Real Estate Trends – Bridgewater, 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 again highlighting the market in Bridgewater, MA in Plymouth County

 Boyden Hall Bridgewater State College - Bridgewater Massachusetts Real Estate

This is the 2nd time we have looked at Bridgewater.  In August we did our “Bridgewater Week” where we also profiled East Bridgewater and West Bridgewater in market reports that week.

Market Trends in Bridgewater, MA – November 2014 and 2015:

The Bridgewater, MA market has fallen off some since last year.   The average prices were both down a bit, though the median prices were down by very little.  The days on market were actually down a little bit.  Inventory was down a lot going from 17 sales in November of 2014 down to 12 in November 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Bridgewater, MA the average listing price in November 2014 was $335,779.  This was down to $299,500 in November 2015.  This gives a large decrease of 10.80% year over year. 

Looking at the median prices we see that it was quite a bit larger than the average in 2015.  For November of 2014 the median listing price for Bridgewater, MA was $339,000 and in November 2015 it was $332,400 which now gives a much smaller decrease of 1.95%.  Indicating things were flat more than down by a meaningful amount.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Bridgewater, MA in November of 2014 was $327,638 and in November 2015 that was down to $292,808.  That gives another noticeably large decrease of 10.63%. 

We see a similar pattern with the median sale prices as we did for the listing prices for both years.  For November of 2014 the median sales price for Bridgewater, MA was $332,500 and in November 2015 it was $331,950 giving a totally insignificant decrease of 0.17%.

It is not clear that prices are down or mostly flat for Bridgewater, MA in November.   By the averages prices are down quite a lot but looking at the medians prices were pretty flat.  While we would not totally dismiss the average price data medians are usually the preferred metric so we would conclude that prices are mostly flat but maybe down just a little.  It is interesting to note that this is the opposite of the pattern seen in the July data were the averages prices were pretty much flat but the medians were down around 10%. 

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 Bridgewater, MA the average days on market in November of 2014 were 73.71 and the average days on market for November 2015 were 59.75 for a moderate 18.94% decrease.

Bridgewater, Mass Summary:

The Bridgewater, Massachusetts real estate market is mostly flat since last year.  The average prices were down significantly, however the median prices were only down by meaningless amounts.  The days on market were down a little as well, which favors an evaluation of not being down a lot. 

In summary if you are looking to sell a property in Bridgewater, MA now you should expect to get close to what you would have gotten last year.  You can also expect it to take a little less time to sell compared to last year too. 

 

Do you need to sell your Bridgewater, 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: Boyden Hall BSC by ToddC4176 via Wikipedia)

 

Real Estate Trends – Bridgewater, 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 Bridgewater, MA in Plymouth County. 

 

Actually this is the first part of a “Bridgewater Week” where we will also Profile East Bridgewater and West Bridgewater as well.

Market Trends in Bridgewater, MA – July 2014 and 2015:

The Bridgewater, MA market appears to have gone down a little bit since last year.  Both the average listing and average sales prices were pretty flat but the medians were down.  The days on market look to be down some though.  Inventory was stable with 27 sales in July of 2014 and 28 in July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Bridgewater, MA the average listing price in July 2014 was $351,207.  This was down to $350,246 in July 2015.  This gives a meaningless decrease of a bit less than 0.3% year over year.  

However taking a quick glance at the median prices we see they are a fair bit lower than the averages in 2015.  For July of 2014 the median listing price for Bridgewater, MA was $349,900 and in July 2015 it was $319,450 which now gives a fairly substantial 8.70% decline

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Bridgewater, MA in July of 2014 was $348,439 and in July 2015 that was down to $343,143.  That gives a pretty insignificantly small decrease of 1.52%. 

We see the same pattern with the median sale prices as we did for the listing prices above.  For July of 2014 the median sales price for Bridgewater, MA was $350,000 and in July 2015 it was $310,000 giving a large 11.43% decrease compared to the average.  This is the largest drop of any of the four numbers we looked at. 

The difference in median prices seen in both cases here are classic examples of why the median prices are generally preferred when evaluating real estate prices.  In this case there were a couple of abnormally high sales in 2015 that really pulled up the average price, but overall a lot more places were selling in the lower end of the market than in 2014.  The median has its own issues but this is an instance where it is probably the better metric to use so it doesn’t overweigh the importance of those handful of sales compared to all the other ones.

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 Bridgewater, MA the average days on market in July of 2014 were 76.44 and the average days on market for July 2015 were 70.71, for a insignificant 7.50% decrease. 

Bridgewater, Mass Summary:

The Bridgewater, Massachusetts real estate market looks uneven.  The very minor drops in listing prices and sale prices when looking at the averages, along with the fairly flat days on market would lead one to believe that things were mostly flat and stable year over year.  However taking a look at the medians, they show things are down a pretty good amount.  The only thing you can say with a lot of surety is that the market has not improved since last year.  In my opinion this is a case where the medians are the better choice and tell a more accurate story, and that story is that Bridgewater, MA is actually down a bit.

In summary if you are looking to sell a house in Bridgewater, MA now you might expect to get a less for it than you would have expected to get last year.  You should also expect it to take about the same amount of time or just slightly less to sell compared to last year as well.   

 

Do you need to sell your Bridgewater, 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: Flag of Bridgewater Massachusetts via Wikipedia)