Real Estate Trends – Dedham, Massachusetts #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 once again highlighting the market in Dedham, MA in Norfolk County

 Map of Dedham MA - Dedham Massachusetts Real Estate

This is our 4th look at Dedham with the most recent back in December 2015

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

The Dedham, MA market has fallen off since last year.   The average prices were down as were the median prices as well.  The days on market appear to be down a bit, however this maybe overstated.  Inventory was relatively stable with 19 sales in April of 2015 down to 17 in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Dedham, MA the average listing price in April 2015 was $543,110.  This was down to $507,276 in April 2016.  This gives a decent decrease of 5.02% year over year. 

Looking at the median prices we see that it was lower in both years.  For April of 2015 the median listing price for Dedham, MA was $417,400 and in April 2016 it was $369,900 which now gives a much larger decrease of 11.38%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Dedham, MA in April of 2015 was $525,263 and in April 2016 that was down to $505,174.  That gives another modest decrease of 3.82%. 

We see the same pattern as we did for the median list price.  For April of 2015 the median sales price for Dedham, MA was $410,000 and in March 2016 it was $370,000 giving another larger decrease of 9.76%. 

Prices are down some in Dedham, MA this month.  The averages show only modest decreases from just under 4% to 5% but the medians indicate much more significant drops in the almost 10% to about 11.5%.  Since medians are the more widely used method for analyzing real estate pricing data we would say that these are much more indicative of what is going on.  However since the median listing price was at the bottom of the range best determination is that prices are probably down right around 10%.

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 Dedham, MA the average days on market in April of 2015 were 83.68 and the average days on market for April 2016 were 51.71 for a substantial 38.21% 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) #2,   Somerset, Everett (Multifamily) and Sharon outliers in the data can really skew these numbers.  This again is the case for Dedham, MA in April.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 416 days on market; this was a lot more than the next 2 properties combined and over 26% of the total days on market for all 19 Properties.  When removed the new calculation for the remaining 18 properties gives an average days on market of 65.22. 

Using the adjusted numbers we now get a decrease of 20.71%.  This does not change the conclusion of the days on market being down by a fairly decent amount however the magnitude of the drop is definitely far less impressive. 

Dedham, Massachusetts Summary:

The Dedham, Massachusetts real estate market is down since last year.  The average prices were down a very modest amount but the median prices were down much more substantially.  The days on market were down a bit though. 

In summary if you are looking to sell a house in Dedham, MA now you should expect to get 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 Dedham, 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: Map of Dedham Massachusetts via Google Maps)

 

Real Estate Trends – Dedham, 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 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 once again highlighting the market in Dedham, MA in Norfolk County

 Dedham MA Town Seal - Dedham Massachusetts Real Estate

We have looked at the Dedham, MA market a couple of other times earlier this year in January and then again in April.  The market was down considerably in both of those reports so read on to see if that pattern continues or if things have reversed.

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

The Dedham, MA market has fallen off a bit since last year.   The average prices were both down a lot.  The median prices were down significantly as well.  However the days on market appear to be down some though.  Inventory was down slightly with 17 sales in November of 2014 and 14 in November 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Dedham, MA the average listing price in November 2014 was $430,241.  This was down to $392,893 in November 2015.  This gives a noticeable decrease of 8.68% year over year. 

Looking at the median prices we see that it was not that much different in 2014 but a lot lower than the average in 2015.  For November of 2014 the median listing price for Dedham, MA was $439,900 and in November 2015 it was $369,900 which now gives a substantially larger decrease of 15.91%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Dedham, MA in November of 2014 was $422,412 and in November 2015 that was down to $388,531.  That gives a fairly similar 8.02% decrease compared to 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 Dedham, MA was $437,000 and in November 2015 it was $358,500 giving another significantly larger decrease of 17.96%, which is the largest drop seen in the four metrics examined.

Prices are definitely down some in Dedham, MA this month.  We easily conclude that they are down somewhere in the 8-18% range.  Of course that is a pretty large range!  Since median prices are the preferred metric in real estate price analysis, and those showed a drop of more like 16-18%, it is very reasonable to conclude the prices are more likely down near the top of that range.

In the case of Dedham, MA this is the 3rd time we have looked at it in just under a year so seeing how prices have trended during the year is interesting too.  Looking back to our article in January we see the December 2014 average sale price was $450,660 (which was a 15% decrease from 2013) and our article in April showed the March 2015 average price was $398,050 (which was an 8.5% decrease from March of 2014).  So the average sale price had decreased 11.67% between these 2 months, which is surprising since December is probably the worst month to sell a house while March is right when the market is ramping up to the best time.  We also see this month an average sale price of $388,531 for another 2.39% drop from the March numbers and 13.79% since December.  Admittedly these timeframes are very arbitrary however it does show a pretty consistent pattern of prices not only falling over the same month year over year but also falling throughout the year.

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 Dedham, MA the average days on market in November of 2014 were 46.65 and the average days on market for November 2015 were 37.57 for a nice 19.46% 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 and East Boston (Condos) outliers in the data can really skew these numbers.  This again is the case for Dedham, MA in November.  In this instance there was a very high days on market place in the 2015 data.

In 2015 there was a property with 183 days on market; this was more than the next 3 properties combined and almost 35% of the total days on market for all 14 Properties.  When removed the new calculation for the remaining 13 properties gives an average days on market of 26.38. 

Using the adjusted numbers we now see a much larger decrease of 43.45%.  This does not change the general conclusion of the days on market being down.  However, now rather than being down a modest amount they appear to actually be down fairly significantly.  This by the way is fairly surprising given the drops we saw in prices.

Dedham, Mass Summary:

The Dedham, Massachusetts real estate market is down a bit since last year.  The average prices were down some and median prices were down by quite a lot.  The days on market were down a lot though, which is a counter argument to the weakening market.  However, while this is nice to have for homeowners that are looking at getting significantly less for their houses, the sellers are looking at getting significantly less for their houses which is all that matters in the end. 

In summary if you are looking to sell a property in Dedham, MA now you should expect to get a good bit less for it than you would have gotten last year.  However you can also expect it to take a lot less time to sell compared to last year. 

 

Do you need to sell your Dedham, 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: Dedham MA Seal via Wikipedia)

 

Real Estate Trends – Dedham, Massachusetts #2

Introduction:

Welcome back for our latest real estate market trend report examining real estate market in a city or town in Massachusetts or New Hampshire.  For those reading one of these for the first time what we do is examine three key metrics for the town or city and try to evaluate where the market is and might be going in the near future.  Today we are going to be looking at the Dedham, MA market again after a few months.  This is our 2nd consecutive report doing this with our 2nd look at Lowell, MA the other day.  As mentioned in that post we will start to do more of these follow ups as we have fewer new places to evaluate.

As stated above today we are revisiting Dedham, MA in Norfolk County

Back in January we looked Dedham’s market and saw it was down significantly.  This was pretty surprising since the Great Boston area is still generally considered to be pretty hot.  So now we wanted to check back to see if that trend has continued or if the December data was just an aberration.

Market Trends in Dedham, MA – March 2014 and 2015:

The Dedham, MA housing market has actually continued the downward trend in March as well.  Both the average listing and average sales prices were down a fair amount.  The days on market were down some which was also previously seen.  Inventory was up a bit with only 10 sales in March of 2014 and 15 in 2015.  While both volumes are down from the corresponding December numbers the trend of significant more inventory year over year is similar to what was seen before. 

Average Listing Prices:

The first thing we are going to look at is the average listing price.  For Dedham, MA the average listing price in March 2014 was $451,050.  This was down a bit to $403,793 in March 2015.  That gives a sizable decline of 10.48%.  While quite large this is actually smaller than the 12.91% drop we saw for Dedham, MA in December!

Average Sale Prices:

The next item we are going to be looking at is the average sale prices.  The average sale price for Dedham, MA in March of 2014 was $434,750 and in March 2015 that was down to $398,050.  That gives a noticeably smaller decrease of 8.44%.  This is still a pretty big decrease year over year.  It is worth noting that back in the December data the sales fell 15.09% so now the drop is sales price is a bit less than the listed prices while before it was higher.  This could mean that over these last few months the local real estate agents realize the market is falling and has started to do a better job compensating with their listing advice.

One other point worth noting is that prices are down a lot since we first looked at Dedham, MA.  The average sale price we saw in December of 2014 was $450,660 so there is an 11.67% drop since then.  That is pretty big.  What is even more surprising is that with the general seasonality of real estate you expect December to be near the lowest levels of the year which March should be on the upswing near the annual peaks.  This makes it even more apparent that this market is going down and pretty hard in my opinion.

Average Days on Market:

Finally we will look at the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Dedham, MA the average days on market in March of 2014 were 101.20 and the average days on market for March 2015 were 83.13, for a modest 17.86% decrease.  This is almost the exact same as the 17.19% decrease year over year we saw previously in December.  Same basic observation as we made at that time that with the big price decreases at least sellers are able to move things a little faster than last year.

It is worth noting as above with the sales prices that the days on market are up since our previous article.  So while down some year over year they went from 56.96 in December of 2014 to 83.13 in March of 2015 for an increase of 45.94%.  Again this is even more surprising since December is considered one of the worst times to sell and March is generally a much better time.

Dedham, Mass Summary:

The Dedham, Massachusetts real estate market has continued to decline significantly since last year.  The drops in both listing prices and sale prices were very significant, though smaller than seen previously.  The modest decrease in days on market do give some small consolation to sellers.  Besides these year over year changes the significant drop in prices and increase in days on market since December should also be a major concern for sellers at this time in Dedham, MA.

In summary if you are looking to sell a house in Dedham, MA now you should expect to get much less for it as you would have last year.  The days on market are going done year over year, but are pretty high still and have been going up over the last few months so you should consider taking a discount to sell it.   

 

Do you need to sell your Dedham, 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:  “Fish sculpture at Mill Pond Park” via Wikipedia)

 

 

 

Real Estate Trends – Dedham, Massachusetts

Introduction:

We are back for our latest real estate market trend report.  Within these reports we examine a town in Massachusetts or New Hampshire and its real estate market.  For those of you that have not seen one of these reports before, what we do is look at the town’s year over year change in the real estate market and talk about those observations and what they mean for the market.

Dedham Flag - Dedham Massachusetts Real Estate

Today we are highlighting Dedham, MA in Norfolk County.

Market Trends in Dedham, MA – December 2013 and 2014:

The Dedham, MA market has slowed dramatically since last year.  Both the listing and sales prices are down significantly.  The days on market have not changed that much though.  Inventory was up a lot with 17 sales in December of 2013 and 25 in December 2014. Dedham, MA is one of those Greater Boston towns that has been hot the last couple years and many would think still is.  Seeing some of this data shows that even some of the places right by the HUB of the universe are starting to see a break from the sky high appreciation recently.

Average Listing Prices:

The initial metric we like to look at is the average listing price.  For Dedham, MA the average list price was $541,494 for December 2013.  This decreased all the way down to $471,596 in December 2014.  This gives a very large decrease of 12.91%.

Average Sale Prices:

The next metric we look at is the average sale prices.  For December of 2013 the average sale price for Dedham, MA was $530,747 and by December 2014 that was down to $450,660.  That would be an even larger decrease of 15.09%.  With sale prices falling even faster than the listing prices it could indicate the market is moving down quick and local real estate agents are not doing great keeping pace with that trend.

Average Days on Market:

Then finally we look at are the days on market.  The days of market (DOM) is a measure of how long it is takes for a house to sell in the market.  For Dedham, MA the average days on market in December of 2013 was 69.29 and the average days on market for December 2014 were 71.56, for a negligible 3.28% increase. However, as we have seen in several of our previous posts for the municipalities of Abington, BedfordSeekonk, Belmont, Topsfield, Canton, Dracut (Condos)Hamilton, Wakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton , Wrentham and Stoneham an outlier can really skew the data.  That again is the case for Dedham, MA.  In this case it is the 2014 data that is skewed.  We will see that this actually changes the observation that days on market are up. In 2014 there was one place that was very high at 422 days, this was just slightly less than 130 more than the next highest, which itself was a bit higher than the next few.  When we remove this point the other 24 houses were left with an average of 56.96.  Using this instead we see that they decreased by 17.79%.  So if you believe that point is an outlier the DOM was actually down, which gives home owners at least some silver lining.

Dedham, Mass Summary:

The Dedham, Massachusetts real estate market has cooled off dramatically since last year.  The double digit declines in both listed and sale prices make this very clear.  Though somewhat surprisingly this was not accompanied by a sizable increase in the days on market, as is often the case. In summary if you are looking to sell a house in Dedham, MA now you should expect to get quite a bit less for it than you would have last year.  However you should not need to take a large discount off of your initial price to avoid sitting on it for a longer time if you have it priced well since things are still moving, just at much lower prices.

 

Do you need to sell your Dedham, 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: Dedham Flag from Briancua via Wikipedia)