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

 

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

The Groveland, MA market has fallen off significantly since last year.   The average prices were down and the median prices were down quite a bit more.  The days on market were up a little bit as well, though this may be a bit understated.  Inventory was down fairly stable with 9 sales in June of 2015 up to 10 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Groveland, MA the average listing price in June 2015 was $416,578.  This was down to $384,040 in June 2016.  This gives a decrease of 7.81% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For June of 2015 the median listing price for Groveland, MA was $419,000 and in June 2016 it was $359,450 which now gives a much larger decrease of 14.21%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Groveland, MA in June of 2015 was $415,394 and in June 2016 that was down to $375,800.  That gives another sizeable decrease of 9.53%, a bit larger 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 Groveland, MA was $432,000 and in June 2016 it was $350,000 giving a very big decrease of 18.98%, the largest of all the metrics.

Prices have gone down some for Groveland, MA in June.  The range for all four metrics was pretty large only going from roughly 8-19%.  The averages were a bit lower than the medians with those ranging from about 8-9.5%, with that of the medians being about 14-19%.  Since medians are the much more commonly used method prices are probably down more in that higher range and since sales are much more important than listing prices it would be fair to say prices are most likely down close to 19%.  Though seeing how all the other ones are a bit lower than this it may not be quite that much, but still likely to be closer to that then any of the lower numbers.

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 Groveland, MA the average days on market in June of 2015 were 52.78 and the average days on market for June 2016 were 63.20 giving a modest 19.74% 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), Littleton #2, Ipswich, Westport and Franklin (Condos) outliers in the data can really skew these numbers.  This again is the case for Groveland, MA in June.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 159 days on market; this was almost as much as the next 3 properties combined and almost 33.5% 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 39.50. 

Using the adjusted numbers we now get a much larger increase of 60.0%.  This does not change the basic conclusion that the days on market were up.  However this increase went from a pretty modest amount to a pretty big difference.

Groveland, Massachusetts Summary:

The Groveland, Massachusetts real estate market is down a lot since last year.  The average prices were down and the median sale price were down substantially more.  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 Groveland, MA now you should expect to get a lot 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 as well. 

 

Do you need to sell your Groveland, 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: Groveland MA Flag via Wikipedia)

 

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