Real Estate Trends – Arlington, Massachusetts #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 once again highlighting the market in Arlington, MA in Middlesex County

 Menotomy Indian Hunter, by Cyrus E. Dallin in Arlington MA Center - Arlington Massachusetts Real Estate

We last looked at the Arlington single family market last January we also looked at its Condo Market back in October.

Market Trends in Arlington, MA – February 2015 and 2016:

The Arlington, MA market has fallen off a bit since last year.   The average prices were down a little and the median prices were down more.  However the days on market appear to be down quite a bit though.  However that might be overstated.  Inventory was stable with 10 sales in February of 2015 as well as in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Arlington, MA the average listing price in February 2015 was $750,990.  This was down to $735,890 in February 2016.  This gives a tiny decrease of 2.01% year over year. 

Looking at the median prices we see that it was slightly higher in 2015 and much lower in 2016.  For February of 2015 the median listing price for Arlington, MA was $761,950 and in February 2016 it was $594,000 which now gives a very large decrease of 22.04%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Arlington, MA in February of 2015 was $751,600 and in February 2016 that was down to $736,600.  That gives an almost identical decrease of 2.00% compared to the average list price. 

We see basically the same pattern as we did with the listing prices.  For February of 2015 the median sales price for Arlington, MA was $772,500 and in February 2016 it was $625,250 giving the largest decrease we have seen at 19.06%. 

Depending on if you look at the averages or the medians you can conclude that the Arlington, MA market this month was either mostly flat with a small downtick or was down quite significantly.  The 2% drop indicated by the averages is probably enough to say it is down but it is a pretty small amount.  However medians are the common and preferred way to evaluate real estate prices and those are down much more with a range of 19-22%.  Given the preference to medians we would conclude that the market is down around 20%, maybe a touch under since the median sale price was down closer to 19% than 20%.

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 Arlington, MA the average days on market in February of 2015 were 78.20 and the average days on market for February 2016 were 47.30 for a pretty sizable 39.51% decrease. 

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) and Needham outliers in the data can really skew these numbers.  This again is the case for Arlington, MA in February.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 238 days on market; this was almost as much as the next 3 properties combined and over 30% of the total days on market for all 10 Properties.  When removed the new calculation for the remaining 9 properties gives an average days on market of 60.44. 

Using the adjusted numbers we now get a much smaller decrease of 21.74%.  This does not change the general conclusion of the days on market being down.  However instead of a fairly significant drop the days on market now appear to have dropped a much more moderate amount. 

Arlington, Massachusetts Summary:

The Arlington, Massachusetts real estate market is down a good amount since last year.  The average prices were only down a hair, however median prices were down by a very substantial amount.  The days on market were down a fair amount though, which is nice for a seller but does not make up for prices that are down that much. 

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

 

Do you need to sell your Arlington, 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: Menotomy Indian Hunter, by Cyrus E. Dallin via Wikipedia)

 

Real Estate Trends – Arlington, Massachusetts (Condos)

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 Arlington, MA in Middlesex County

 Arlington MA Seal - Arlington Massachusetts Real Estate

We did take a look at the Single Family market in Arlington awhile back but this is the first time we have looked into condos here.

Market Trends in Arlington, MA – September 2014 and 2015:

The Arlington, MA condo market has fallen off quite a bit since last year.   Both the average listing and sale prices were down a lot.  The median prices were down significant amounts as well.  The days on market do appear to be down slightly.  Inventory was down a bit going from 24 sales in September of 2014 down to 18 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Arlington, MA condos the average listing price in September 2014 was $459,133.  This was down to $388,872 in September 2015.  This gives a very large decrease of 15.30% year over year. 

Taking a look at the median prices reveals that they are quite a bit different than the average especially in 2015.  For September of 2014 the median listing price for condos in Arlington, MA was $449,500 and in September 2015 it was $344,950 which now gives a significantly bigger 23.26% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Arlington, MA in September of 2014 was $473,742 and in September 2015 that was down to $397,839.  That gives another very large 16.02% decrease. 

We see a similar, but slightly different, pattern with the median sale prices as we did for the listing prices.  For September of 2014 the median sales price for Arlington, MA condos was $492,500 and in September 2015 it was $360,500 giving another extremely large 26.80% decrease.

No matter which way we look at it prices are down a lot for condos in Arlington, MA in September 2015.  The medians are down a lot more than the averages but every way we looked at it shows things are down 15% or more.  Medians are generally favored in this type of analysis and those are indicating things are down 20-25% or more. 

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 house to sell in the current market.  For a condo in Arlington, MA the average days on market in September of 2014 were 23.25 and the average days on market for September 2015 were 20.67, for a fairly small 11.10% decrease. 

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 and Lexington outliers in the data can really skew these numbers.  This again is the case for Arlington, MA condos in September.  In this instance there was a very high days on market place in the both the 2014 and 2015 data.

In 2014 there was a property with 121 days on market; this was almost as much as the next 3 properties combined and was almost 22% of the total days on market for all 24 Properties.  When removed the new calculation for the remaining 23 properties gives an average days on market of 19.00. 

In 2015 there was a property with 118 days on market; this was more than the next 3 properties combined and was almost 32% of the total days on market for all 18 properties.  When removed the new calculation for the remaining 17 properties gives an average days on market of 14.94. 

Using the adjusted numbers we see a slightly larger 21.37% decrease.  This does not change the general thought of the days on market being down somewhat but now they appear to be down slightly more than before.  It is worth noting that the days on market both years are quite low using either the adjusted or unadjusted numbers so even with the price declines it is still a pretty robust market.

Arlington, Mass Summary:

The Arlington, Massachusetts real estate condo market is down since last year.  The average prices and the median prices were both down by very large amounts.  While the days on market were down a little as well it was not that much and they were quite low in both years so this is of little consequence for a seller. 

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

 

Do you need to sell your Arlington, 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: Arlington MA Seal via Wikipedia)

 

Real Estate Trends – Arlington, Massachusetts

Introduction:

Welcome back for our first market trend report of 2015!  As always we will be examining a town in Massachusetts or New Hampshire and its real estate markets.  If this is the first time you have read one of these reports we examine the town’s year over year change in the real estate market and talk about the observations and what they mean for the market now and going forward.

Today we are highlighting Arlington, MA in Middlesex County.

Arlington Map - Arlington MA Real Estate

Market Trends in Arlington, MA – December 2013 and 2014:

The Arlington, MA market has declined since last December.  Both the listing and sales prices are down, while the days on market have increased as well.  Inventory was down a bit with 20 sales in December of 2013 and 16 in December 2014. As a general commentary Arlington, MA would usually be included in the “Hot” markets in the Great Boston area.  Seeing a town like this starting to show some decline could be a leading indicator that the market in the area is teetering on a peak.

Average Listing Prices:

The first thing we will look at is the average listing price.  For Arlington, MA there was an average list price of $641,771 for December 2013.  This decreased down to $623,938 in December 2014.  That is a fairly small decrease of 2.78%.  Not a huge decrease but a noticeable difference in the actual number of an almost $18K decrease.

Average Sale Prices:

The next thing we will be examining is the average sale prices.  For December of 2013 the average sale price for Arlington, MA was $648,921, but by December 2014 that was down to $615,830.  That would be a much larger decrease of 5.10%.  When the sales prices are falling faster than the listing prices that will often indicate that the market is changing and sellers and their agents have not caught up to it yet. One important point to notice is in December 2013 the sale price is HIGHER than the list price.  This would seem to show the feeding frenzy impression that people have of this region with multiple above asking price offers was the case then.  10 of the 20 sales were for above the asking price with 2 others selling for exactly the list price, so it was not a market that was seeing any real discounts with places selling on average for more than 101% of the list.  In 2014 there were still some above list sales but many less and more going for a discounted price.  On average in 2014 places were selling at 98.7% of the list, which is still good for a healthy market but not frenzied as before.

Average Days on Market:

The final indicator we look at is the days on market.  Which measures how long it is takes for a house to sell in this market.  For Arlington, MA the average days on market in December of 2013 was 22.05 and the average days on market for December 2014 was 30.88, for a 40% increase. Along with the observations above this also shows the market cooling off.  22 days on market (DOM) is very low and of course many places were not on nearly that long.  To tie in with the observation on the sales prices 7 of the sales had DOM of less than 10 days and 6 of those sold for above list.  In fairness the just under 31 DOM for 2014 is actually pretty low too, but again much more normal for a healthy market.

Arlington, Mass Summary:

The Arlington, Massachusetts real estate market has cooled off a bit since last year.  The declines in both listed and sale prices make this clear as well as the increase in the days on market.  The observation that last year houses were selling for above listed price a lot and now are not is important to see that even if Arlington isn’t about to fall off the cliff things are returning to a more normal market and 2013 was probably the top of the market and the best chance to fetch a premium price for your property. In summary if you are looking to sell a house in Arlington, MA now you should expect to get a bit less for it than you would have last year.  You also should expect to need to actually take a discount off of your initial price to avoid sitting on it for a longer time.  Definitely last year’s strategy of under pricing the listing to get multiple above list offers is not a good one now.

 

Do you need to sell your Arlington, 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: 1875 Map of Arlington via Wikipedia)