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

Burlington MA Town Seal - Burlington Massachusetts Real Estate

We took a look at Burlington back last spring.

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

The Burlington, MA market has fallen off substantially since last year.   The average prices were down significantly and the median prices were down even more.  The days on market were also up quite a lot as well, and the initial numbers might be a bit understated.  Inventory was up a little with 7 sales in February of 2015 and up to 9 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Burlington, MA the average listing price in February 2015 was $579,786.  This was down to $480,467 in February 2016.  This gives a very big decrease of 17.13% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For February of 2015 the median listing price for Burlington, MA was $589,000 and in February 2016 it was $439,900 which now gives an even larger decrease of 25.31%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Burlington, MA in February of 2015 was $590,862 and in February 2016 that was down to $474,156.  That gives a bit higher decrease of 19.75% compared to the average list price. 

We see a different pattern than we did with the listing prices here for the median sale prices, where this time both were less than the averages.  For February of 2015 the median sales price for Burlington, MA was $575,000 and in February 2016 it was $440,001 giving another larger decrease of 23.48%. 

Everything indicates that prices are down substantially in Burlington, MA in February.  However, there is a bit of a gap between the averages and the medians.  So at a minimum we would say prices are down the 17-20% seen in the averages.   However when analyzing real estate prices it is more common to use the median values, so the bigger drops seen there are probably more accurate.  Looking at the medians the range there is 23.5-25.5%, which is where it seems like the prices have fallen to.  I would say that it is probably closer to the bottom of the range though since that is where the median sale price fell.

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 Burlington, MA the average days on market in February of 2015 were 44.00 and the average days on market for February 2016 were 106.56 for a huge 142.18% increase. 

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), Needham #2, Arlington #2, Foxboro #2 and Boston’s Roslindale (Condos) outliers in the data can really skew these numbers.  This again is the case for Burlington, MA in February.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 188 days on market; this was more than the other 6 properties combined and over 61% of the total days on market for all 7 Properties.  When removed the new calculation for the remaining 6 properties gives an average days on market of 20.00. 

Using the adjusted numbers we now get a ridiculously high increase of 432.8%.  This does not change the general conclusion of the days on market were up a huge amount only the magnitude of the change. 

Burlington, Massachusetts Summary:

The Burlington, Massachusetts real estate market is down a good amount since last year.  The average prices were down a lot with the median prices being down by an even more substantial amount.  The days on market were also up significantly, some of the biggest we have seen in any of these reports, which further supports a conclusion of the market being down a significant amount. 

In summary if you are looking to sell a house in Burlington, MA now you should expect to get much less for it than you would have gotten last year.  You can also expect it to take a much, much more time to sell compared to last year as well.  With the huge increase in days on market sellers might want to consider selling at a discount from the already reduced prices to avoid sitting on their property for a very long time.

 

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

 

Real Estate Trends – Burlington, Massachusetts

Introduction:

Welcome back for our latest real estate market trend report.  If you are here for the first time what we do in these reports is examine 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 several key metrics year over year for the town to see how the market has changed and then evaluate what those observations mean for that market moving forward. 

Today we are highlighting Burlington, MA in Middlesex County

 Burlington MA Town Hall - Burlington MA Real Estate

Market Trends in Burlington, MA – April 2014 and 2015:

The Burlington, MA market appears to be down a bit since last year.  Both the average listing and average sales prices were down a good amount.  The days on market look to have gone up some year over year, however as we have seen many times that can be deceptive on the surface.  Inventory was up a little bit from 9 sales in April of 2014 to 12 in 2015. 

Average Listing Prices:

First off we are going to look at the average listing price.  For Burlington, MA the average listing price in April 2014 was $519,889.  This was down to $464,600 in April 2015.  That gives a large 10.63% decrease year over year. 

Average Sale Prices:

Next we will be looking at is the average sale prices.  The average sale price for Burlington, MA in April of 2014 was $524,511 and in April 2015 that was down to $476,358.  That gives a slightly smaller decrease of 9.18%, which is still pretty large. 

Average Days on Market:

Finally we look at the average days on market, the measure of how long it takes for a house to sell in the current market.  For Burlington, MA the average days on market in April of 2014 were 43.56 and the average days on market for April 2015 were 54.17, for a 24.36% increase. 

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, Beverly,  Framingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH and Framingham outliers in the data can really skew these numbers.  This again this is the case for Burlington, MA.  In this case there was a very high days on market house in the 2015 data.

In 2015 there was a house with 201 days on market.  This is actually not all that high compared to other points we have seen, however this was the only place that was over 100 and was a lot more than the next 2 highest combined.  When removed the new calculation for the remaining 11 houses gives an average days on market of 40.82.  Using this adjusted number we see the notable increase in days on market now become a small 6.29% decrease.  This changes the observation a bit.  Instead of concluding that it is taking noticeably longer to sell this year it is much more flat, as a 6% decrease in days on market is not really all that significant.

Burlington, Mass Summary:

The Burlington, Massachusetts real estate market looks like it has fallen a bit since last year.  The significant drops in listing prices and sale prices show this pretty clearly.  The fairly small decrease in days on market are more flat but is the silver lining for sellers that will be surprised by how much less than can expect to get this year.

In summary if you are looking to sell a house in Burlington, MA now you should expect to get quite a bit less as you would have last year.  You should not have to take a discount off your expected price to sell but might want to consider taking some discount to avoid sitting on it for a long time though the days on market are fairly low overall. 

 

Do you need to sell your Burlington, 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: Town Hall Burlington MA by John Phelan via Wikipedia)