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

 

We looked at Concord, MA back last September and saw ~20% price declines.

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

The Concord, MA market has fallen off significantly since last year.   The average prices are down a lot and the median prices were down even more.  The days on market pretty much flat.  Inventory went down a little with 18 sales in May of 2015 down to 15 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Concord, MA the average listing price in May 2015 was $1,016,144.  This was down to $875,980 in May 2016.  This gives a large decrease of 13.79% 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 Concord, MA was $896,500 and in May 2016 it was $735,000 which now gives a larger decrease of 18.01%!

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Concord, MA in May of 2015 was $1,025,611 and in May 2016 that was down to $861,593.  That gives another very large decrease of 15.99%, a bit 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 Concord, MA was $922,500 and in May 2016 it was $741,000 giving another larger decrease of 19.67%, and the highest of all our metrics.

Prices have gone down for Concord, MA this month.  The range was fairly large for the four metrics with the declines ranging roughly 14-20%.  The averages were a little lower going from about 14-16% and the medians were a little higher with 18-20% drops.  Since medians are the preferred method to evaluate pricing data for real estate the 2nd range is probably the more accurate representation.  In addition since sales are far more important than listings the best guess is that prices are down a little under 20%.  This is pretty similar to the drop we saw back at the end of last summer, though that was solidly at 20% or just above.

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 Concord, MA the average days on market in May of 2015 were 65.33 and the average days on market for May 2016 were 64.53 giving a fairly meaningless drop with a 1.22% decrease, meaning they were basically flat year over year.

Concord, Massachusetts Summary:

The Concord, Massachusetts real estate market is down significantly since last year.  The average prices were down substantially while the median prices were down even more than that.  The days on market were pretty much flat with only tiny decrease.

In summary if you are looking to sell a house in Concord, 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 Concord, 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: Concord MA Seal via Wikipedia)

 

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