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

 Old Chelmsford MA Town Hall - Chelmsford Massachusetts Real Estate

Market Trends in Chelmsford, MA – July 2015 and 2016:

The Chelmsford, MA condo market has fallen off since last year.   The average prices are down and the median prices were down as well.  The days on market were pretty flat, though there are issues with these numbers.  Inventory was up a little with 16 sales in July of 2015 up to 20 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Chelmsford, MA the average listing price for a condo in July 2015 was $269,275.  This was down to $225,560 in July 2016.  This gives a sizable decrease of 16.23% year over year. 

Looking at the median prices we see that they were lower in 2015 and higher in 2016.  For July of 2015 the median listing price for condos in Chelmsford, MA was $234,950 and in July 2016 it was $234,900 which is totally flat with an amusingly small decrease of 0.02%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Chelmsford, MA in July of 2015 was $267,231 and in July 2016 that was down to $223,070.  That gives another substantial decrease of 16.53%, and slightly higher than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For July of 2015 the median sales price for a Chelmsford, MA condo was $244,750 and in July 2016 it was $229,500 giving a modest decrease of 6.23%. 

Prices have gone down some for condos in Chelmsford, MA in July.  The overall range was pretty large going from roughly 0-16.5% down.  The two average metrics were both very close and significantly higher than the median prices.  Since medians are the favored metric generally when evaluating real estate prices so we will give a lot less weight to those two figures.  Looking at the medians we see the only metric saying prices are not down is the median list price, which is far less important than the sales prices so we will also discount that as well.  Therefore the little bit over 6% declines we see with the median sale price is the best guess overall as to the level of the price drop.  However, given that the average sale price was the biggest overall drop and much higher I would suspect it might be heading in a more negative direction.

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 Chelmsford, MA condos the average days on market in July of 2015 were 65.81 and the average days on market for July 2016 were 63.50 for a flat change of a almost meaningless decrease of 3.51%.

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, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2, Boston’s South End (Condos) #2Somerset, Everett (Multifamily), Sharon, Dedham #4, Boston’s Brighton (Condos), Winthrop (Condos), Littleton #2, Ipswich, Westport, Franklin (Condos), Groveland, Boston’s Fenway (Condos) #2 and Windham, NH #3 outliers in the data can really skew these numbers.  This again is the case for Chelmsford, MA condos in July.  In this instance there was a very high days on market place in both years.

In 2015 there was a property with 360 days on market; this was more than the next 4 properties combined and more than 34% of the total days on market for all 16 Properties.  When removed the new calculation for the remaining 15 properties gives an average days on market of 46.20. 

In 2016 there was a property with 352 days on market; this was more than the next 3 properties combined and almost 28% of the total days on market for all 20 Properties.  When removed the new calculation for the remaining 19 properties gives an average days on market of 48.32. 

Using the adjusted numbers we now get a small increase of 4.49%.  This barely changes the conclusion that the days on market were pretty much flat.  At first it looked like there were flat with a very small decrease but now they still look to be mostly flat but there was a slight decrease.

Chelmsford, Massachusetts Summary:

The Chelmsford, Massachusetts condo real estate market is down since last year.  The average prices were down a good amount while the median prices were down a little bit as well.  The days on market were pretty much flat with just a miniscule decrease.

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

 

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

 

Real Estate Trends – Chelmsford, Massachusetts

Introduction:

We are back for our most recent real estate market trend report.  Thanks for joining us once again, or if this is your first time reading one of these reports what we do is examine a city or town in Massachusetts or New Hampshire and evaluate its current real estate market trends.  We do this by looking at the municipality’s year over year change in the real estate market and evaluate what those observations might mean for that market moving forward.

Today we are highlighting Chelmsford, MA in Middlesex County.

Chelmsford Town Commons - Chelmsford MA Real Estate

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

The Chelmsford, MA market has appeared to plateau since last year.  The average listing price was up and the average sales price was down.  Both changes were just a tic.  The days on market were down somewhat.  Inventory was up a bit with 9 sales in February of 2014 and 14 sales in February 2015.

Average Listing Prices:

The first thing we always look at is the average listing price.  For Chelmsford, MA in February 2014 the average list price was $336,511.  This increased to $338,514 in February 2015.  That gives a pretty much meaningless increase of 0.60%.

Average Sale Prices:

The next thing we look into is the average sale prices.  The average sale price for Chelmsford, MA in February of 2014 was $333,722 and in February 2015 that was down to $327,102.  That gives a slightly larger, but still fairly meaningless decrease of 1.99%.

Average Days on Market:

Finally we shall look at the average days on market, is a measure of how long it takes for a house to sell in this market.  For Chelmsford, MA the average days on market in February of 2014 was 94.44 and the average days on market for February 2015 were 64.07, for an encouraging 32.16% decrease. However, as we have seen many times before 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 and Brockton (Multifamily), Lowell (Multifamily), Acton , Foxboro , and Pembroke outliers in the data can skew things.  This again is the case for Chelmsford, MA.  In this case there was a very high days on market house in the 2014 data. In 2014 there was a house with 247 days on market.  This was almost as much as the next two highest combined.  When removing that from the calculation you have the remaining 8 houses have an average days on market of 75.38, a pretty significant decrease.  Using this adjusted number we see the decrease fall to a slightly more modest 20.93% decrease.  This doesn’t change the general observation it only makes the noted decrease less dramatic and is slightly more in line with the stagnant nature of the other metrics.

Chelmsford, Mass Summary:

The Chelmsford, Massachusetts real estate market has appeared to stagnate a bit since last year.  The flat listing prices and small decrease in sale prices support this.  The slightly more meaningful decline in the days on market seem to indicate that Chelmsford may have just flattened more than it is poised for any great decline.  It is hard to say if the market has reached a temporary high point, if this is just a blip and we will see more gains or if this is actually a precursor to a decline. In summary if you are looking to sell a house in Chelmsford, MA now you should expect to get about the same amount for it than you would have last year.  You also should be able to sell for the same price range but maybe a little fast than before.  

 

Do you need to sell your Chelmsford, 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: Chelmsford Town Common via Town of Chelmsford’s Web Page)