list price.  In this case both were lower than the average prices.  For May of 2015 the median sales price for Ipswich, MA was $553,500 and in May 2016 it was $390,000 giving another much larger decrease of 29.54%. 

Prices are down way down for Ipswich, MA in May.  The range was pretty large going from roughly 22-37%.  The average prices were a little lower than the medians.  The averages were down 22-26% while the medians were down 29.5%-37%.  Medians are the more generally accepted method for real estate price analysis so looks like prices are likely more like 30% than lower 20s.  However since the sales prices are much more important than the listing prices it is fair to conclude that prices are down right around 30% instead of pushing up close to 40%.

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 Ipswich, MA the average days on market in May of 2015 were 166.75 and the average days on market for May 2016 were 167.44 being totally flat with a meaningless 0.004% increase.

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), Winthrop (Condos) and Littleton #2 outliers in the data can really skew these numbers.  This again is the case for Ipswich, MA in May.  In this instance there was a very high days on market place in both 2015 and 2016.

In 2015 there was a property with 677 days on market; this was more than the next 2 properties combined and just under 34% of the total days on market for all 12 Properties.  When removed the new calculation for the remaining 11 properties gives an average days on market of 120.36. 

In 2016 there was a property with 490 days on market; this was more than the next 2 properties combined and just over 32.5% 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 127.13. 

Using the adjusted numbers we now get a much larger increase of 5.62%.  This does change the basic conclusion that the days on market were pretty much flat.  While the percentage is much higher, only being about 5.5% is still a pretty meaningless increase.

Ipswich, Massachusetts Summary:

The Ipswich, Massachusetts real estate market is down a bit since last year.  The average prices were down tremendously while the median prices were down even more.  The days on market were pretty much flat with only small increase which is not a major factor but does not dispute a conclusion of a down market.

In summary if you are looking to sell a house in Ipswich, MA now you should expect to get a lot less for it than you would have gotten last year.  However you could also expect it to take about the same amount of time to sell compared to last year. 

 

Do you need to sell your Ipswich, 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: Riverfront in Ipswich MA c. 1906 via Wikipedia)

 

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