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 – Boston’s North End (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 the North End neighborhood of Boston, MA in Suffolk County

 Aerial view of Boston's North End - Boston Massachusetts's North End Real Estate

Back last June we first looked at Condos in the North End as one of the first reports we did for the city of Boston.

Market Trends in Boston’s North End – July 2015 and 2016:

The Boston, MA’s North End neighborhood condo market has fallen off a bit since last year.   The average prices are down and the median prices were down more.  The days on market were down some though.  Inventory was up a bit with 7 sales in July of 2015 and up to 11 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In the average listing price for a condo in The North End area of Boston, MA for July 2015 was $530,429.  This was down to $506,795 in July 2016.  This gives a fairly modest decrease of 4.46% year over year. 

Looking at the median prices we see that they were lower in both years.  For July of 2015 the median listing price for condos in Boston’s North End was $499,000 and in July 2016 it was $430,000 which now gives a much larger decrease of 13.83%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in the North End section of Boston, MA in July of 2015 was $528,214 and in July 2016 that was down to $493,813.  That gives a decrease of 6.51%, and a bit 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 condo in Boston, MA’s North End neighborhood was $500,000 and in July 2016 it was $430,000 giving another larger decrease of 14.00%, and the largest of the four pricing metrics. 

Prices have gone down a fair bit for condos in Boston, MA’s North End area this month.  The overall range was good sized going from 4.5-14%.  Medians are the preferred metric for real estate pricing analysis and those were both much higher  Both the median list and sale price were close at right around 14% declines.  Looking at those the best guess is that prices are down about 14% here.

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 the North End section of Boston, MA the average days on market in July of 2015 were 53.29 and the average days on market for June 2016 were 34.91 for a sizable decrease of over 34.49%.

Boston MA’s North End Summary:

The Boston, Massachusetts North End condo real estate market is down a bit since last year.  The average prices were down a bit while the median prices were down even more.  The days on market were down some though which is a small counter argument to the down market, but I do not feel that it puts a dent in the price drops seen here.

In summary if you are looking to sell a condo in Boston, MA’s North End section now you should expect to get less for it than you would have gotten last year.  You should also expect it to take less time to sell compared to last year as well. 

 

Do you need to sell your North End section of Boston, 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: Aerial view of the North End by Sfoskett via Wikipedia)

 

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 – Boston’s Fenway (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 the Fenway neighborhood of Boston, MA in Suffolk County

Back last June Condos in the Fenway was one of the first reports we did for the city of Boston.

Market Trends in Boston’s Fenway – June 2015 and 2016:

The Boston, MA Fenway neighborhood condo market has fallen off a lot since last year.   The average prices are down and the median prices were down more.  The days on market were up a lot, though that might be overstated some.  Inventory was level with 13 sales in June of 2015 and also in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In the average listing price for a condo in The Fenway area of Boston, MA for June 2015 was $547,038.  This was down to $490,431 in June 2016.  This gives a fairly large decrease of 10.35% year over year. 

Looking at the median prices we see that they were higher in both years.  For June of 2015 the median listing price for condos in Boston’s Fenway was $575,000 and in June 2016 it was $505,000 which now gives a larger decrease of 12.17%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in the Fenway section of Boston, MA in June of 2015 was $567,462 and in June 2016 that was down to $504,162.  That gives another large decrease of 11.15%, slightly higher than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For June of 2015 the median sales price for a condo in Boston, MA’s Fenway neighborhood was $588,000 and in June 2016 it was $513,000 giving another larger decrease of 12.76% and the largest of the four pricing metrics. 

Prices have gone down a fair bit for condos in Boston, MA’s Fenway area in June.  The overall range was not that large going from a little over 10% to not quite 13% down.  The average list price was the lowest but also is the least useful of the metrics.  Dismissing that one gives a tighter range that is more like 11-13%.  Medians are the preferred metric for real estate pricing analysis and in this case those are both at the top of this range with the most important of them, the median sale price, as the highest overall.  So overall it is safe to say prices are down at least double digits it is also likely they are down at the top of the range we saw with a decrease of a little under 13%. 

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 the Fenway section of Boston, MA the average days on market in June of 2015 were 16.15 and the average days on market for June 2016 were 39.62 for a huge increase of over 145%.

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) and Groveland outliers in the data can really skew these numbers.  This again is the case for condos in Boston’s Fenway neighborhood in June.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 211 days on market; this was more than the next 5 properties combined and almost 41% of the total days on market for all 13 Properties.  When removed the new calculation for the remaining 12 properties gives an average days on market of 25.33. 

Using the adjusted numbers we now get a much smaller increase of 56.84%.  This does not change the basic conclusion that the days on market were up a lot.  However this increase went from a humongous one to a large but not outlandish amount.  Also to be fair while up quite a lot even this high number is generally considered to be a pretty good number but last year they were terrific.

Boston MA’s Fenway Summary:

The Boston, Massachusetts Fenway condo real estate market is down a since last year.  The average prices were down a bit while the median prices were down even more.  The days on market were also up a significant amount which further shows a weakness in the market from last year.

In summary if you are looking to sell a condo in Boston, MA’s Fenway section now you should expect to get less for it than you would have gotten last year.  You should also expect it to take more time to sell compared to last year as well. 

 

Do you need to sell your Fenway section of Boston, 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: Landmark Center by Grk1011 via Wikipedia)

 

Real Estate Trends – Dracut, Massachusetts (Condos) #4

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 Dracut, MA in Middlesex County

 

This is the 4th time we have looked at condos in Dracut with the most recent one being back in February.

Market Trends in Dracut, MA – June 2015 and 2016:

The Dracut, MA condo market has fallen off a lot since last year.   The average prices are down and the median prices were down more.  The days on market were pretty flat.  Inventory was level with 21 sales in June of 2015 and also in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Dracut, MA the average listing price for a condo in June 2015 was $186,063.  This was down to $176,810 in June 2016.  This gives a modest decrease of 4.97% year over year. 

Looking at the median prices we see that they were lower in both years.  For June of 2015 the median listing price for condos in Dracut, MA was $179,900 and in June 2016 it was $159,900 which now gives a much larger decrease of 11.12%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Dracut, MA in June of 2015 was $184,896 and in June 2016 that was down to $177,062.  That gives another modest decrease of 4.24%, though slightly lower than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For June of 2015 the median sales price for a Dracut, MA condo was $179,900 and in June 2016 it was $164,000 giving another larger decrease of 8.84%. 

Prices have gone down some for condos in Dracut, MA in June.  The overall range was pretty large going from roughly 4-11% down.  The two average metrics were both 4-5% while the two median ones were a bit higher going from just under 9% to just under 11%.  Medians are the preferred metric for real estate pricing analysis.  So prices are more likely down on that higher side.  Sales are far more important than listing prices so they are not likely really down as much as that 11% number but more like the median sale price of a little under 9%.

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 Dracut, MA condos the average days on market in June of 2015 were 45.24 and the average days on market for June 2016 were 45.38 for a flat change of just a 0.31% increase.

Dracut, Massachusetts Summary:

The Dracut, Massachusetts condo real estate market is down a since last year.  The average prices were down some while the median prices were down a bit more.  The days on market were pretty much flat with just a miniscule increase.

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

 

Do you need to sell your Dracut, 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 Yellow Meeting House (UCC Church) – Dracut MA by John Phelan via Wikipedia)

 

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

 

Market Trends in Franklin, MA – June 2015 and 2016:

The Franklin, MA condo market has fallen off a lot since last year.   The average prices are down and the median prices were down about as much.  The days on market look to be down a lot, though we will look at that closer.  Inventory was level with 13 sales in June of 2015 and 13 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Franklin, MA the average listing price for a condo in June 2015 was $294,254.  This was down to $268,262 in June 2016.  This gives a modestly high decrease of 8.83% year over year. 

Looking at the median prices we see that they were lower in both years.  For June of 2015 the median listing price for condos in Franklin, MA was $279,900 and in June 2016 it was $255,000 which now gives a very similar decrease of 8.90%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Franklin, MA in June of 2015 was $290,825 and in June 2016 that was down to $268,139.  That gives another modestly high decrease of 7.80%, though slightly lower than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For June of 2015 the median sales price for a Franklin, MA condo was $275,000 and in June 2016 it was $252,500 giving another fairly large decrease of 8.18%. 

Prices have gone down some for condos in Franklin, MA in June.  The overall range was pretty tight going from roughly 8-9% down.  The two listing metrics were both just under 9% while the two sale ones were just below and just above 8%.  Sales are more important than listing prices and medians are the more preferred method so giving the most weight to the median sales price the best guess is that prices are down a tad over 8%.  Though as stated there was not much variance so worst case is just under 9%.

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 Franklin, MA condos the average days on market in June of 2015 were 127.69 and the average days on market for May 2016 were 48.69 for a pretty large 61.87% 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, 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 and Westport outliers in the data can really skew these numbers.  This again is the case for Franklin, MA in June.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 784 days on market; this was almost as much as the next 9 properties combined and just over 47% of the total days on market for all 13 Properties.  When removed the new calculation for the remaining 12 properties gives an average days on market of 73.0. 

Using the adjusted numbers we now get a much smaller decrease of 33.30%.  This does not change the basic conclusion that the days on market were down a sizable amount.  The only change is the magnitude of the change which is still large but a bit less dramatic than it originally looked.

Franklin, Massachusetts Summary:

The Franklin, Massachusetts condo real estate market is down a since last year.  The average prices were down some while the median prices were down about the same.  The days on market were down a good bit though, which does give some counterargument to the conclusion of a down market.

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

 

Do you need to sell your Franklin, 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: Main Street – Franklin MA by John Phelan via Wikipedia)

 

Real Estate Trends – Andover, 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 Andover, MA in Essex County

 

Market Trends in Andover, MA – May 2015 and 2016:

The Andover, MA condo market has fallen off a lot since last year.   The average prices are down and the median prices were down much more.  However the days on market were down some.  Inventory was up a little with 6 sales in May of 2015 down to 8 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Andover, MA the average listing price for a condo in May 2015 was $618,783.  This was down to $542,663 in May 2016.  This gives a sizable decrease of 12.30% year over year. 

Looking at the median prices we see that they were higher in 2015 and lower in 2016.  For May of 2015 the median listing price for condos in Andover, MA was $661,400 and in May 2016 it was $358,700 which now gives a tremendously large decrease of 45.77%! 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Andover, MA in May of 2015 was $610,967 and in May 2016 that was down to $541,386.  That gives another fairly high decrease of 11.39%, slightly lower than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For May of 2015 the median sales price for an Andover, MA condo was $639,950 and in May 2016 it was $356,000 giving another substantially larger decrease of 44.37%. 

Prices have gone down quite a bit for condos in Andover, MA in May.  The range was pretty large going from roughly 11.5-46% down.  We see two very different stories if we look at the averages or if we look at the medians.  The average prices were down a fairly large amount from about 11.5-12.5%, however the medians had the bottom fall out with drops from almost 44.5% to just under 46%.  Medians are usually the preferred method but with such big drops there and such a large discrepancy between those and the averages we do want to look a little closer at the data.  In this case the thought that a few outlier sales can really affect the averages more than the medians looks to hold up.  Two of the three lowest overall sales were in 2015 and two of the three largest sales were in 2016 (all 3 happened to be for $1.25M).  So in this case those two high ones dramatically increased the average while the other 6 were all much less than the 2015 average or median (or the 2015 average if you take out the high one there to limit that effect).  Despite being a little critical of the huge drops in the median prices it does appear that they are the better representation of the price drops this month.  However with all that being said they may be overstating things to some extent.  Since with these fairly small number of sales the medians can be a little more volatile so while the data alone says that prices are down around 45%, it may be slightly better though we would be talking high 30s to just over 40%, so not really much help if you are looking to sell now.

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 Andover, MA condos the average days on market in May of 2015 were 110.17 and the average days on market for May 2016 were 69.38 for a pretty good 37.02% decrease.

Andover, Massachusetts Summary:

The Andover, Massachusetts condo real estate market is down a significant amount since last year.  The average prices were down some while the median prices were down significantly more.  The days on market were down a bit, however not nearly enough to start to counteract the tremendous price drops, and do not affect the conclusion of a down market.

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

 

Do you need to sell your Andover, 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: Andover MA Old Town Hall by Fletcher6 via Wikipedia)

 

Real Estate Trends – Haverhill, 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 Haverhill, MA in Essex County

 Haverhill MA Flag - Haverhill Massachusetts Real Estate

This is the 2nd time we have looked at this market but have not looked at condos here in Haverhill for over a year ago.  At that time things were fairly flat being down just a little bit.

Market Trends in Haverhill, MA – May 2015 and 2016:

The Haverhill, MA condo market has fallen off a lot since last year.   The average prices are down and the median prices were down much more.  The days on market were up a little as well.  Inventory was down a lot with 32 sales in May of 2015 down to 24 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Haverhill, MA the average listing price for a condo in May 2015 was $209,086.  This was down to $193,630 in May 2016.  This gives a modest decrease of 7.39% year over year. 

Looking at the median prices we see that they were higher in 2015 and lower in 2016.  For May of 2015 the median listing price for condos in Haverhill, MA was $224,900 and in May 2016 it was $183,600 which now gives a very large decrease of 18.36%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Haverhill, MA in May of 2015 was $206,384 and in May 2016 that was down to $189,619.  That gives another modestly high decrease of 8.12%, 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 May of 2015 the median sales price for a Haverhill, MA condo was $222,950 and in May 2016 it was $184,950 giving another larger decrease of 17.04%. 

Prices have gone down quite a bit for condos in Haverhill, MA in May.  The range was pretty large going from roughly 7.5-18.5% down.  The declines in the average prices were much lower than the medians at about 7.5% to a little over 8%.  The medians were much higher with drops of 17-18.5%.  Medians are the much more preferred method to evaluate real estate pricing data generally so we would conclude that range is the more accurate representation.  On the bright side since sales trump listing prices the best guess is that prices are down right around 17% instead of the slightly high top of the median’s range.

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 Haverhill, MA condos the average days on market in May of 2015 were 74.88 and the average days on market for May 2016 were 83.79 for a fairly small 11.90% increase.

Haverhill, Massachusetts Summary:

The Haverhill, Massachusetts condo real estate market is down a significant amount since last year.  The average prices were down some while the median prices were down significantly more.  The days on market were up a little bit as well, which does further support the conclusion of a down market.

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

 

Do you need to sell your Haverhill, 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: Flag of Haverhill MA via Wikipedia)

 

 

Real Estate Trends – North Andover, 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 North Andover, MA in Essex County

North Andover MA Police Station - North Andover Massachusetts Real Estate  

This is the 2nd time we have looked at condos here in North Andover with the last time being back in September.  We also took a look at the single family market in December.

Market Trends in North Andover, MA – May 2015 and 2016:

The North Andover, MA condo market has fallen off a tremendous amount since last year.   The average prices are down significantly and the median prices were down even more.  However, the days on market were down a little though.  Inventory was down a little with 14 sales in May of 2015 down to 12 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In North Andover, MA the average listing price for a condo in May 2015 was $354,021.  This was down to $222,900 in May 2016.  This gives a huge decrease of 37.04% year over year. 

Looking at the median prices we see that they were lower in both years.  For May of 2015 the median listing price for condos in North Andover, MA was $339,450 and in May 2016 it was $197,450 which now gives a larger decrease of 41.83%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in North Andover, MA in May of 2015 was $348,524 and in May 2016 that was down to $219,517.  That gives another tremendous decrease of 37.02%, almost the exact same change as the average list price. 

We see the same pattern that we did for the median list price.  For May of 2015 the median sales price for a North Andover, MA condo was $332,450 and in May 2016 it was $196,500 giving another larger decrease of 40.89%. 

Prices have gone down substantially for condos in North Andover, MA in May.  The range was not very large going from roughly 37-42% down.  The declines in the average prices were basically identical at 37% down and were a little less than the medians.  The medians are usually the preferred method when evaluating real estate prices.  The medians were down a little bit more being down almost 41% to just under 42%.  So while best case is a 37% drop it is probably more like 41%.

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 North Andover, MA condos the average days on market in May of 2015 were 60.71 and the average days on market for May 2016 were 44.50 for a moderate 26.70% decrease.

North Andover, Massachusetts Summary:

The North Andover, Massachusetts condo real estate market is down a huge amount since last year.  The average prices were down substantially while the median prices were down even more.  The days on market were down a little bit however, which is inconsequential compared to the tremendous price drops.

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

 

Do you need to sell your North Andover, 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: North Andover MA Police Station via North Andover MA Town Website)

 

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

 Billerica Center - Billerica Massachusetts Real Estate

Market Trends in Billerica, MA – May 2015 and 2016:

The Billerica, MA condo market has fallen off a bit since last year.   The average prices are down and the median prices were down even more.  The days on market were down a little though.  Inventory was up a lot, doubling with 6 sales in May of 2015 up to 12 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Billerica, MA the average listing price for a condo in May 2015 was $306,783.  This was down to $262,008 in May 2016.  This gives a sizable decrease of 14.60% year over year. 

Looking at the median prices we see that they were higher in both years.  For May of 2015 the median listing price for condos in Billerica, MA was $344,449.50 and in May 2016 it was $286,500 which now gives a larger decrease of 16.82%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Billerica, MA in May of 2015 was $305,325 and in May 2016 that was down to $265,575.  That gives another significant decrease of 13.02%, slightly less than the average list price. 

We see the same pattern that we did for the median list price.  For May of 2015 the median sales price for a Billerica, MA condo was $342,500 and in May 2016 it was $286,500 giving another large decrease of 16.35%. 

Prices have gone down quite a bit for condos in Billerica, MA in May.  The range was not huge going from roughly 13-17% down.  The declines in the average prices were a little less than the medians.  However the medians are the preferred method when evaluating real estate prices so we will give more weight to them.  Given that both medians were down 16-17% and that is where we would say that the prices have fallen by this month. 

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 Billerica, MA condos the average days on market in May of 2015 were 59.83 and the average days on market for May 2016 were 50.17 for a small 16.15% decrease.

Billerica, Massachusetts Summary:

The Billerica, Massachusetts condo real estate market is down a lot since last year.  The average prices were down while the median prices were down even more.  The days on market were down a tiny bit however, which is a nice consolation for sellers but does not make up for the sizeable price drops.

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

 

Do you need to sell your Billerica, 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: Billerica Center; Billerica MA by John Phelan via Wikipedia)