Real Estate Trends – Westport, 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 Westport, MA in Bristol County

 

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

The Westport, MA market has fallen off significantly since last year.   The average prices are down a lot and the median prices were down about the same.  The days on market appear to be down somewhat at first glance.  However as we have seen many times before this needs a little closer analysis.  Inventory went through the roof with 7 sales in May of 2015 all the way up to 24 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Westport, MA the average listing price in May 2015 was $596,800.  This was down to $339,935 in May 2016.  This gives a massive decrease of 43.04% year over year. 

Looking at the median prices we see that they were a bit lower in both years.  For May of 2015 the median listing price for Westport, MA was $519,000 and in May 2016 it was $286,200 which now gives a slightly larger decrease of 44.86%!

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Westport, MA in May of 2015 was $584,986 and in May 2016 that was down to $319,599.  That gives another very large decrease of 45.37%, a little larger 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 Westport, MA was $514,000 and in May 2016 it was $284,715 giving another humongous decrease of 44.61%. 

Prices have gone down way for Westport, MA this month.  For such huge drops the range was very tight going from roughly 43-45.5%.  With such a small range on such large drops we can really just leave it at that.  However to try to pin it down more we would drop the average list price from much consideration since it would be considered the least useful of our metrics and it is the closest thing to an “outlier” as we have in the data.  As small as the full range is the gap between the average listing price and the next lowest accounts for 2/3rds of the total range.  Therefore with both medians being just under 45% and the average sale price being just over 45% the best guess is that prices are down right at, or just a tiny hair below, 45%.

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 Westport, MA the average days on market in May of 2015 were 206.86 and the average days on market for May 2016 were 171.83 giving a fair small drop with a 16.93% 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), Winthrop (Condos), Littleton #2 and Ipswich outliers in the data can really skew these numbers.  This again is the case for Westport, 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 725 days on market; this was more than the other 6 properties combined and just over 50% of the total days on market for all 7 Properties.  When removed the new calculation for the remaining 6 properties gives an average days on market of 120.50. 

In 2016 there was a property with 1352 days on market; this was more than the next 3 properties combined and just over 32.5% of the total days on market for all 24 Properties.  When removed the new calculation for the remaining 23 properties gives an average days on market of 120.52. 

Using the adjusted numbers we now get they are totally flat with a totally meaningless increase of less than 0.02%.  This does change the basic conclusion that the days on market were down a little bit and now they appear to be pretty much flat.

Westport, Massachusetts Summary:

The Westport, Massachusetts real estate market is down a tremendously since last year.  The average prices were down substantially while the median prices were down just as much.  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 Westport, 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 Westport, 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: Westport MA Seal via Wikipedia)

 

Speak Your Mind

*