Real Estate Trends – Bellingham, Massachusetts

Introduction:

This is our newest real estate trends report for communities in Eastern Massachusetts and New Hampshire.  We’ll examine the year over year changes in the town we are spotlighting in the report. Sometimes the market could be improving.  If that is the case you can sell your house for a higher retail price.  Other times however it has slowed down and the prices are declining while the days on market are increasing.  When that is the case you may want to look into selling fast and taking somewhat less than you had hoped for.

Bellingham MA Town Hall

Today we are highlighting Bellingham, MA in Norfolk County.

Market Trends in Bellingham, MA – July 2013 and 2014:

The Bellingham, MA real estate market has slowed down year over year.  Average listing prices are down quite a lot as are the average sale prices (though not as much, more on that below) and the days on market (DOM) are also up significantly. The number of properties sold were more or less stagnant year over year with a minor decrease from 19 to 17.

Average Listing Prices:

In July 2013 the average listing price in Bellingham, MA was $293,174; in July 2014 that was down to $260,735. This represents an large11.06% decrease year over year.  That is a very significant change.  This would indicate that people are paying less, and the real estate agents know it.  The local agents know that prices are going down.  Therefore they have been adjusting their price recommendations to try to compensate for this and to not overprice their listings.

Average Sale Prices:

In July 2013 the average sale price in Bellingham was $274,421; in July 2014 it was down to $258,669. This represents a much smaller 5.74% decrease year over year.  This is still a fairly significant decrease.  It also would indicate that the real estate agents are doing an decent job compensating for the downshift with the decreased listing prices.  Since the drop in listing prices is outpacing the drop in actual sold pricing the agents do have a feel for where things are heading. This decrease in sale price is probably somewhat understated because of an odd sale in 2013.  There was a home being marketed as a new construction house for $510,000 that was eventually sold just as the raw land for $185,000.  This was one of the lowest sales in the month and clearly for much less than the proposed house was listed for.  If you remove that sale the other 18 had an average sale price of $279,389.  Using that figure that would give a decrease of 7.42%, which is still less than the decrease in list prices but quite a bit more than it originally appeared.

Average Days on Market:

In July 2013 the average days on market in Bellingham, MA were 34.79; in July 2014 it was up to 44.41. This represents a 27.65% increase.  This is a pretty large increase.  This would indicate that listings are overpriced and sale prices are going down faster than the market iscompensating with downward listing prices.

Bellingham, Mass Summary:

With higher days on market, lower sale prices and much lower listing prices it is obvious that the Bellingham, Massachusetts market has slowed considerably form July 2013 to July 2014.  Sellers might have missed out on the top of the market last year and might have to settle for less this year. In summary if you are looking to sell your Bellingham, MA home now you should expect to get less than you might have expected and should be willing to take a bigger discount off your listed price or be prepared for it so sit for several months before selling.

 

Do you need to sell your Bellingham, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

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(Image Credit: “Bellingham Town Hall, June 2010, Bellingham MA” by John Phelan, via Wikipedia)