Real Estate Trends – Billerica, 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 in Billerica, MA in Middlesex County

 Billerica Center - Billerica Massachusetts Real Estate

Market Trends in Billerica, MA – May 2015 and 2016:

The Billerica, MA condo market has fallen off a bit since last year.   The average prices are down and the median prices were down even more.  The days on market were down a little though.  Inventory was up a lot, doubling with 6 sales in May of 2015 up to 12 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Billerica, MA the average listing price for a condo in May 2015 was $306,783.  This was down to $262,008 in May 2016.  This gives a sizable decrease of 14.60% year over year. 

Looking at the median prices we see that they were higher in both years.  For May of 2015 the median listing price for condos in Billerica, MA was $344,449.50 and in May 2016 it was $286,500 which now gives a larger decrease of 16.82%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Billerica, MA in May of 2015 was $305,325 and in May 2016 that was down to $265,575.  That gives another significant decrease of 13.02%, slightly less than the average list price. 

We see the same pattern that we did for the median list price.  For May of 2015 the median sales price for a Billerica, MA condo was $342,500 and in May 2016 it was $286,500 giving another large decrease of 16.35%. 

Prices have gone down quite a bit for condos in Billerica, MA in May.  The range was not huge going from roughly 13-17% down.  The declines in the average prices were a little less than the medians.  However the medians are the preferred method when evaluating real estate prices so we will give more weight to them.  Given that both medians were down 16-17% and that is where we would say that the prices have fallen by this month. 

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 Billerica, MA condos the average days on market in May of 2015 were 59.83 and the average days on market for May 2016 were 50.17 for a small 16.15% decrease.

Billerica, Massachusetts Summary:

The Billerica, Massachusetts condo real estate market is down a lot since last year.  The average prices were down while the median prices were down even more.  The days on market were down a tiny bit however, which is a nice consolation for sellers but does not make up for the sizeable price drops.

In summary if you are looking to sell a condo in Billerica, MA now you should expect to get 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 as well. 

 

Do you need to sell your Billerica, 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: Billerica Center; Billerica MA by John Phelan via Wikipedia)

 

Real Estate Trends – Billerica, Massachusetts

Introduction:

Welcome back again for our latest real estate market trend report.  Thanks for checking in, if this is your first time here and are reading one of these reports the first time; what we do is examine real estate market in a city or town in Massachusetts or New Hampshire to evaluate how it is currently doing.  We do this by looking at the municipality’s changes in several key metrics year over year to see how the market has changed and then evaluate what those observations mean for that market moving forward.

Today we are highlighting Billerica, MA in Middlesex County.

Market Trends in Billerica, MA – March 2014 and 2015:

The Billerica, MA market appears to have dropped some since last year.  Both the average listing and average sales prices were down a noticeable amount.  The days on market are up slightly on first glance, though the data suggests this might not be the case.  Inventory was down slightly from 22 in March of 2014 to 18 in 2015.

Average Listing Prices:

The first thing we always look at is the average listing price.  For Billerica, MA the average listing price in March 2014 was $362,144.  This was down a bit to $341,655 in March 2015.  That gives a decline of 5.66%.

Average Sale Prices:

The next thing we look at is the average sale prices.  The average sale price for Billerica, MA in March of 2014 was $355,989 and in March 2015 that was down to $335,100.  That gives a slightly larger decrease of 5.87%.  The difference in the drops in these two metrics is inconsequential so it is safe to say that the local real estate agents are keeping up their pricing suggestions with the trends in the market.

Average Days on Market:

Finally we always look at the average days on market, which is a measure of how long it takes for a house to sell in the current market.  For Billerica, MA the average days on market in March of 2014 were 85.68 and the average days on market for March 2015 were 91.83, for a fairly inconsequential 7.18% increase. However, as we have seen many, many times in our previous posts for AbingtonBedford, Seekonk, BelmontTopsfield, Canton,  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) and Marlborough outliers in the data can really skew things significantly.  Once again this is the case for Billerica, MA.  In this case there was a very high days on market house in the 2015 data. In 2015 there was a house with 492 days on market.  This was quite a bit more than the next three highest combined, and only slightly less than the next four of them.  When removed from the calculation you have the remaining 17 houses with an average days on market of 68.29, a very significant decline, and is now much lower than the 2014 days on market.  Using this adjusted number we see the very small increase now become a healthy 20.30% decrease.  This of course changes the general observation since now it appears that the days on market are down somewhat rather than more flat year over year.

Billerica, Mass Summary:

The Billerica, Massachusetts real estate market looks like is has fallen off slightly since last year.  The drops in listing prices and sale prices support this.  The decline in days on market is encouraging for sellers since things are still moving and a little faster than last year when priced correctly. In summary if you are looking to sell a house in Billerica, MA now you should expect to get slightly less for it than you would have last year.  However if priced right you should not have to take a big discount to avoid sitting on it for too long.  

 

Do you need to sell your Billerica, 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: Billerica MA Cork Coaster via www.zazzle.com)