Real Estate Trends – Easton, 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 highlighting the market in Easton, MA in Bristol County

 North Easton MA in 1891 - Easton Massachusetts Real Estate

We have looked at Easton several times in the past, most recently just this past June.   

Market Trends in Easton, MA – July 2015 and 2016:

The Easton, MA market has fallen off some since last year.   The average prices were down and the median prices were down a bit more.  The days on market were up some as well.  Inventory was pretty stable with 27 sales in July of 2015 down to 25 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Easton, MA the average listing price in July 2015 was $461,581.  This was down to $445,753 in July 2016.  This gives a small decrease of 3.43% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For July of 2015 the median listing price for Easton, MA was $479,900 and in July 2016 it was $400,000 which now gives a much larger decrease of 16.65%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Easton, MA in July of 2015 was $456,024 and in July 2016 that was down to $450,706.  That gives another small decrease of 1.17%, though a bit lower than the average list price. 

We see the same pattern as we did for the median list price.  For July of 2015 the median sales price for Easton, MA was $465,000 and in July 2016 it was $410,000 giving another much smaller decrease of 11.83%.

Prices are down for Easton, MA this month.  The range for all four metrics was pretty large going from about 1-16.5%.  The averages were much lower than the medians at only about 1-3.5%.  The medians were much higher at about 12-16.5%.  Medians are the preferred real estate pricing analysis method so it is reasonable to go with that higher range.  That range is not that big but since sales are far more important than just listing prices and the median sale price was the lower end of the range, therefore the best guess is that prices are down at the lower end of the range at just under 12%.

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 Easton, MA the average days on market in July of 2015 were 64.26 and the average days on market for July 2016 were 87.56 giving a fairly sizable 36.26% increase.

Easton, Massachusetts Summary:

The Easton, Massachusetts real estate market is down some since last year.  The average prices were down a very small amount however the median prices were down a much larger amount.  The days on market were up a good bit as well, further supporting some decline in the market.

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

 

Do you need to sell your Easton, 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: North Easton MA in 1891 via Wikipedia)

 

Real Estate Trends – Easton, 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 highlighting the market in Easton, MA in Bristol County

 Ames Memorial Hall and Library Easton MA - Easton Massachusetts Real Estate

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

The Easton, MA market has fallen off a bit since last year.   The average prices are down and the median prices were down as well.  The days on market were down a lot though.  Inventory was up a very large amount with 12 sales in May of 2015 all the way up to 27 in May 2016, more than doubling. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Easton, MA the average listing price in May 2015 was $464,008.  This was down to $389,393 in May 2016.  This gives a huge decrease of 20.50% 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 Easton, MA was $394,900 and in May 2016 it was $350,000 which now gives a smaller decrease of 11.37%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Easton, MA in May of 2015 was $447,254 and in May 2016 that was down to $383,606.  That gives another sizable decrease of 14.23%, but a bit smaller 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 Easton, MA was $394,950 and in May 2016 it was $350,000 giving another large decrease of 11.38%, and almost exactly the same as the median list price. 

Prices are definitely down for Easton, MA in May.  The range was fairly large going from about 11.5-20.5%.  The average list price is far and away the biggest drop and is also considered the least useful one of the 4 metrics we look at, therefore we will pretty much disregard it.  Overall the medians are the more favored method so with both of those coming in right under 11.4% that is probably right around the actual drop though I would say it could skew a touch higher with the slightly higher average sale price number, but probably not as much as the more than 14% drop seen there.

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 Easton, MA the average days on market in May of 2015 were 124.00 and the average days on market for May 2016 were 74.52 for a good sized 39.90% decrease.

Easton, Massachusetts Summary:

The Easton, Massachusetts real estate market is down a bit since last year.  The average prices were down while the median prices were down almost as much.  The days on market were down a bit however.  While a nice piece of information for sellers the price drops out weigh this in our conclusion that the market has gone down.

In summary if you are looking to sell a house in Easton, 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 Easton, 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: Ames Memorial Hall and Library – North Easton MA by Daderot via Wikipedia)

 

Real Estate Trends – Easton, Massachusetts #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 again highlighting Easton, MA in Bristol County

 Easton MA Seal - Easton Massachusetts Seal

We looked at Easton back in November last year where we saw it was pretty steady by the averages but down significantly by the medians.  Let’s see how things compare now.

Market Trends in Easton, MA – August 2014 and 2015:

The Easton, MA market has fallen off a bit since last year.   Both the average listing and sale prices were down a good bit and the median prices were down as well.  The days on market were up somewhat too.  Inventory jumped significantly, almost doubling going from 16 sales in August of 2014 up to 31 in August 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Easton, MA the average listing price in August 2014 was $536,063.  This was down to $473,005 in August 2015.  This gives a large decrease of 11.76% year over year. 

Taking a quick look at the median prices reveals that they are quite a bit less than the average both years.  For August of 2014 the median listing price for Easton, MA was $487,450 and in August 2015 it was $427,500 which now gives a slightly larger 12.30% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for in Easton, MA in August of 2014 was $518,503 and in August 2015 that was down to $464,660.  That gives another large 10.38% decrease. 

We see the same pattern with the median sale prices as we did for the listing prices.  For August of 2014 the median sales price for Easton, MA was $483,750 and in August 2015 it was $420,000 giving another larger and very significant 13.18% decrease. 

No matter which way we look at it prices are down for Easton, MA.  Since the medians usually are given more weight than averages the fact that these were a little higher and that the decrease of the median sale price was the largest of the 4 items we looked at it is safe to say that prices are down double digits and probably closer to that 13% mark. 

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 house to sell in the current market.  For Easton, MA the average days on market in August of 2014 were 74.50 and the average days on market for August 2015 were 87.65, for a pretty small 17.65% increase. 

It is worth pointing out that both years had a questionable point that could have been removed as we have in so many previous instances.  However neither quite was at the “no brainer” level so we did not run calculations with adjusted numbers.  Since both sets had a potential outlier if they both were removed they would have still been up and the general conclusions would not have changed.

Easton, Mass Summary:

The Easton, Massachusetts real estate market is down since last year.  The average prices and the median prices were both down by large amounts.  The days on market were also up, further showing a softening market. 

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

 

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

 

Real Estate Trends – Easton, Massachusetts

Introduction:

Welcome back for our latest market trend report.  Once again we will explore one the local markets in one of the municipalities in which we work in Massachusetts and New Hampshire.  If this is the first report you are reading our goal is to take a town or city in these areas and provide data and analysis on how the market has changed year over year in the most recent completed month, in this case October.

Today we are highlighting Easton, MA in Bristol County.

Easton is on the north east tip of the county and borders cities and towns located in both Norfolk and Plymouth Counties. Easton has been a popular town to live in for many local athletes.  Given the proximity to their facilities most of the more notable ones have been New England Patriots including Andre Tippett, Irving Fryer, Corey Dillon and Mike Vrabel among others.  Several others including several Boston Red Sox players have as well including former AL MVP Mo Vaughn. Easton MA Real Estate - Easton Children's Museum

I personally really like the Easton Children’s Museum as a fun family activity with my young daughters.  It is a nice alternative to Boston’s for those that are south of the city.  It has been a little while since we have been there but the girls loved it. Adorable Girls In Easton MA

Anyway without further ado let’s take a look at Easton’s real estate market.

Market Trends in Easton, MA – October 2013 and 2014:

Several factors for Easton, MA would indicate a slowing market.  Both listing and sales prices were down though the days on market were also down a little, however both years were on the higher side.  Total number of sales was down a little with 20 sales in October 2013 and 16 in 2014.

Average Listing Prices:

Looking at the average listing price in Easton, MA for October 2013 it was $450,805.  Then in October 2014 that was down to $448,363, for a decrease of 0.54%.  This is a meaningless decrease.  However this is the first analysis we have seen where an outlier in the listing (and below in the sales) price really skewed the data.  We have seen this many times with the days on market but not with the pricing before. When you hear about real estate market data the metric usually discussed in Median Sale Price where we have always used Average Sale Price.  Frankly this is only because the Massachusetts MLS data we use gives an average price but not the median so we’d have to calculate that ourselves.  While not particularly difficult, unless there are big outliers they are usually pretty close and the conclusions will be more or less the same.  That is not the case here though. In October 2014 there was one place that sold that had a listed price of $1,299,000 with the next highest being $784,900 (Which itself was more than $200K higher than the 3rd highest).  Besides being >65% more than the 2nd highest listing and being almost as much as the 2nd and 3rd combined if you look at the entire 13 month period between 10/1/13 and 10/31/14 it is the only million dollar listing and was the highest overall by well over $300K.  This shows that it isn’t just an outlier for that month but is in fact a truly unique listing for the town. If you remove this listing from the data the average list price drops down to $391,654 which would be a decrease of 15.10% which is now a huge drop from the previous year.  Since we also mentioned median price we will take a look at that to see how that compares to these adjusted numbers.  In October 2013 the Median Sale Price for Easton, MA was $449,900 (only $905 different than the average) and in October 2014, keeping all the data points, it was $344,950 which is actually much lower than even our adjusted number.  This actually is not too surprising as I mentioned that the 2nd highest listing was more than $200K more than the 3rd (Which itself was a fair bit higher than the rest) so using the more traditional median sales price we see a HUGE decrease of 30.42%. As a math nerd aside this really underscores the importance of looking at the raw data when doing an analysis rather than just looking at the end calculations that a computer spits out at you.  In this case we went from a basically flat market to seeing it in fact has plummeted by 15-30% depending on your preferred way to look at it.

Average Sale Prices:

Next we’ll look at the average sale prices.  In October 2013 the average sale price for Easton, MA was $451,507 and in October 2014 it was down to $436,313. This is a 3.37% decrease.  This is interesting in that while using this metric for listing prices the market was pretty much static while this is going down a reasonable amount. However we of course have that same property skewing the data that we had with the listing prices.  Without rehashing all the details again we will evaluate the sales prices the same way as we did the listing prices above.  Removing that one abnormal property (That had a sale price of $1,200,000) the average sale price was $385,401 and using that we see a 14.64% decrease which is close to the decrease in listing prices above. Using the Median Sale Price method in October 2013 the Median sale price was $447,500 and in October 2014 it was $351,500 for another very large decrease of 21.45%. So we saw pretty much the same pattern as above with a little change with the raw averages, a fairly big change when removing the outlier property and an even bigger one when using median prices (though not quite as big with sale prices as the listing prices).  All way of slicing it show that sales prices are clearly down in Easton, MA from last October.

Average Days on Market:

The other major factor that we look at when evaluating the market is the days on market, or how long it is taking for houses to sell.  In the case of Easton, MA the average days on market were down a bit from last year.  In October of 2013 the average days on market were 107.55 but in 2014 that was down to 90.81, for a 16.15% decrease.  So for home owners trying to sell this year that is the one positive they have is that things are selling a little faster, though 90+ days on market on average is still pretty high. Now as we have seen in several of our previous posts an outlier can skew this data pretty easily.  However this is not the case for Easton, MA as neither year has any that are dramatically higher than any of the other ones.

Easton, Mass Summary:

While needing to tease out the data a little in the end it is quite clear that prices are down significantly in Easton, MA year over year in October.  This clearly shows that the market has slowed down since last year.  Sellers can take a little bit of comfort that the very high days on market have at least come down a little bit. In summary if you are looking to sell a house in Easton, MA now you should expect to get a bit 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 Easton, 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: Easton Children’s Museum via its website)