Real Estate Trends – Canton, Massachusetts (Condos) #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 highlighting the condo market in Canton, MA in Norfolk County

 Canton MA Viaduct - Canton Massachusetts Real Estate

Market Trends in Canton, MA – August 2015 and 2016:

The Canton, MA condo market has fallen off a bit since last year.   The average prices were down and the median prices were down as well.  The days on market are down a lot though.  Inventory was up some with 9 sales in August of 2015 up to 13 in August 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Canton, MA the average listing price in August 2015 was $360,267.  This was down to $326,014 in August 2016.  This gives a very sizable decrease of 9.51% year over year. 

Looking at the median prices we see that it was lower higher both years.  For August of 2015 the median listing price for Canton, MA condos was $364,900 and in August 2016 it was $349,900 which now gives a smaller decrease of 4.11%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for condos in Canton, MA in August of 2015 was $355,867 and in August 2016 that was down to $323,055.  That gives another large decrease of 9.22%, a little bit lower than the average list price. 

We see the same pattern as we did for the median list price.  For August of 2015 the median sales price for Canton, MA condos was $362,900 and in August 2016 it was $338,500 giving another smaller decrease of 6.72%, though bigger than the median list price.

Prices are definitely down some for condos in Canton, MA this month.  The range for all four metrics was not that large going from about a 4-9.5% decline.  The averages and the medians were telling different stories though.  The averages prices were both down about 9.5% down.  However the medians were a bit lower going from just over 4% to just under 7%.  Medians are the preferred method for looking at real estate prices so it is fair to say prices are down on the lower end of what we are seeing.  Since sales are much more important we would say prices are down about 7%. 

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 condos in Canton, MA the average days on market in August of 2015 were 70.22 and the average days on market for August 2016 were 40.38 giving a fairly sizable 42.50% decrease.

Canton, Massachusetts Summary:

The Canton, Massachusetts condo real estate market is down since last year.  The average prices were down a large amount while the median prices were down a little less.  The days on market were down a good amount though.

In summary if you are looking to sell a condo in Canton, MA now you should expect to get a little less for it than you would have gotten last year.  However you can also expect it to take less time to sell compared to last year as well. 

 

Do you need to sell your Canton, 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: Canton MA Viaduct via Town of Canton Website)

 

Real Estate Trends – Canton, 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 Canton, MA in Norfolk County

 Canton MA Town Library - Canton Massachusetts Real Estate

We have looked at Canton, MA’s single family market three times before (back in October 2014, in March and in June) but this is the first time we have looked at its condo market.

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

The Canton, MA condo market has fallen off since last year.   The average prices were both down a lot.  The median prices were down significantly as well.  The days on market appear to be down significantly, though as we have seen many times in the past this might not be fully accurate.  Inventory was pretty stable just going a tick down by going from 9 sales in November of 2014 to 8 in November 2015. 

Average Listing Prices:

Starting off we are going to look at the average listing price.  For condos in Canton, MA the average listing price in November 2014 was $380,241.  This was down to $304,463 in November 2015.  This gives a tremendous decrease of 19.92% year over year. 

Looking at the median prices we see that it was significantly lower than the average in 2014 and about the same as the average in 2015.  For November of 2014 the median listing price for Canton, MA condos was $350,980 and in November 2015 it was $305,000 which now gives a lower decrease of 13.10%.  Quite a bit lower but still a pretty large drop off.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Canton, MA in November of 2014 was $373,847 and in November 2015 that was down to $299,738.  That gives another very large 19.82% decrease, which is very similar to what we saw with the average listing price. 

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 Canton, MA condos was $336,000 and in November 2015 it was $297,750 giving another smaller decrease of 11.38%.  This is the smallest of the 4 metrics, however this is still a very significant drop.

Prices are definitely down double digits for condos in Canton, MA this month.  The medians are the preferred metric for real estate price analyses so we would put more weight on those.  So while prices are definitely down a significant amount for condos in Canton, MA they are probably down more like the 11-13% indicated by the medians than the ~20% we’d say based on the averages. 

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 condos in Canton, MA the average days on market in November of 2014 were 121.33 and the average days on market for November 2015 were 79.38 for a sizable 34.58% decrease. 

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 and Hanover outliers in the data can really skew these numbers.  This again is the case for Canton, MA condos in November.  In this instance there was a very high days on market place in the 2014 data.

In 2014 there was a property with 438 days on market; this was almost as much as the next 3 properties combined and over 40% of the total days on market for all 9 Properties.  When removed the new calculation for the remaining 8 properties gives an average days on market of 81.75. 

Using the adjusted numbers we now get a meaningless decrease of 2.90%.  This totally changes the general conclusion of the days on market being way down to essentially being flat. 

Canton, Mass Summary:

The Canton, Massachusetts condo real estate market is down a bit since last year.  The average prices were down a lot and median prices were down substantially as well.  The days on market were pretty much flat so not much effect on these conclusions. 

In summary if you are looking to sell a condo in Canton, MA now you should expect to get a lot less for it than you would have gotten last year.  You can also expect it to take about the same amount of time to sell compared to last year as well. 

 

Do you need to sell your Canton, 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: Canton MA Town Library via Town of Canton Website)

 

Real Estate Trends – Canton, Massachusetts  #3

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 changes in three key metrics year over year for the municipality to see how the market has changed and evaluate what those observations mean for that market moving forward.

Today we are highlighting the Canton, MA in Norfolk County

 Canton MA Map - Canton Massachusetts Real Estate

One last post about a town that borders Boston to wrap up this month’s look at the danger of believing a blanket statement of the market being hot without looking at what is happening in that particular area right now.  In addition to this look at Canton we had our 5 Part Series on Boston, MA and prior to that the bordering towns of Winthrop, MA and Milton, MA and now Somerville, MA after that series to support this view.

In addition this is the third time we have looked at the Canton, MA real estate market since last fall.  We have looked at it previously looking at the data for September 2014 and February 2015, and the market was down both those times.

Market Trends in Canton, MA – May 2014 and 2015:

The housing market in Canton, MA appears to be down some since last year.  The average listing prices and the average sale prices were both down a fair amount, the days on market were up some since last year.  Inventory was about the same going from 18 sales in May of 2014 down to 16 in 2015. 

Average Listing Prices:

First we are going to look at the average listing price.  For Canton, MA the average listing price in May 2014 was $593,506.  This was down to $559,700 in May 2015.  That gives a 5.70% decrease year over year. 

Looking at our previous articles we see that in September of 2014 the market was down 9.43% year over year and in February 2015 it was down a massive 33.75%.  So this is actually the least dramatic dip we have seen for Canton, MA to this point, but it is safe to say that it seems to be consistently down over the previous year for a while now.

Average Sale Prices:

Next we will look at the average sale prices.  The average sale price for Canton, MA in May of 2014 was $580,183 and in May 2015 that was down to $539,077.  That gives a slightly larger 7.09% decrease.  Quick look at the medians we see about the same with just a couple 10ths of a percent bigger decrease.

Again looking at the previous articles we see in September of 2014 the market was down 10.24% year over year and in February 2015 it was down a huge amount at 31.96%.  Again this is actually the smallest decline we have seen, but the market has consistently been down each time we have looked at it.

Average Days on Market:

The final metric we are going to 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 Canton, MA the average days on market in May of 2014 were 91.22 and the average days on market for May 2015 were 98.25, for a very minor 7.71% decrease. 

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  and Somerville outliers in the data can really skew these numbers.  This again is the case for Canton, MA in May.  In this case there was a very high days on market house in the 2014 data.

In 2014 there was a house with 522 days on market, which was almost as much as the next four highest combined and almost 32% of the total days on market for all 18 houses.  When removed the new calculation for the remaining 17 houses gives an average days on market of 65.88.  Using this adjusted number we see that the very small increase in the days on market now becomes a much more significant 49.13% increase.  This does somewhat change the observation that things are selling about as fast, or just a little slower, than last year.  Now it looks much more accurate that things are selling a lot slower than last year, to the tune of more than a month longer.

Looking at the previous articles on Canton, MA the days on market are more mixed.  In September we saw they were up a lot with an adjusted increase of 76% and in February there was a decrease of 23.64%.  This actually looks to be more of an effect of inconsistency in the previous year as the recent months have had actual days on market of 80.13, 81.38 and now 98.25. 

Canton, Mass Summary:

The Canton, Massachusetts real estate market has fallen off again since last year.  The drops in both listing prices and in sale prices once again make this very clear.  The increase in days on market also supports this observation.

In summary if you are looking to sell a house in Canton, MA now you should expect to get less than you would have last year.  You should also expect it to take a much longer time to sell compared to last year. 

 

 

Do you need to sell your Canton, 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: Canton Map via Google Maps)

 

 

 

Real Estate Trends – Canton, Massachusetts #2

Introduction:

In this real estate market trend report we will be revisiting a previous town’s single family market for only our 2nd time.  As we do these reports for a longer time we will start to follow up on previous municipalities more, while trying to cover as many overall as we can, to see if the previous observations are changing or staying on the same trajectory seen before.  Previously we have looked twice at the Dracut market.

Today we are revisiting Canton, MA in Norfolk County.

Canton Town Hall - Canton MA Real Estate

Market Trends in Canton, MA – February 2014 and 2015:

The Canton, MA market seems to be following a similar pattern now as it did in October when she looked at the Real Estate Trends for September of 2013 and 14. At that time we saw both average listing and sales prices down ~10% and a big increase in the days on market.  This month we also see significant decreases in year over year listing and sale prices, though this time we see a decrease in the days on market. The inventory for both years we see levels similar to the September 2014 number of 9, with 7 sales in February of 2014 and 8 in 2015.

Average Listing Prices:

Previously we saw a decrease of 9.43% in year over year average listing prices.  The average listing price for Canton, MA in February of 2014 was $686,386 and in February 2015 that was down to $454,763.  This gives a huge decrease of 33.75%.  However this is an example where using the average prices could be an issue.  In this case you have a single listing in 2014 of almost $1.4M which is much more than anything else and is pulling that average up a lot.  In this case we will take a look at the Median pricing to see if that differs greatly. Looking at the median listing prices we see they are $650,000 in February of 2014 and 389,450 in 2015.  Using those numbers we see that the decrease is now 40.08%, which is actually a bit larger than we saw before with the average prices.  This does help to validate that using the averages, rather than the more traditional medians, is valid as this was one where you saw the averages could have been badly skewed yet the percentages were pretty close and gives the same conclusion that the average listing prices are way down year over year.

Average Sale Prices:

For the average sale prices we saw an even larger 10.24% decrease in our previous report.  The average sale price for Canton, MA in February of 2014 was $652,786 and in February 2015 that was down to $444,188.  That gives a slightly smaller, but still huge decrease of 31.96%.  Of course not shockingly the same house that was listed for almost $1.4M also sold much higher than anything else at almost $1.3M (BTW Good job to those buyers getting the price down $120K :) ).  While I will assume using the median numbers will not change what we see much based on the listed prices we will examine them for the sales prices as well to complete and consistent. Looking at the median sale prices we see they were $562,500 in February of 2014 and 393,500 in 2015. Using those numbers we see that the decrease is now 30.04%, which is very close to the decrease using average numbers.  Both ways show that the listing prices are dropping a little more than the sale prices.  This can indicate that the local agents are doing a good job of getting their clients to price their properties with the tumbling market.

Average Days on Market:

Finally we will look at the average days on market.  Back in September’s data we saw an increase in the days on market.  The level would vary depending on if we removed data points that appeared to skew the data.  Using, what I feel is, the best data (removing the single biggest outlier) it was an increase of 76% year over year.  After the bad news for sellers with the pricing info we do actually see that the days on market are down a little bit year over year. For Canton, MA the average days on market in February of 2014 was 106.57 and the average days on market for February 2015 were 81.38, for an encouraging 23.64% decrease.  Though it is worth noting that all these are still way up from the 45.53 days on market we first observed in the September 2013 data.

Canton, Mass Summary:

The Canton, Massachusetts real estate market has continued to fall dramatically year over year.  The >30% decreases in both listing and sales prices make this strikingly clear.  The modest decline in the days on market is little more than consolation prize for a seller.  While it is good that they can expect to not sit on a place as long most would probably rather sell it for about $140K more on average. In summary if you are looking to sell a house in Canton, MA now you should expect to get far less than the amount you could have expected for it last year.  

 

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

 

Real Estate Trends – Canton, Massachusetts

Introduction:

Welcome back for our latest market trend report looking at a Massachusetts real estate market.  If this is the first one you have read our goal is to chronicle the changes year over year in a given city or town in our areas of interest in Eastern Massachusetts and Southern New Hampshire. Massachusetts real estate markets are going up, down and sideways in any given town.  It is important to observe each areas specific trend to see how it may or may not differ from statistics we might hear about the region or nation.

Today we are highlighting Canton, MA in Norfolk County, a smallish town south of Boston and a local business hub that has many corporate headquarters, most notably Reebok and Dunkin’ Donuts.

Canton, MA Real Estate - Canton Town Seal

Market Trends in Canton, MA – September 2013 and 2014:

Canton, MA had the Golden Sombrero of bad metrics indicating a declining real estate market.  All of the items examined show a slowing market with listing prices down as well as sale prices, while day on market were up significantly and overall sale volume was down noticeably.  Since starting these reports a couple months ago I’d say this is the first town where the volume caught my eye as being down going from 15 to 9.  This might be within the noise but it is a 40% decrease year or year in the number of sales.

Average Listing Prices:

The first thing we looked at is the average listing price, which for Canton, MA went down quite a bit.  Back in September 2013 the average listed price for Canton, MA was $514,187; and by September 2014 it was way down to $465,711. This is a large decrease of 9.43%, which is an indicator of a slowing market.  What it typically means is that the Realtors in town see that prices are declining; therefore they are having their client’s list properties for less.  Thereby trying to avoid having overpriced listings that will languish on the market.

Average Sale Prices:

Next let’s look at the average sale prices.  In September 2013 the average sale price for Canton, MA was $504,457; in September 2014 it was down to $452,778. This is an even bigger decline than the listing prices at a 10.24% decrease.  This also shows that prices have gone down.  It also tends to indicate that prices are falling faster than people are anticipating since the actual prices are outpacing the declines in listing prices.

Average Days on Market:

Besides looking at the actual pricing it is important to see how long it is taking for houses to sell in the market.  In the case of Canton, MA the average days on market (DOM) are up significantly as well.  Looking back at September of 2013 the average DOM was 45.53 but in 2014 that was up to 118.33, or a 160% increase. Now as we have seen in our previous posts for Abington, Bedford, Seekonk, Belmont and Topsfield, when there are not a lot of sold properties, outliers can really skew the data.  That is the case here for Canton as well.  In this case in September 2014 there was one very high DOM property that was on the market for 424 days which is much higher than anything else.  If we remove this from the calculation the remaining 8 houses had an average days on market of 80.13, which is still much higher and represents a 76% increase year over year.  While not as dramatic this is still a very large increase.  If we want to be very extreme the second highest DOM in 2014 was over 100 more than the next couple of high ones so if we take out that one as well the average for 2014 falls to 56.43 and is still a 20% decrease year over year. As a side note I did not test for the validity of removing these points.  I have a back ground in mathematics and statistics and my guess is that the 1stpoint can be rejected but the 2nd is probably not so far off, especially after dropping the first one, to be legitimately eliminated.  Sorry to get nerdy on you there.  :) To wrap up the thoughts on DOM, qualitatively 4 of the 9 properties sold in September 2014 had higher days on market than any of the 15 from September 2013.  Also aside from one place in 2014 with only 1 day on market there were 5 that had sorter days than the next lowest in 2014.  Even without going to deep into any math it is pretty obvious that things are taking much longer to sell now than last year.

Canton, Mass Summary:

By every metric we looked at the Canton, Massachusetts real estate market has slowed down significantly year over year.  The roughly 10% declines in both listed and sale prices indicates that sellers may have missed out on what might have been a 2013 price peak.  The very large increase in the days on market also shows that buyers aren’t willing to pay for these properties. In summary if you are looking to sell your Canton, MA home now you should expect to get less than you would  have last year and should be willing to take a bigger discount off your listed price to avoid sitting on it for a very long time.

 

Do you need to sell your Canton, 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: Canton Town Seal from Town of Canton website)