Real Estate Trends – Canton, Massachusetts (Condos) #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 condo market in Canton, MA in Norfolk County

 Canton MA Viaduct - Canton Massachusetts Real Estate

Market Trends in Canton, MA – August 2015 and 2016:

The Canton, MA condo market has fallen off a bit since last year.   The average prices were down and the median prices were down as well.  The days on market are down a lot though.  Inventory was up some with 9 sales in August of 2015 up to 13 in August 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Canton, MA the average listing price in August 2015 was $360,267.  This was down to $326,014 in August 2016.  This gives a very sizable decrease of 9.51% year over year. 

Looking at the median prices we see that it was lower higher both years.  For August of 2015 the median listing price for Canton, MA condos was $364,900 and in August 2016 it was $349,900 which now gives a smaller decrease of 4.11%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for condos in Canton, MA in August of 2015 was $355,867 and in August 2016 that was down to $323,055.  That gives another large decrease of 9.22%, a little bit lower than the average list price. 

We see the same pattern as we did for the median list price.  For August of 2015 the median sales price for Canton, MA condos was $362,900 and in August 2016 it was $338,500 giving another smaller decrease of 6.72%, though bigger than the median list price.

Prices are definitely down some for condos in Canton, MA this month.  The range for all four metrics was not that large going from about a 4-9.5% decline.  The averages and the medians were telling different stories though.  The averages prices were both down about 9.5% down.  However the medians were a bit lower going from just over 4% to just under 7%.  Medians are the preferred method for looking at real estate prices so it is fair to say prices are down on the lower end of what we are seeing.  Since sales are much more important we would say prices are down about 7%. 

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 condos in Canton, MA the average days on market in August of 2015 were 70.22 and the average days on market for August 2016 were 40.38 giving a fairly sizable 42.50% decrease.

Canton, Massachusetts Summary:

The Canton, Massachusetts condo real estate market is down since last year.  The average prices were down a large amount while the median prices were down a little less.  The days on market were down a good amount though.

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

 

Do you need to sell your Canton, Massachusetts condo 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: Canton MA Viaduct via Town of Canton Website)

 

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