Real Estate Trends – Brockton, Massachusetts (Multifamily)

Introduction:

In our latest real estate market trend report we are going to take a look at multifamily properties.  This will be our second report looking at those after our look at Suffolk County Multifamily homes back in late November.   For those of you here for the first time in these reports we examine a city or town in Massachusetts or New Hampshire and its real estate market trends.  Then we look at the municipality’s year over year change in the real estate market and discuss those observations and what they mean moving forward.

Today we are highlighting the multifamily market of Brockton, MA in Plymouth County.

Brockton MA Seal - Brockton MA Real Estate

Market Trends in Brockton, MA – January 2014 and 2015:

The Brockton, MA multifamily market is down a bit since last year.  Both the listing and sales prices are down a lot.  The days on market are up a fair amount as well.  Inventory was steady with 11 sales in both January of 2014 and 2015.

Average Listing Prices:

First we will take a look at the average listing price.  For Brockton, MA multifamilies the average list price was $305,909 in January 2014.  This decreased all the way down to $267,573 in January 2015.  This gives a tremendous decrease of 12.53%.

Average Sale Prices:

Next we look at the average sale prices.  For January of 2014 the average sale price for a Brockton, MA multifamily was $291,818 and by January 2015 that was way down to $264,882.  That would be a smaller decrease of 9.23%.  This is a pretty big difference compared to the listing prices.  This could indicate that local agents have realized the market is going down and have been able to compensate fairly well by getting their listed prices closer to where things are currently selling.

Average Days on Market:

The final metric we look at are the days on market.  The days of market are a measure of how long it is taking for a house to sell in the market.  For Brockton, MA multifamilies the average days on market in January of 2014 was 68.0 and the average days on market for January 2015 were 117.36, for a pretty large 72.6% increase. However, as we have seen in many of our previous posts for the municipalities of Abington, BedfordSeekonk, BelmontTopsfield, Canton, Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton , Reading, Stoughton , Wrentham, Stoneham, Dedham, Nashua, NH and Tewksbury an outlier can really skew the data.  That happens to be the case here for Brockton, MA multifamily properties as well.  In this instance it is the newer 2015 data that is skewed.  We will see that this makes the increase we see less dramatic. In 2015 there was one place that was high at 338 days, this was almost as much as the next 2 highest combined.  When we remove this point the other 10 houses were left with an average of 95.3.  Using this instead we see that the increased is now 40.15%.  So either way the days on market were up a lot but if we use the adjusted number they are up less.

Brockton, Mass Summary:

The Brockton, Massachusetts multifamily real estate market has cooled off significantly since last year.  The very sizable declines in both listed and sale prices confirm this.  The significant increase of the days on market also solidify this observation. In summary if you are looking to sell a multifamily house in Brockton, MA now you should expect to get quite a bit less for it than you would have last year.  You also should expect to need to take a large discount off of your initial price to avoid sitting on it for a longer time.

 

Do you need to sell your Brockton, Massachusetts multifamily 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: Brockton MA USA Town Seal via Wikipedia)