Real Estate Trends – Bristol County, Massachusetts

Introduction:

In this latest market trend report we are looking more regionally with our first “County Report” for the  Massachusetts real estate market in a while.  The advantage of doing this is that instead of looking at just a handful of properties we can analyze dozens, and in this case hundreds.  Those of you that are familiar with statistics you know that more data points the better the analysis you can do.

In this case we will be looking at the single family sales in Bristol County.  While there are many active towns in the county there are several that have so few sales that it is hard to analyze them, and with many others that barely have enough to.  While real estate is very local getting a feel for how a larger region is doing can give a general pulse of the market, ever if any given municipality might be different from these trends.

Bristol County  is made of the Cities of Attleboro, Fall River, New Bedford and Taunton and the towns of AcushnetBerkley, Dartmouth, Dighton, EastonFairhaven, FreetownMansfieldNorth Attleborough, NortonRaynham, Rehoboth, Seekonk, Somerset, Swansea and Westport..

 Bristol County Map - Bristol County MA Real Estate

Market Trends in Bristol County, MA – February 2015 and 2016:

The Bristol County, MA market has declined a bit since last year.  The average listing prices are down and average sales prices were down by a bit as well.  However the days on market did also decrease some year over year.  Inventory was up a good amount with 194 sales in February of 2015 and 247 sales in February 2016. 

Average Listing Prices:

First let’s look at the average listing price.  For Bristol County, MA in February 2015 the average list price was $314,002.  This was down a bit to $289,838 in February 2016.  That gives a fairly sizable decrease of 7.70%. 

Average Sale Prices:

The next item to examine is the average sale prices.  The average sale price for Bristol County, MA in February of 2015 was $301,204 and in February 2016 that was down some to $278,544.  That results in a very slightly smaller decrease of 7.52%. 

Average Days on Market:

Finally we will take a look at the average days on market, a measure of how long it takes for a house to sell in the market.  For Bristol County, MA the average days on market in February of 2015 was 136.58 and the average days on market for February 2016 were 122.87.  This gives us a very modest 10.04% decrease.

Bristol County, Mass Summary:

The Bristol County, Massachusetts market looks like is has declined since last year.  The decent decreases in both listing prices and sale prices support this.  The decrease in the days on market is still encouraging, but not as big of a factor as the price drops.   

In summary if you are looking to sell a house in Bristol County, MA now you should expect to get less for it than you would have last year.  However you should also expect to be able to sell it a little bit faster than you would have last year, if you are priced correctly of course.    

  

Do you need to sell your Bristol County, 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: Bristol County Map via Worcestermass.com)

 

Real Estate Trends – Essex County, Massachusetts (Condos)

Introduction:

In this latest market trend report we are looking more regionally with our first “County Report” for the  Massachusetts real estate market in a while.  The advantage of doing this is that instead of looking at just a handful of properties we can analyze dozens, and in this case hundreds.  Those of you that are familiar with statistics you know that more data points the better the analysis you can do.

In this case we will be looking at the condo sales in Essex County.  In most areas there are significantly less condo sales than detached single family houses and for many towns there would not be enough to make any meaningful assessments.  There are several cities and towns that have a large condo segment.  For example Suffolk County is actually dominated by them, but that is the exception.

Essex County is made of the Cities of Amesbury, Beverly, Gloucester, Haverhill, Lawrence, Lynn, Methuen, Newburyport, Peabody and Salem and the Towns of Andover, Boxford, Danvers, Essex, Georgetown, Groveland, Hamilton, Ipswich, Lynnfield, Manchester-By-The-Sea, Marblehead, Merrimac, Middleton, Nahant, Newbury, North Andover, Rockport, Rowley, Salisbury, Saugus, Swampscott, Topsfield, Wenham and West Newbury.

 Essex County Map - Essex County MA Real Estate

Market Trends in Essex County, MA – August 2014 and 2015:

The Essex County, MA condo market has declined a bit since last year.  The average listing prices are down and average sales prices were down by a bit as well.  The days on market did also decrease some year over year though.  Inventory was up a good amount with 213 sales in August of 2014 and 289 sales in August 2015. 

Average Listing Prices:

First let’s look at the average listing price.  For Essex County, MA condos in August 2014 the average list price was $309,566.  This was down a bit to $282,499 in August 2015.  That gives a fairly large decrease of 8.74%. 

Average Sale Prices:

The next item to examine is the average sale prices.  The average sale price for Essex County, MA condos in August of 2014 was $304,480 and in August 2015 that was down some to $279,431.  That results in a slightly smaller decrease of 8.23%. 

Average Days on Market:

Finally we will take a look at the average days on market, a measure of how long it takes for a house to sell in the market.  For Essex County, MA condos the average days on market in August of 2014 was 90.45 and the average days on market for August 2015 were 70.65.  This gives us a modest 21.89% decrease.

Essex County, Mass Summary:

The Essex County, Massachusetts condo market looks like is has declined since last year.  The decent decreases in both listing prices and sale prices support this.  The decrease in the days on market is still encouraging, but not as big of a factor as the price drops.   

In summary if you are looking to sell a condo in Essex County, MA now you should expect to get less for it than you would have last year.  However you should also expect to be able to sell it a little bit faster than you would have last year, if you are priced correctly of course.    

 

Do you need to sell your Essex County, 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: Essex County Map via Worcestermass.com)

 

 

Real Estate Trends – Plymouth County, Massachusetts (Condos)

Introduction:

In this latest market trend report we are looking more regionally with another “County Report” for the Massachusetts real estate market.  The advantage of doing this is that instead of looking at just a handful of properties we can analyze dozens if not hundreds.  Those of you that are familiar with statistics you know that more data points the better the analysis you can do.

In this case we will be looking at the condo sales in Plymouth County.  In most areas there are significantly less condo sales than detached single family houses and for many towns there would not be enough to make any meaningful assessments.  There are several cities and towns that have a large condo segment, and Suffolk County is actually dominated by them, but that is the exception.

Plymouth County is made of the Cities of Bridgewater and Brockton and the Towns of Abington, Carver, Duxbury, East Bridgewater, Halifax, Hanover, Hanson, Hingham, Hull, Kingston, Lakeville, Marion, Marshfield, Mattapoisett, Middleborough, Norwell, Pembroke, Plymouth, Plympton, Rochester, Rockland, Scituate, Wareham, West Bridgewater, and Whitman

Plymouth County Map - Plymouth County Massachusetts Real Estate

Market Trends in Plymouth County, MA – February 2014 and 2015:

The Plymouth County, MA condo market has declined slightly since last year.  The average listing prices are down a small amount and average sales prices were down by a small amount also.  The days on market did increase some year over year.  Inventory was pretty consistent with 47 sales in February of 2014 and 50 sales in February 2015.

Average Listing Prices:

First let’s look at the average listing price.  For Plymouth County, MA condos in February 2014 the average list price was $297,788.  This was down a bit to $285,123 in February 2015.  That gives a small decrease of 4.25%.

Average Sale Prices:

The next item to examine is the average sale prices.  The average sale price for Plymouth County, MA condos in February of 2014 was $292,603 and in February 2015 that was down some to $275,932.  That results in a slightly larger decrease of 5.70%.  The fact that sale prices are falling more than the listed prices can indicate that the local agents are chasing the market down and are not totally keeping up with the declines.

Average Days on Market:

Finally we will take a look at the average days on market, a measure of how long it takes for a house to sell in the market.  For Plymouth County, MA condos the average days on market in February of 2014 was 137.0 and the average days on market for February 2015 were 144.1.  This gives us a small 5.18% increase.

However, as we have seen many, many times now in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton , Reading, Stoughton , Wrentham, Stoneham, Dedham, Nashua, NH , Tewksbury and Brockton (Multifamily), Lowell (Multifamily), Acton , Foxboro , Pembroke, Chelmsford, Beverly and Framingham (Condos) outliers in the data can skew things significantly.  This is the case for Plymouth County, MA condos as well.  In this instance there was a high days on market property in the 2014 data.  In bigger data sets you can smooth out a lot of things, but also a real outlier can be even more obvious.  In this data there was one place with 878 days on market which was more than 2.5 times the next largest one.

When removed from the calculation you have the remaining 46 houses with an average days on market of 120.89, a pretty sizable decline with so many properties.  Using this adjusted number we see the increase now becomes a much larger 19.20%.  This does somewhat change the general conclusion.  Initially a 5% change in the days on market is not that impressive.  While closer to 20% is still not huge for this metric, but it does lead to a conclusion more that they are in fact increasing, vs. a strong argument that things were more flat.

Plymouth County, Mass Summary:

The Plymouth County, Massachusetts condo market looks like is has started to decline since last year.  The small decreases in both listing prices and sale prices support this, as well as the increase in the days on market.

In summary if you are looking to sell a condo in Plymouth County, MA now you should expect to get slightly less for it than you would have last year.  You should also expect to have to wait a little longer to be able to sell it for your price.  You should be prepared to take a discount to sell faster if you want to avoid sitting on it for too long.

 

Do you need to sell your Plymouth County, 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: Plymouth County Map via Worcestermass.com)

 

 

 

Real Estate Trends – Suffolk County, Massachusetts (Multifamily)

Introduction:

This market trend report is out second “County Report” where we look at the entire segment of the market in an entire county to get bigger set of data to examine the whole region.  This is also our first report looking at Multifamily properties.  The advantage of doing this is that we can analyze hundreds of properties rather than just a handful.  In the case of multifamily properties many towns and cities might not have any sales in a given month but across a region it will give more data to examine.

Another note on the type of properties examined.  The data used is from the MLS and not many large multifamily properties are listed on there, as they are usually handled by highly specialized commercial real estate agents.  So the vast majority of these are 2 and 3 family homes with a fair number of 4 families.  However there are a small number of small apartment buildings that are included (most 5-10 units) since there is only a few and they are not more expensive than small units and the number of total units were similar year to year.  If these were clearly skewing the data we would eliminate anything above 4 families.

Today we are highlighting Suffolk County in Massachusetts.  Suffolk County includes the cities of Boston, Chelsea, Revere and Winthrop.

Suffolk County Real Estate - Boston, Chelsea, Revere and Winthrop Map

Market Trends in Suffolk County, MA – October 2013 and 2014:

Suffolk County had about 85 multifamily houses sold in October of each year.  Over these sales the average listed price was down as were the final sale prices and the days on market were up.  Overall the sales were very similar with only a slight decrease from 87 in 2013 to 85 in 2014.

Average Listing Prices:

First we can look at is the average listing price for Suffolk County multifamily properties.  This number went down from$650,803 in October 2013 to $605,100 in October 2014.  That is a decrease of 7.02%, which is pretty significant generally and with about 85 sales in each period it is spread over enough sales to be very meaningful.  This indicates that the booming multifamily market has definitely started to cool down and is starting to really trend down throughout the county.

Average Sale Prices:

The next to examine is the average sale prices.  In October 2013 the average sale price for Suffolk County was $641,708.  Then in October 2014 it was down to $588,598. This represents an even larger decline of 8.28%.  This metric also shows that prices have gone down and that the multifamily market is trending downwards.  The fact that the sales prices are falling a bit faster than the listing prices might show that the regions real estate agents are not compensating for the decline and are trying to still hype up prices on the multifamily houses to last year’s levels.

Average Days on Market:

The final thing to see is how long it is taking for houses to sell in the current market.  In this case Suffolk County the average days on market are up as well as prices being down.  The days on market are up a little bit year over year.  Looking at October of 2013 the average days on market were 54.49 and in 2014 that was up to 61.26, a 12.42% increase.  This is a pretty significant increase given the fairly large data sets we are looking at.

In many of our town reports we saw that in the small data sets that the days on market sometimes were skewed a lot by one place that was very high compared to the rest.  However this is where the big data sets have a big advantage as any single sale is not that big of a factor.  In this case there are some outliers but you actually see the same types of them both years (indicating that they might not be that odd after all) so we did not adjust for them.  The increase of nearly 12.5% is real and a significant factor to consider if looking to sell your multifamily house in Suffolk County.

Suffolk County Summary:

Every metric we look at indicates that the Suffolk County multifamily real estate market has slowed down since last year.  The greater than 7% and 8% declines in listed and sale prices indicate that prices may have peaked in 2013.  The increase in the days on market is also a large concern.  While the pricing declines are the major concern they aren’t the only issue.  The fact that the days on market are also up almost 12.5% it shows it is also harder to sell the properties even at the now reduced prices.  If places sit for longer that will often lead to price drops so if that trend continues it can further push prices down.

In summary if you are looking to sell your Suffolk County, Massachusetts multifamily house you should expect to get a bit little 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 Suffolk County, Massachusetts multifamily property 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: Suffolk County Map by Beland, via Wikipedia)

 

 

 

 

Real Estate Trends – Norfolk County, Massachusetts

Introduction:

In this latest market trend report we are looking more regionally with the first “County Report” for the Massachusetts real estate market.  The advantage of doing this is that instead of looking at just a handful of properties we can analyze hundreds.  If you are familiar with statistics you know that more data points the better the analysis you can do.

Today we are highlighting Norfolk County of Massachusetts.  Norfolk County includes the towns of Avon, Bellingham, Braintree, Brookline, Canton, Cohasset, Dedham, Dover, Foxborough, Franklin, Holbrook, Medfield, Medway, Millis, Milton, Needham, Norfolk, Norwood, Plainville, Quincy, Randolph, Sharon, Stoughton, Walpole, Wellesley, Westwood, Weymouth and Wrentham.

Norfolk County Real Estate - County Map

Market Trends in Norfolk County, MA – September 2013 and 2014:

Norfolk County had close to 500 single family houses sold in September of each year.  Over these sales the average listed price was down as were the final sale prices and the day on market were up.  Overall the sales were very similar with only a slight decrease from 495 in 2013 to 488 in 2014.

Average Listing Prices:

First lets looked at is the average listing price for Norfolk County.  This went down from $554,683 in September 2013 to $538,161 in September 2014.  This decrease is 2.98%, which is not insignificant with about 500 sales in each period.  While far from any kind of “crash” this does indicate that the market has started to trend down throughout the county.

Average Sale Prices:

Next up is the average sale prices.  In September 2013 the average sale price for Norfolk County was $539,383; in September 2014 it was down to $526,651. This represents a decline of 2.36%.  This metric also shows that prices have gone down and that the market is trending downwards.  The fact that the sales prices are falling a little slower than the listing prices might show that the regions real estate agents are seeing the decline and are trying to price houses less than last year to try to keep up with the trends.

Average Days on Market:

Besides pricing seeing how long it is taking for houses to sell is the other big market indicator.  In the case of Norfolk County the average days on market are up as well.  In this case they are up a fair amount and being over a large set of sales it is pretty significant.  Looking at September of 2013 the average days on market were 60.05 and in 2014 that was up to 74.67, a 24.35% increase.

In many of our town/city level reports we saw that in the small data sets that the days on market sometimes were skewed a lot by one or two places that were very high compared to the rest.  However this is where the big data sets show the advantage as that is not the case here.  The increase of nearly 25% is definitely real and a significant factor to consider when selling your house.

Norfolk County Summary:

Each metric looked at indicates that the Norfolk County real estate market has slowed down since last year.  The roughly 2.5-3% declines in both listed and sale prices indicates that prices may have peaked in 2013.  The very large increase in the days on market is probably the larger concern.  While for so many sold properties the pricing declines are meaningful they aren’t that high, but seeing a nearly 25% increase in the time to sell properties shows that there are less buyers and they aren’t as willing to pay those slightly reduced prices.

In summary if you are looking to sell your Norfolk County, Massachusetts house you should expect to get a little 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 Norfolk County, 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: Norfolk County Map, via the Norfolk County Website)