Real Estate Trends – Rowley, 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 Rowley, MA in Essex County

 

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

The Rowley, MA market has fallen off since last year.   The average prices were down and the median prices were down as well.  We see the listing prices are down and the sales prices are down quite a lot more.  However the days on market were down a significant amount.  Inventory was down some with 8 sales in June of 2015 down to 5 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Rowley, MA the average listing price in June 2015 was $453,950.  This was down to $442,400 in June 2016.  This gives a small decrease of 2.54% year over year. 

Looking at the median prices we see that it was lower in both years.  For June of 2015 the median listing price for Rowley, MA was $439,450 and in June 2016 it was $429,900 which now gives a slightly smaller decrease of 2.17%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Rowley, MA in June of 2015 was $451,238 and in June 2016 that was down to $432,600.  That gives a modest decrease of 4.13%, but much larger than the list prices. 

We see a different pattern than we did for the median list price.  Looking at the median prices we see that it was lower in 2016 but a bit higher in 2015.  For June of 2015 the median sales price for Rowley, MA was $470,000 and in June 2016 it was $393,000 giving a decrease of 16.38%, giving a substantially larger drop than seen with all the other metrics.

Prices have gone down significantly for Rowley, MA this month.  The two listing price metrics showed pretty minor drops of a little more than 2%.  Listing prices are far less important than sale prices so given that sales showed bigger drops we would not put that much weight on these two numbers.  The average sale price was about double what we saw with the listing metrics but still only a fairly small drop just over 4%.  The median sale price is the most used metric so that would be what we would put the most weight on and that drop was a bit over 16% which definitely significant.  However given the great disparity with the other metrics I would not want to say that prices are down quite that much with some evidence to the contrary.  I would say that it is safe to say prices are down double digits but maybe not that full 16%.

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 Rowley, MA the average days on market in June of 2015 were 166.75 and the average days on market for June 2016 were 72.80 giving a fairly large 56.34% decrease.

Rowley, Massachusetts Summary:

The Rowley, Massachusetts real estate market is down since last year.  The listing prices were down a little, the average sale price was down a lot more and the median sale prices were down significantly more than that.  The days on market were down a good amount though, which gives a counterargument for a down market, though probably just enough to smooth out the decline somewhat rather than negate it.

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

 

Do you need to sell your Rowley, 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: Rowley 375th Anniversary – Alternate Logo via Wikipedia)

 

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