Real Estate Trends – West Newbury, 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 West Newbury, MA in Essex County

 West Newbury Massachusetts's John Cena - West Newbury MA Real Estate

Market Trends in West Newbury, MA – July 2015 and 2016:

The West Newbury, MA market has fallen off since last year.   The average prices were down significantly and the median prices were down even more so.  The days on market were up just a tiny bit, but would be better described as flat.  Inventory was pretty stable with 5 sales in July of 2015 up to 6 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In West Newbury, MA the average listing price in July 2015 was $741,780.  This was down to $601,283 in July 2016.  This gives a very large decrease of 18.94% year over year. 

Looking at the median prices we see that it was higher in 2015 but lower in 2016.  For July of 2015 the median listing price for West Newbury, MA was $760,000 and in July 2016 it was $594,950 which now gives an even larger decrease of 21.72%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in West Newbury, MA in July of 2015 was $735,380 and in July 2016 that was down to $583,083.  That gives another significant decrease of 20.71%, a little higher than the average list price. 

We see a slightly different pattern as we did for the median list price, this time both were higher than the average price.  For July of 2015 the median sales price for West Newbury, MA was $760,000 and in July 2016 it was $588,750 giving another much smaller decrease of 22.53%.

Prices are down substantially for West Newbury, MA this month.  The range for all four metrics was pretty small going from about 19-22.5%.  The averages were lower than the medians.  Medians are the more common method for real estate pricing analysis so we are going to say that prices are going to be at the top of the range.  Since the median sale price is the most important number while the whole potential range is pretty high prices are probably down right at the top of the range at about 22.5%

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 West Newbury, MA the average days on market in July of 2015 were 71.40 and the average days on market for July 2016 were 72.17 giving a meaningless 1.08% increase.  It is safe to say that days on market were flat here.

West Newbury, Massachusetts Summary:

The West Newbury, Massachusetts real estate market is down significantly since last year.  The average prices were down a lot and the median prices were down an even larger amount.  The days on market were basically flat with just a tiny increase.

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

 

Do you need to sell your West Newbury, 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: John Cena at 2010’s Tribute to the Troops via Wikipedia)

 

Real Estate Trends – Groveland, 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 Groveland, MA in Essex County

 

Market Trends in Groveland, MA – June 2015 and 2016:

The Groveland, MA market has fallen off significantly since last year.   The average prices were down and the median prices were down quite a bit more.  The days on market were up a little bit as well, though this may be a bit understated.  Inventory was down fairly stable with 9 sales in June of 2015 up to 10 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Groveland, MA the average listing price in June 2015 was $416,578.  This was down to $384,040 in June 2016.  This gives a decrease of 7.81% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For June of 2015 the median listing price for Groveland, MA was $419,000 and in June 2016 it was $359,450 which now gives a much larger decrease of 14.21%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Groveland, MA in June of 2015 was $415,394 and in June 2016 that was down to $375,800.  That gives another sizeable decrease of 9.53%, a bit larger than the average list price. 

We see the same pattern as we did for the median list price.  For June of 2015 the median sales price for Groveland, MA was $432,000 and in June 2016 it was $350,000 giving a very big decrease of 18.98%, the largest of all the metrics.

Prices have gone down some for Groveland, MA in June.  The range for all four metrics was pretty large only going from roughly 8-19%.  The averages were a bit lower than the medians with those ranging from about 8-9.5%, with that of the medians being about 14-19%.  Since medians are the much more commonly used method prices are probably down more in that higher range and since sales are much more important than listing prices it would be fair to say prices are most likely down close to 19%.  Though seeing how all the other ones are a bit lower than this it may not be quite that much, but still likely to be closer to that then any of the lower numbers.

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 Groveland, MA the average days on market in June of 2015 were 52.78 and the average days on market for June 2016 were 63.20 giving a modest 19.74% increase.

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) #2Somerset, Everett (Multifamily), Sharon, Dedham #4, Boston’s Brighton (Condos), Winthrop (Condos), Littleton #2, Ipswich, Westport and Franklin (Condos) outliers in the data can really skew these numbers.  This again is the case for Groveland, MA in June.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 159 days on market; this was almost as much as the next 3 properties combined and almost 33.5% of the total days on market for all 9 Properties.  When removed the new calculation for the remaining 8 properties gives an average days on market of 39.50. 

Using the adjusted numbers we now get a much larger increase of 60.0%.  This does not change the basic conclusion that the days on market were up.  However this increase went from a pretty modest amount to a pretty big difference.

Groveland, Massachusetts Summary:

The Groveland, Massachusetts real estate market is down a lot since last year.  The average prices were down and the median sale price were down substantially more.  The days on market were up a good amount as well which gives some additional support to a down market.

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

 

Do you need to sell your Groveland, 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: Groveland MA Flag via Wikipedia)

 

Real Estate Trends – Rowley, 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 Rowley, MA in Essex County

 

Market Trends in Rowley, MA – June 2015 and 2016:

The Rowley, MA market has fallen off since last year.   The average prices were down and the median prices were down as well.  We see the listing prices are down and the sales prices are down quite a lot more.  However the days on market were down a significant amount.  Inventory was down some with 8 sales in June of 2015 down to 5 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Rowley, MA the average listing price in June 2015 was $453,950.  This was down to $442,400 in June 2016.  This gives a small decrease of 2.54% year over year. 

Looking at the median prices we see that it was lower in both years.  For June of 2015 the median listing price for Rowley, MA was $439,450 and in June 2016 it was $429,900 which now gives a slightly smaller decrease of 2.17%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Rowley, MA in June of 2015 was $451,238 and in June 2016 that was down to $432,600.  That gives a modest decrease of 4.13%, but much larger than the list prices. 

We see a different pattern than we did for the median list price.  Looking at the median prices we see that it was lower in 2016 but a bit higher in 2015.  For June of 2015 the median sales price for Rowley, MA was $470,000 and in June 2016 it was $393,000 giving a decrease of 16.38%, giving a substantially larger drop than seen with all the other metrics.

Prices have gone down significantly for Rowley, MA this month.  The two listing price metrics showed pretty minor drops of a little more than 2%.  Listing prices are far less important than sale prices so given that sales showed bigger drops we would not put that much weight on these two numbers.  The average sale price was about double what we saw with the listing metrics but still only a fairly small drop just over 4%.  The median sale price is the most used metric so that would be what we would put the most weight on and that drop was a bit over 16% which definitely significant.  However given the great disparity with the other metrics I would not want to say that prices are down quite that much with some evidence to the contrary.  I would say that it is safe to say prices are down double digits but maybe not that full 16%.

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 Rowley, MA the average days on market in June of 2015 were 166.75 and the average days on market for June 2016 were 72.80 giving a fairly large 56.34% decrease.

Rowley, Massachusetts Summary:

The Rowley, Massachusetts real estate market is down since last year.  The listing prices were down a little, the average sale price was down a lot more and the median sale prices were down significantly more than that.  The days on market were down a good amount though, which gives a counterargument for a down market, though probably just enough to smooth out the decline somewhat rather than negate it.

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

 

Do you need to sell your Rowley, 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: Rowley 375th Anniversary – Alternate Logo via Wikipedia)

 

Real Estate Trends – Andover, Massachusetts (Condos)

 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 Andover, MA in Essex County

 

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

The Andover, MA condo market has fallen off a lot since last year.   The average prices are down and the median prices were down much more.  However the days on market were down some.  Inventory was up a little with 6 sales in May of 2015 down to 8 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Andover, MA the average listing price for a condo in May 2015 was $618,783.  This was down to $542,663 in May 2016.  This gives a sizable decrease of 12.30% year over year. 

Looking at the median prices we see that they were higher in 2015 and lower in 2016.  For May of 2015 the median listing price for condos in Andover, MA was $661,400 and in May 2016 it was $358,700 which now gives a tremendously large decrease of 45.77%! 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Andover, MA in May of 2015 was $610,967 and in May 2016 that was down to $541,386.  That gives another fairly high decrease of 11.39%, slightly lower than we saw for 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 an Andover, MA condo was $639,950 and in May 2016 it was $356,000 giving another substantially larger decrease of 44.37%. 

Prices have gone down quite a bit for condos in Andover, MA in May.  The range was pretty large going from roughly 11.5-46% down.  We see two very different stories if we look at the averages or if we look at the medians.  The average prices were down a fairly large amount from about 11.5-12.5%, however the medians had the bottom fall out with drops from almost 44.5% to just under 46%.  Medians are usually the preferred method but with such big drops there and such a large discrepancy between those and the averages we do want to look a little closer at the data.  In this case the thought that a few outlier sales can really affect the averages more than the medians looks to hold up.  Two of the three lowest overall sales were in 2015 and two of the three largest sales were in 2016 (all 3 happened to be for $1.25M).  So in this case those two high ones dramatically increased the average while the other 6 were all much less than the 2015 average or median (or the 2015 average if you take out the high one there to limit that effect).  Despite being a little critical of the huge drops in the median prices it does appear that they are the better representation of the price drops this month.  However with all that being said they may be overstating things to some extent.  Since with these fairly small number of sales the medians can be a little more volatile so while the data alone says that prices are down around 45%, it may be slightly better though we would be talking high 30s to just over 40%, so not really much help if you are looking to sell now.

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 Andover, MA condos the average days on market in May of 2015 were 110.17 and the average days on market for May 2016 were 69.38 for a pretty good 37.02% decrease.

Andover, Massachusetts Summary:

The Andover, Massachusetts condo real estate market is down a significant amount since last year.  The average prices were down some while the median prices were down significantly more.  The days on market were down a bit, however not nearly enough to start to counteract the tremendous price drops, and do not affect the conclusion of a down market.

In summary if you are looking to sell a condo in Andover, MA now you should expect to get much less for it than you would have gotten last year.  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 Andover, 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: Andover MA Old Town Hall by Fletcher6 via Wikipedia)

 

Real Estate Trends – Ipswich, 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 Ipswich, MA in Essex County

 

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

The Ipswich, MA market has fallen off significantly since last year.   The average prices are down a lot and the median prices were down a bit more.  The days on market appear to be pretty flat at first glance.  However as we have seen before this needs a little closer analysis.  Inventory was down a little with 12 sales in May of 2015 down to 9 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Ipswich, MA the average listing price in May 2015 was $608,825.  This was down to $451,200 in May 2016.  This gives a massive decrease of 25.89% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For May of 2015 the median listing price for Ipswich, MA was $648,000 and in May 2016 it was $409,000 which now gives a much larger decrease of 36.88%!

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Ipswich, MA in May of 2015 was $564,708 and in May 2016 that was down to $441,228.  That gives another very large decrease of 21.87%, though a little smaller than the average list price. 

We see a different pattern than we did for the median list price.  In this case both were lower than the average prices.  For May of 2015 the median sales price for Ipswich, MA was $553,500 and in May 2016 it was $390,000 giving another much larger decrease of 29.54%. 

Prices are down way down for Ipswich, MA in May.  The range was pretty large going from roughly 22-37%.  The average prices were a little lower than the medians.  The averages were down 22-26% while the medians were down 29.5%-37%.  Medians are the more generally accepted method for real estate price analysis so looks like prices are likely more like 30% than lower 20s.  However since the sales prices are much more important than the listing prices it is fair to conclude that prices are down right around 30% instead of pushing up close to 40%.

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 Ipswich, MA the average days on market in May of 2015 were 166.75 and the average days on market for May 2016 were 167.44 being totally flat with a meaningless 0.004% increase.

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) #2Somerset, Everett (Multifamily), Sharon, Dedham #4, Boston’s Brighton (Condos), Winthrop (Condos) and Littleton #2 outliers in the data can really skew these numbers.  This again is the case for Ipswich, MA in May.  In this instance there was a very high days on market place in both 2015 and 2016.

In 2015 there was a property with 677 days on market; this was more than the next 2 properties combined and just under 34% of the total days on market for all 12 Properties.  When removed the new calculation for the remaining 11 properties gives an average days on market of 120.36. 

In 2016 there was a property with 490 days on market; this was more than the next 2 properties combined and just over 32.5% of the total days on market for all 9 Properties.  When removed the new calculation for the remaining 8 properties gives an average days on market of 127.13. 

Using the adjusted numbers we now get a much larger increase of 5.62%.  This does change the basic conclusion that the days on market were pretty much flat.  While the percentage is much higher, only being about 5.5% is still a pretty meaningless increase.

Ipswich, Massachusetts Summary:

The Ipswich, Massachusetts real estate market is down a bit since last year.  The average prices were down tremendously while the median prices were down even more.  The days on market were pretty much flat with only small increase which is not a major factor but does not dispute a conclusion of a down market.

In summary if you are looking to sell a house in Ipswich, MA now you should expect to get a lot less for it than you would have gotten last year.  However you could also expect it to take about the same amount of time to sell compared to last year. 

 

Do you need to sell your Ipswich, 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: Riverfront in Ipswich MA c. 1906 via Wikipedia)

 

Real Estate Trends – Haverhill, Massachusetts (Condos) #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 highlighting the Condo market in Haverhill, MA in Essex County

 Haverhill MA Flag - Haverhill Massachusetts Real Estate

This is the 2nd time we have looked at this market but have not looked at condos here in Haverhill for over a year ago.  At that time things were fairly flat being down just a little bit.

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

The Haverhill, MA condo market has fallen off a lot since last year.   The average prices are down and the median prices were down much more.  The days on market were up a little as well.  Inventory was down a lot with 32 sales in May of 2015 down to 24 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Haverhill, MA the average listing price for a condo in May 2015 was $209,086.  This was down to $193,630 in May 2016.  This gives a modest decrease of 7.39% year over year. 

Looking at the median prices we see that they were higher in 2015 and lower in 2016.  For May of 2015 the median listing price for condos in Haverhill, MA was $224,900 and in May 2016 it was $183,600 which now gives a very large decrease of 18.36%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Haverhill, MA in May of 2015 was $206,384 and in May 2016 that was down to $189,619.  That gives another modestly high decrease of 8.12%, and slightly higher than we saw for 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 a Haverhill, MA condo was $222,950 and in May 2016 it was $184,950 giving another larger decrease of 17.04%. 

Prices have gone down quite a bit for condos in Haverhill, MA in May.  The range was pretty large going from roughly 7.5-18.5% down.  The declines in the average prices were much lower than the medians at about 7.5% to a little over 8%.  The medians were much higher with drops of 17-18.5%.  Medians are the much more preferred method to evaluate real estate pricing data generally so we would conclude that range is the more accurate representation.  On the bright side since sales trump listing prices the best guess is that prices are down right around 17% instead of the slightly high top of the median’s range.

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 Haverhill, MA condos the average days on market in May of 2015 were 74.88 and the average days on market for May 2016 were 83.79 for a fairly small 11.90% increase.

Haverhill, Massachusetts Summary:

The Haverhill, Massachusetts condo real estate market is down a significant amount since last year.  The average prices were down some while the median prices were down significantly more.  The days on market were up a little bit as well, which does further support the conclusion of a down market.

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

 

Do you need to sell your Haverhill, 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: Flag of Haverhill MA via Wikipedia)

 

 

Real Estate Trends – North Andover, Massachusetts (Condos) #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 highlighting the Condo market in North Andover, MA in Essex County

North Andover MA Police Station - North Andover Massachusetts Real Estate  

This is the 2nd time we have looked at condos here in North Andover with the last time being back in September.  We also took a look at the single family market in December.

Market Trends in North Andover, MA – May 2015 and 2016:

The North Andover, MA condo market has fallen off a tremendous amount since last year.   The average prices are down significantly and the median prices were down even more.  However, the days on market were down a little though.  Inventory was down a little with 14 sales in May of 2015 down to 12 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In North Andover, MA the average listing price for a condo in May 2015 was $354,021.  This was down to $222,900 in May 2016.  This gives a huge decrease of 37.04% 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 condos in North Andover, MA was $339,450 and in May 2016 it was $197,450 which now gives a larger decrease of 41.83%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in North Andover, MA in May of 2015 was $348,524 and in May 2016 that was down to $219,517.  That gives another tremendous decrease of 37.02%, almost the exact same change as 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 a North Andover, MA condo was $332,450 and in May 2016 it was $196,500 giving another larger decrease of 40.89%. 

Prices have gone down substantially for condos in North Andover, MA in May.  The range was not very large going from roughly 37-42% down.  The declines in the average prices were basically identical at 37% down and were a little less than the medians.  The medians are usually the preferred method when evaluating real estate prices.  The medians were down a little bit more being down almost 41% to just under 42%.  So while best case is a 37% drop it is probably more like 41%.

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 North Andover, MA condos the average days on market in May of 2015 were 60.71 and the average days on market for May 2016 were 44.50 for a moderate 26.70% decrease.

North Andover, Massachusetts Summary:

The North Andover, Massachusetts condo real estate market is down a huge amount since last year.  The average prices were down substantially while the median prices were down even more.  The days on market were down a little bit however, which is inconsequential compared to the tremendous price drops.

In summary if you are looking to sell a condo in North Andover, MA now you should expect to get much 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 North Andover, 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: North Andover MA Police Station via North Andover MA Town Website)

 

Real Estate Trends – Swampscott, 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 Swampscott, MA in Essex County

 Swampscott MA Town Hall - Swampscott Massachusetts Real Estate

Market Trends in Swampscott, MA – February 2015 and 2016:

The Swampscott, MA market has fallen off significantly since last year.   The average prices were down a lot and the median prices were down as well.  However the days on market are down a bit.  Inventory was fairly stable going from 6 sales in February of 2015 to 7 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Swampscott, MA the average listing price in February 2015 was $697,483.  This was down to $497,843 in February 2016.  This gives a huge decrease of 28.62% year over year. 

Looking at the median prices we see that they were lower in both years.  For February of 2015 the median listing price for Swampscott, MA was $471,000 and in February 2016 it was $419,000 which gives a much smaller, but still significant, decrease of 11.04%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Swampscott, MA in February of 2015 was $681,917 and in February 2016 that was down to $488,557.  That gives a nearly identical 28.36% decrease compared to the average list price. 

We see the same pattern with the median sale prices as we did for the listing prices.  For February of 2015 the median sales price for Swampscott, MA was $460,000 and in January 2016 it was $414,000 giving another substantial but smaller decrease of 10.00%. 

Without a doubt the data is showing that prices are down for Swampscott, MA last month.  The averages were down quite a bit more than the medians.  Medians are the preferred analysis method for real estate pricing, so while good to know it is probably inaccurate to say that things are down even close to the approximately 28.5% the averages suggest.  Prices are really down much more in the 10-11% that the medians were.  In fact since the median sale price was exactly 10% down that is the best overall guess as to where prices stand.

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 Swampscott, MA the average days on market in February of 2015 were 148.17 and the average days on market for February 2016 were 109.71 for a pretty sizable 25.96% decrease. 

Swampscott, Massachusetts Summary:

The Swampscott, Massachusetts real estate market is down a bit since last year.  The average prices were way down.  The median prices were also down a significant amount, though not as much as the averages.  The days on market were down a bit though, which is a nice bonus but does not really make up for the sizable price drops.

In summary if you are looking to sell a house in Swampscott, MA now you should expect to get less for it than you would have gotten last year.  However 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 Swampscott, 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: Swampscott, MA Town Hall by Daderot via Wikipedia)

 

 

Real Estate Trends – Georgetown, 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 Georgetown, MA in Essex County

 Georgetown MA Town Offices - Georgetown Massachusetts Real Estate

Market Trends in Georgetown, MA – February 2015 and 2016:

The Georgetown, MA market has fallen off significantly since last year.   The average prices were down a lot and the median prices were down even more.  However the days on market are down a lot though, and might actually be understated at first glance.  Inventory was down slightly going from 7 sales in February of 2015 to 5 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Georgetown, MA the average listing price in February 2015 was $480,971.  This was down to $334,895 in February 2016.  This gives a huge decrease of 30.37% year over year. 

Looking at the median prices we see that it was higher in both years.  For February of 2015 the median listing price for Georgetown, MA was $515,000 and in February 2016 it was $349,900 which gives an even larger decrease of 32.06%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Georgetown, MA in February of 2015 was $468,779 and in February 2016 that was down to $316,000.  That gives a slightly larger 32.59% decrease compared to the average list price. 

We see a slightly different pattern with the median sale prices as we did for the listing prices.  It was still quite a bit higher for 2015 but in 2016 it was a tiny bit lower than the average.  For February of 2015 the median sales price for Georgetown, MA was $515,000 and in January 2016 it was $315,000 giving the largest decrease we have seen at 38.83%. 

Without regard to which of the pricing metrics you want to look at they are all showing prices are down significantly year over year for Georgetown, MA in February.  Every indicator was down over 30% so it is safe to say that is the minimum we are looking at.  Medians are generally favored over averages and sales are more important than listing prices so that set starts at a little over 32% and the most important figure, the median sale price, was down just under 39%.  No matter what things are down a lot but it is probably closer to the worst case of pushing 40% than the best case of “only” being down a touch over 30%.

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 Georgetown, MA the average days on market in February of 2015 were 157.14 and the average days on market for February 2016 were 102.00 for a pretty sizable 35.09% 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 and Londonderry, NH outliers in the data can really skew these numbers.  This again is the case for Georgetown, MA in February.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 338 days on market; this was much more than the other 4 properties combined and over 66% of the total days on market for all 5 Properties.  When removed the new calculation for the remaining 4 properties gives an average days on market of 43.0. 

Using the adjusted numbers we now get a huge decrease of 72.64%!  This does not change the general conclusion of the days on market being down.  However instead of a fairly moderate drop the days on market now appear to have fallen a huge amount.  This is definitely a little surprising given the large prices drops seen.

Georgetown, Massachusetts Summary:

The Georgetown, Massachusetts real estate market is down significantly since last year.  The average prices were way down and median prices were down even more.  The days on market were down a huge amount though, as a counter argument to how much the market is down.  While the decrease in days on market was substantial the price drops were all far too large for that to significantly impact the conclusion of a decline in the market.

In summary if you are looking to sell a house in Georgetown, MA now you should expect to get a lot 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 as well. 

 

Do you need to sell your Georgetown, 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: Georgetown Town Offices by Fletcher6 via Wikipedia)

 

Real Estate Trends – Salem, Massachusetts (Condos)

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 a look at the Condo market in Salem, MA in Essex County

 Flag of Salem MA - Salem Massachusetts Real Estate

Market Trends in Salem, MA – February 2015 and 2016:

The Salem, MA condo market has fallen off some since last year.   The average prices were down a lot and the median prices were down some too.  The days on market were also up a bit as well.  Inventory was up a good amount going from 14 sales in February of 2015 up to 22 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Salem, MA the average listing price in February 2015 was $313,113.  This was down to $254,309 in January 2016.  This gives a very big 18.78% decrease year over year. 

Looking at the median prices we see that it was lower than the average in 2015 but a little higher in 2016.  For February of 2015 the median listing price for Salem, MA condos was $269,450 and in February 2016 it was $257,450 which now gives a much smaller decrease of 4.45%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Salem, MA in February of 2015 was $306,657 and in February 2016 that was down to $250,768.  That gives another substantial 18.23% decrease.

We see a fairly similar pattern with the median sale prices as we did for the listing prices.  For February of 2015 the median sales price for Salem, MA condos were $262,250 and in February 2016 it was $257,450 giving a very small decrease of 1.83%. 

The condo market in Salem, MA is a little harder to pin down than most with this month’s data.  The averages would indicate that prices are down substantially while the medians show only a modest decline.  Usually the median sale price is the most favored metric for this kind of analysis and that would say that things were fairly flat with barely any decrease.  However this is a case where I would not want to just ignore the averages since looking at the data you see some other indicators that things are down this year more than the 1-2% the median sale price says.  A few of these things is that the 6 lowest sales were in 2016 and then the 3 highest sales were in 2015 (two of them being quite a bit higher, hence the average being a lot higher).  So in this case the median seems to be a little misleading.  While it might not be realistic to say the market is down close to the 18-19% the averages say, being down less than 2% seems unrealistic too.  The truth is probably in the middle and our best guess would be that things are down probably more in the 8-10% range.

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 Salem, MA the average days on market in February of 2015 were 79.14 and the average days on market for February 2016 were 96.64 for a decent 22.11% increase. 

Salem, Mass Summary:

The Salem, Massachusetts condo real estate market is down since last year.  The average prices were down quite a bit and the median prices were down a small amount as well.  The days on market are also up a fair amount.

In summary if you are looking to sell a condo in Salem, 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 Salem, 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: Flag_of_Salem,_Massachusetts via Wikipedia)