Real Estate Trends – Dartmouth, Massachusetts

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 market in Dartmouth, MA in Bristol County

 Dartmouth MA Seal - Dartmouth Massachusetts Real Estate

Market Trends in Dartmouth, MA – April 2015 and 2016:

The Dartmouth, MA market has fallen off significantly since last year.   The average prices were down a lot and the median prices were down by almost as much.  The days on market were down a bit however.  Inventory was pretty stable with 21 sales in April of 2015 down to 19 in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Dartmouth, MA the average listing price in April 2015 was $444,895.  This was down to $281,184 in April 2016.  This gives a tremendous decrease of 36.82% year over year. 

Looking at the median prices we see that it was much lower in both years.  For April of 2015 the median listing price for Dartmouth, MA was $359,900 and in April 2016 it was $250,000 which now gives a smaller but still huge decrease of 30.54%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Dartmouth, MA in April of 2015 was $412,482 and in April 2016 that was down to $273,063.  That gives another mammoth decrease of 33.80%, though slightly smaller compared to the average list price. 

We see the same pattern as we did for the median list price.  For April of 2015 the median sales price for Dartmouth, MA was $335,825 and in March 2016 it was $244,700 giving another very large decrease of 27.13%. 

Prices are way down in Dartmouth, MA in April.  The averages were down a bit more than the medians, with drops in the mid 30s.  The medians were down a lot as well but were a touch lower with a range of about 27-30.5%.  Since median prices are the preferred evaluation method we would say prices are most likely down in that lower 27-30.5% range.  In addition to that since sales are more important the listing price changes the best overall guess is that they are down in the low end of that range and are down a little over 27%.  This is still a huge decrease but slightly less jarring than the 30-37% that the other 3 metrics fell into.

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 Dartmouth, MA the average days on market in March of 2015 were 208.10 and the average days on market for March 2016 were 133.63 for a substantial 35.79% decrease.  It is worth pointing out that both these numbers are terrible.  While it is somewhat encouraging to see that kind of improvement they are still a long way from anything that would be considered good.

Dartmouth, Massachusetts Summary:

The Dartmouth, Massachusetts real estate market is down substantially since last year.  The average prices were down a tremendous amount while the median listing prices were down almost as much.  The days on market were down a some though, but not nearly enough to start to compensate for these tremendous price drops. 

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

 

Do you need to sell your Dartmouth, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

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(Image credit: Dartmouth MA Seal via Wikipedia)