Real Estate Trends – West Newbury, 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 West Newbury, MA in Essex County

 West Newbury Massachusetts's John Cena - West Newbury MA Real Estate

Market Trends in West Newbury, MA – July 2015 and 2016:

The West Newbury, MA market has fallen off since last year.   The average prices were down significantly and the median prices were down even more so.  The days on market were up just a tiny bit, but would be better described as flat.  Inventory was pretty stable with 5 sales in July of 2015 up to 6 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In West Newbury, MA the average listing price in July 2015 was $741,780.  This was down to $601,283 in July 2016.  This gives a very large decrease of 18.94% year over year. 

Looking at the median prices we see that it was higher in 2015 but lower in 2016.  For July of 2015 the median listing price for West Newbury, MA was $760,000 and in July 2016 it was $594,950 which now gives an even larger decrease of 21.72%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in West Newbury, MA in July of 2015 was $735,380 and in July 2016 that was down to $583,083.  That gives another significant decrease of 20.71%, a little higher than the average list price. 

We see a slightly different pattern as we did for the median list price, this time both were higher than the average price.  For July of 2015 the median sales price for West Newbury, MA was $760,000 and in July 2016 it was $588,750 giving another much smaller decrease of 22.53%.

Prices are down substantially for West Newbury, MA this month.  The range for all four metrics was pretty small going from about 19-22.5%.  The averages were lower than the medians.  Medians are the more common method for real estate pricing analysis so we are going to say that prices are going to be at the top of the range.  Since the median sale price is the most important number while the whole potential range is pretty high prices are probably down right at the top of the range at about 22.5%

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 West Newbury, MA the average days on market in July of 2015 were 71.40 and the average days on market for July 2016 were 72.17 giving a meaningless 1.08% increase.  It is safe to say that days on market were flat here.

West Newbury, Massachusetts Summary:

The West Newbury, Massachusetts real estate market is down significantly since last year.  The average prices were down a lot and the median prices were down an even larger amount.  The days on market were basically flat with just a tiny increase.

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

 

Do you need to sell your West Newbury, 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: John Cena at 2010’s Tribute to the Troops via Wikipedia)

 

Speak Your Mind

*