Real Estate Trends – Scituate, 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 Scituate, MA in Plymouth County

Market Trends in Scituate, MA – June 2015 and 2016:

The Scituate, MA market has fallen off since last year.   The average prices were down and the median prices were down almost as much.  The days on market were up a bit as well.  Inventory was down some with 36 sales in June of 2015 down to 31 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Scituate, MA the average listing price in June 2015 was $677,292.  This was down to $600,393 in June 2016.  This gives a sizable decrease of 11.35% year over year. 

Looking at the median prices we see that it was lower in both 2015 and 2016.  For June of 2015 the median listing price for Scituate, MA was $640,000 and in June 2016 it was $579,999 which now gives a smaller decrease of 9.38%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Scituate, MA in June of 2015 was $661,346 and in June 2016 that was down to $589,632.  That gives another large decrease of 10.84%, though a bit smaller than the average list price. 

We see the same pattern as we did for the median list price.  For June of 2015 the median sales price for Scituate, MA was $625,000 and in June 2016 it was $570,000 giving a decrease of 8.80%, the lowest of all our metrics but still fairly sizable

Prices have gone down some for Scituate, MA this month.  The overall range was not that large only going from just under 9% to just under 11.5%.  The medians are the preferred method to use for real estate pricing analysis and those were both lower than the corresponding averages so overall prices are more likely down in the bottom of that range and down right around 9%.

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 Scituate, MA the average days on market in June of 2015 were 53.11 and the average days on market for June 2016 were 79.39 giving a very large 49.48% increase.

Scituate, Massachusetts Summary:

The Scituate, Massachusetts real estate market is down since last year.  The average prices were down and the median sale price were down almost as much.  The days on market were up a good amount as well which gives some additional support to a down market.

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

 

Do you need to sell your Scituate, 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: Scituate MA Harbor 1910 postcard via Wikipedia)

 

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