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 – Dracut, 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 Dracut, MA in Middlesex County

 Map of Dracut MA - Dracut Massachusetts Real Estate

This will be the 3rd time we have looked at Dracut’s single family market and the 6th overall look at the town.  Most recently being our 3rd look at Dracut, MA’s Condo market in February.

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

The Dracut, MA market has fallen off substantially since last year.   The average prices were down significantly and the median prices were down substantially more.  However the days on market were down quite a lot.  Inventory was way up, more than doubling, with 11 sales in March of 2015 and 23 in March 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Dracut, MA the average listing price in March 2015 was $413,291.  This was down to $321,239 in March 2016.  This gives a huge decrease of 22.27% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For March of 2015 the median listing price for Dracut, MA was $429,900 and in March 2016 it was $295,000 which now gives an even larger decrease of 31.38%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Dracut, MA in March of 2015 was $397,818 and in March 2016 that was down to $317,378.  That gives another very big decrease of 20.22%. 

We see the same pattern we did with the listing prices here for the median sale prices.  For March of 2015 the median sales price for Dracut, MA was $430,000 and in March 2016 it was $295,000 giving another much larger decrease of 31.40%. 

All four metrics indicate that prices are down substantially in Dracut, MA this month.  The declines suggested by the averages and the medians are quite different though.  The over 20-22% drop seen in the averages are very high but probably understate the decline in prices and the medians are usually favored for this type of analysis.  In this case the drop in the median list prices and median sale prices are almost identical and say that prices have declined just over 31%, and that is what we would conclude it drop year over year for Dracut, MA.

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 the average days on market in March of 2015 were 130.55 and the average days on market for March 2016 were 82.43 for a very significant 36.86% decrease. 

Dracut, Massachusetts Summary:

The Dracut, Massachusetts real estate market is down a good amount since last year.  The average prices were down significantly with the median prices being down quite a bit more.  The days on market were down a lot which does serve as some counter argument to the down market, but in our opinion, while a nice bonus for home sellers, this does not negate such large price decreases. 

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

 

Do you need to sell your Dracut, 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 Dracut MA via townmapsusa.com)

 

Real Estate Trends – Dracut, Massachusetts (Condos) #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 taking another look at the Condo market in Dracut, MA in Middlesex County

 Dracut MA Town Seal - Dracut Massachusetts Real Estate

We have looked at Dracut condos a couple times in the past, but not since last April so we are overdue to see how things are going there.

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

The Dracut, MA condo market has fallen off since last year.   The average prices were down a lot and the median prices were down a bit more.  The days on market were also up by some as well.  Inventory was up a lot doubling from 5 sales in January of 2015 to 10 in January 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Dracut, MA the average listing price in January 2015 was $211,940.  This was down to $161,400 in January 2016.  This gives a huge decrease of 23.85% year over year. 

Looking at the median prices we see that they were lower than the averages in both years.  For January of 2015 the median listing price for Dracut, MA condos was $197,000 and in January 2016 it was $146,950 which now gives an even bigger decrease of 25.41%. 

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 January of 2015 was $203,780 and in January 2016 that was down to $154,590.  That gives another extremely large 24.14% decrease.

We see a fairly similar pattern with the median sale prices as we did for the listing prices.  For January of 2015 the median sales price for Dracut, MA condos was $194,000 and in January 2016 it was $135,500 giving another larger decrease of 30.15%, the largest of the pricing metrics. 

This month prices are down massively for condos in Dracut, MA compared to last year.  There is not a huge gap between the drops we see with the averages and what it is for the medians so it is fair to say prices are down from just under 24% to just over 30%.  The gap for the 1st three metrics was even tighter at a spread of just over 1.5%.  However the one that is a little higher in the median sale price which will generally be considered the most important price measure of the 4.  Therefore it is a little harder to try to pin down the market more than that general range.  In the end we would conclude that prices seem to be down a little over 30% for Dracut, MA condos in January since the median sales are the biggest factor but we would not fight to hard with someone that felt that it was more like 24-25%.

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 Dracut, MA the average days on market in January of 2015 were 99.80 and the average days on market for January 2016 were 108.40 for a very small 8.62% increase. 

Dracut, Mass Summary:

The Dracut, Massachusetts condo real estate market is down tremendously since last year.  The average prices were down a lot and the median prices were down even more.  The days on market are up a small amount as well.

In summary if you are looking to sell a condo in Dracut, MA now you should expect to get far less for it than you would have gotten last year.  You can also probably expect it to take slightly more 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: Dracut Town Seal via Wikipedia)

 

Real Estate Trends – Dracut, Massachusetts (Condos) #2

Introduction:

We and back for our latest real estate market trend report.  In this report we are going to revisit the Condo market for Dracut, MA after a few months.  We examined the September data for Dracut, MA Condos back in October and saw that it was down a fair amount from the previous year.  It has been long enough we wanted to see if things have changed at all.

Today once again we are highlighting the condo market in Dracut, MA in Middlesex County.

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

The Dracut, MA condo market appears to be down since last year, the pricing declines are slightly larger than what we saw for Dracut, MA Condos in September. However, the days on market are actually down somewhat.  Inventory was down quite a bit getting cut in half from 10 sales in March of 2014 to just 5 in 2015.

Average Listing Prices:

The first thing we are going to look at is the average listing price.  For Dracut, MA condos the average listing price in March 2014 was $178,333.  This was down a bit to $165,440 in March 2015.  That gives a decline of 7.23%.  This is actually a little bit less than the 7.98% we previously saw for Dracut, MA Condos.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for Dracut, MA condos in March of 2014 was $174,458 and in March 2015 that was down to $159,400.  That gives a larger decrease of 8.63%.  This is a bit bigger than the 6.59% decrease we saw in the previous look at Dracut, MA Condos.  Also it is worth noting that before the listing prices were down more than the sales prices but now sales are falling faster.  One could infer that the market has continued to fall and faster than agents are compensating with their listing prices.

Average Days on Market:

Finally we look at the average days on market, the measure of how long it takes for a house to sell in the current market.  For Dracut, MA condos the average days on market in March of 2014 were 76.10 and the average days on market for March 2015 were 71.80, for a fairly meaningless 5.65% decrease. However, as we have seen so many times in our previous posts for AbingtonBedford, Seekonk, BelmontTopsfield, Canton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH , Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, Beverly,  Framingham (Condos), Plymouth County (Condos), Marlborough, Billericaand Waltham outliers in the data can really skew these numbers.  This again this is the case for Dracut, MA condos.  In this case there were very high days on market house in both the 2014 and the 2015 data. In 2014 there was a house with 328 days on market.  This accounted for over 43% of the total days on market for all 10 condos.  When removed the new calculation for the remaining 9 condos gives an average days on market of 48.11, a very significant decline.  In 2015 there was a house with 168 days on market.  This accounted for almost 47% of the total days on market for all 5 condos.  When removed the new calculation for the remaining 4 condos gives an average days on market of 47.75, another very significant decline.  Using these two adjusted numbers we see that the average days on market change becomes a totally negligible 0.75% decline. The general conclusion that the decline was insignificant is made more conclusive with that smaller change.  With a less than 1% difference it is actually much more accurate to say that it was totally flat year over year.  One other thing worth noting is that both these adjusted days on market are a bit lower than the corresponding ones seen previously for Dracut, MA Condos.

Dracut, Mass Summary:

The Dracut, Massachusetts real estate condo market looks like is has continued to decline since last year, keeping up the previous trend.  The drops in listing prices and sale prices show a noticeable decline and with the flat days on market things are clearly down.  Compared to the year over year changes we observed previously for Dracut, MA Condos we see that things have gone down more as sales prices are down more and previously days on market had gone down but now are flat. In summary if you are looking to sell a condo in Dracut, MA now you should expect to get a fair amount less for it than you would have last year.  If priced correctly things are moving just as fast as they were last year, and faster than they were in the fall.  

 

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: MA Rt38 North entering Dracut MA by John Phelan via Wikipedia)    

 

Real Estate Trends – Dracut, Massachusetts #2

Introduction:

Welcome back for our latest market trend report looking at Eastern Massachusetts and Southern New Hampshire real estate markets.  While we will be looking mostly at the year over year trends as we always do in these posts this is also the first time we are going to revisit a previous town we have looked at.

Today we are again looking at the market in Dracut, MA in Middlesex County.

Dracut Middies Logo - Dracut MA Real Estate

The first one of these posts we did back in August was on Dracut and we also did one of our first post on Condos about Dracut back in late October.  Since it has been more than a quarter since we first looked at this market it seemed like an interesting idea to go back and see if the market is still showing the same year on year changes and we can also see how things compare since we first looked at the town.

Market Trends in Dracut, MA – November 2013 and 2014:

The pattern of decline in our previous article on Dracut, MA has continued and the gap has actually widened with listing and sales prices down quite a bit more than the annual decline we saw in the July data.  However the days on market were also down. Sale volume was consistent with 17 sales in November 2013 and a slight increase to 19 in 2014.

Average Listing Prices:

The average listing price in Dracut, MA went down from $322,112 in November 2013, to $269,937 by November 2014.  That is a decrease of 16.20% and is quite significant.  For comparison the percentage decrease year over year in July was only 4.2%.  That is a pretty big increase in the gap in a few months.  Qualitatively it is pretty easy to see that in 2013 the market was still trending up as the list prices went up about $22K in this time and in 2014 they went down about $18K.

Average Sale Prices:

Next looking at the average sale prices in November 2013 the average sale price for Dracut, MA $316,728; by November 2014 that was down to $261,368.  This represents a slightly larger 17.48% drop compared to the listing prices.  Again this is a very significant difference especially compared with the 5.4% decrease we saw in July.  Again this follows the same pattern of the market trending down the last few months as well as year over year.  In this case sale prices were up almost $19K in 2013 and down just over $20K in 2014 in this timeframe.

Average Days on Market:

The last metric we always evaluate is the average days on market to see how long it is taking for houses to sell.  In the case of Dracut, MA this is actually down year over year.  Looking at November of 2013 the average days on market were 106.35 but in 2014 that was down to 75.95, for a 28.58% decrease. Now we have seen in our previous posts for Abington, Bedford, Seekonk, Belmont, Topsfield, Canton, Dracut (Condos), Hamilton, Wakefieldand Amesbury (Condos) that some outliers can really skew the data.  That again happens to be the case here for Dracut, MA.  Similar to most of these previous cases the 2013 data is where it is skewed and makes the change less dramatic than what we have above. In November 2013 there was one very high days on market of 468, which was more than 170 higher than the next closest.  After removing this data point the remaining 16 properties had an average days on market of 83.75.  If we use this for the calculation we get a more modest decrease of 9.31% which is certainly still down but not nearly as dramatic as before.  Still greater than 9% is not trivial so this is definitely the silver lining for sellers in major declining market.  It is also worth noting that these are both up since July.

Dracut, Mass Summary:

The Dracut, Massachusetts real estate market has definitely slowed down a lot year over year and over the last few months.  The 16-18% declines in both listed and sale prices show things are soft and way down from last year.  We also see that this rate of decline has picked up significantly since the summer showing this declining trend more definitively.  The saving grace for sellers right now are that even after adjusting out that one extremely high days on market house we see that properties are selling fast than they had been, and almost as fast as in July, which is pretty good since typical real estate seasonality would lead you to expect to see this to increase. In summary if you are looking to sell a house in Dracut, MA now you should expect to get a lot less for it than you would have last year.  You also should not expect to have to take a large discount to sell it in a fairly reasonable amount of time, as long as you have it priced right at the new lower level.

 

Do you need to sell your Dracut, 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: Dracut Middies Logo via DPS Superintendant Steven Stone’s Google+ Page)    

 

 

Real Estate Trends – Dracut, Massachusetts (Condos)

Introduction:

This report on the local real estate market trends is the first where we will be looking at different aspect of a town we have examined before.  A couple months ago we looked at the single family real estate in Dracut, MA but now we are going to look at the condominium markethere. This is our 2nd look at a local condo market following our report on that for the Chelsea, MA real estate market a couple weeks ago.   For most towns and cities the single family market is the most important but some Massachusetts real esate markets will have large enough segements it is worth examining those as well.  Dracut, MA does have a robust condo inventory but is still much smaller than the single family one, though the trends are similar to what we saw there previously.

Dracut, MA Real Estate - Town Hall

Without further ado let’s look at the condominium market for Dracut, MA in Middlesex County.

Market Trends in Dracut, MA – September 2013 and 2014:

The real estate condo market in Dracut has gone down somewhat since last year.  Average listing prices are down, as are the average sale prices however the average days on market are down a fair amount.  The total number of properties sold is up marginally with 6 sales in 2013 and 8 sales this year.

Average Listing Prices:

The average listing price for a condo in September 2013 for Dracut, MA was $175,100; in September 2014 that went down to $161,125.  This is a pretty sizable 7.98% decrease.  This is actually a bit larger decrease we saw in the Dracut real estate market for single family homes in July.  It is normal to see larger dips for condos in a downward trending market as the lower end houses become more affordable.  I’d suspect that this is what we are seeing in this case.

Average Sale Prices:

Back in September 2013 the average sale price for a condominium in Dracut, MA was $169,317; in September 2014 it had fallen to $158,163. This represents is a 6.59% decrease.  This is more in line with the 5.4% decrease we saw in sale prices for single family homes in Dracut, MA in July.  Still a bit higher but not almost double like in the listing prices.  The fact that the sales prices are not falling as fast as the listing prices also seems to show that the Realtors in town see where the market is going and have been able to correct for it better than we have seen in some of our previous market reports.

Average Days on Market:

This is the silver lining if you are trying to sell you Dracut, MA condo now.  The days on market are down quite a bit year over year, so at least things are moving reasonably well even if at lower prices.  Last September the average days on for a Dracut, MA condo was 99.0 and this year they were down to 57.13 or a sizable 42.3% decrease. If you have been reading many of our previous market reports you will know the general disclaimer I usually make that these smaller data sets can have the numbers skewed by a single outlier.  We have seen that in many of our previous posts.  This is the case again as it was in our reports on AbingtonBedfordSeekonk, Belmont, Topsfield and Canton.  In 2013 there was one place that was all the way up at 252, which was more than 2.5x the next highest one.  If we remove this then the remaining 5 properties had an average of 68.4.  However note that this is still higher than 2014 just not as dramatic.  Taking this adjusted number the days on market were still down 16.47%.  Days on market are still an improvement from last year for sellers without a doubt.

Dracut, Mass Summary:

The condo market for Dracut, MA is definitely down year over year.  The 2 price metrics were down fair amounts which are the biggest factors to consider.  Having the days on market down is nice but only shows that as long as things are priced at the new discount levels that they will still sell (not to minimize this since that is MUCH better for sellers than not selling while being cheaper).  As often seen these were down more for condos than for the single family home Dracut real estate market we saw for July, though in that case days on market were also up, which again is the one advantage the condo have going for them at this time. In summary if you are looking to sell your Dracut, MA condominium now you should expect to get less than what you might have expected last year.  With the good news being if you might not have to take as big of a discount off your lower listed price and you should avoid sitting on it for too long.

 

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: Dracut Town Office, Dracut MA, by John Phelan via Wikipedia)  

 

 

Real Estate Trends – Dracut, Massachusetts

Introduction:

This is the first of many reports we will publish on the real estate trends in our target communities in Eastern Massachusetts and Southern New Hampshire.  Our goal is to show how the market has changed year over year in the town we are spotlighting. Sometimes the market may be improving and you can sell your house for a higher retail price quickly.  Other times the market has slowed down and prices are declining while day on market are increasing.  In those cases you may want to sell fast and take less than you thought you would be asking (since you are less likely to get that high anyway). Dracut, MA Library

Market Trends in Dracut, MA – July 2013 and 2014:

Overall the Dracut market has slowed down noticeably year over year.  Average listing prices are down as are the average sale prices, day on market are also up significantly.  The overall number of properties sold also decreased from 38 to 32.

Average Listing Prices:

In July 2013 the average listing price in Dracut was $300,028; in July 2014 it was down to $287,533. This represents a 4.2% decrease year over year.  That is a fairly significant change.  This would tend to indicate that people are paying less, and the real estate agents know it.  If the local agents know that prices are going down they are adjusting their price recommendations to try to not overprice their listings.

Average Sale Prices:

In July 2013 the average sale price in Dracut was $298,096; in July 2014 it was down to $281,952. This represents a 5.4% decrease year over year.  Again this is a fairly significant decrease.  It also would indicate that the actual prices are dropping faster than the real estate agents are compensating for with the decreased listing prices.  This also is supported by the increase in the average days on market discussed next.

Average Days on Market:

In July 2013 the average days on market in Dracut was 45.87; in July 2014 it was up to 70.53. This represents a whopping 53.8% increase year over year.  This is obviously a huge increase!  This would indicate that listings are overpriced and sale prices are going down faster than real estate agents are compensating for the changes in the market.

Dracut, Mass Summary:

With less sales, higher days on market, lower listing prices and even lower sale prices it is clear that the Dracut, Massachusetts market has slowed considerably year over year.  In addition to these raw numbers it is also worth noting that in July 2013 the sale price to listing price ratio was 99.4%, which means you pretty much were getting almost full price offers when you were selling.  In 2014 that ratio dropped to 98.1% which while still quite high does show that sellers are also taking bigger discounts off of their listing prices to get things sold.  It is also worth noting that the listing prices are the listing at the time of sale, not the original listing price.  So with the higher days on market it is more likely that these homes also had more price drops which would make this ratio using original listed prices even more. In summary if you are looking to sell your Dracut, MA home now you should expect to get less than you might have expected and should be willing to take a bigger discount off your listed price or be prepared for it so sit for several months before selling.

 

Do you need to sell your Dracut, 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:  Town of Dracut’s website)