Real Estate Trends – Fall River, 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 once again highlighting the market in Fall River, MA in Bristol County

 Fall River MA Seal - Fall River Massachusetts Real Estate

This is the first time looking at single family properties here in Fall River, MA.  Previously we did look at the Multifamily market back in December of last year.

Market Trends in Fall River, MA – February 2015 and 2016:

The Fall River, MA market has fallen off substantially since last year.   The average prices were down significantly and the median prices were down even more.  The days on market were also up quite a lot also.  Inventory was up a little with 21 sales in February of 2015 and up to 24 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Fall River, MA the average listing price in February 2015 was $240,314.  This was down to $209,000 in February 2016.  This gives a very large decrease of 13.03% year over year. 

Looking at the median prices we see that it was lower in both years, though barely in 2015.  For February of 2015 the median listing price for Fall River, MA was $239,000 and in February 2016 it was $197,450 which now gives an even larger decrease of 17.39%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Fall River, MA in February of 2015 was $230,590 and in February 2016 that was down to $200,429.  That gives pretty much the same decrease we saw with the average listing price at 13.08%. 

We see a different pattern than we did with the listing prices here for the median sale prices.  In this case it was higher in 2015 while still lower in 2016.  For February of 2015 the median sales price for Fall River, MA was $238,000 and in February 2016 it was $197,500 giving another larger decrease of 17.01%. 

Everything indicates that prices are down substantially in Fall River, MA in February.  The range for all 4 metrics is not huge going from about 13-17.5%.  However both the averages prices were lower and the medians were higher.  Since medians are the more favored method for looking at real estate pricing we would conclude that prices are down in that 17% range of the medians price declines.

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 Fall River, MA the average days on market in February of 2015 were 103.71 and the average days on market for February 2016 were 185.92 for a huge 79.27% increase. 

Fall River, Massachusetts Summary:

The Fall River, Massachusetts real estate market is down a good amount since last year.  The average prices were down a lot with the median prices being down by an even more substantial amount.  The days on market were also up significantly, which further supports a conclusion of the market being down a significant amount. 

In summary if you are looking to sell a house in Fall River, MA now you should expect to get much less for it than you would have gotten last year.  You can also expect it to take a much more time to sell compared to last year as well.  With the huge increase in days on market sellers might want to consider selling at a discount from the already reduced prices to avoid sitting on their property for a very long time.

 

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

 

Real Estate Trends – Fall River, Massachusetts (Multifamily)

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 Multifamily market in Fall River, MA in Bristol County

 Kennedy Park in Fall River MA - Fall River Massachusetts Real Estate

Market Trends in Fall River, MA – November 2014 and 2015:

The Fall River, MA multifamily market has fallen off significantly since last year.   Both the average listing and sale prices were down a lot while the median prices were down significantly as well.  The days on market were also up by a large amount.  Inventory was up some with 10 sales in November of 2014 and 13 in November 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For multifamily properties in Fall River, MA the average listing price in November 2014 was $190,070.  This was down to $168,638 in November 2015.  This gives a sizeable decrease of 11.28% year over year. 

Looking at the median prices we see that they are higher than the averages one year and less in the other.  For November of 2014 the median listing price for a multifamily in Fall River, MA was $197,450 and in November 2015 it was $159,900 which now gives a much larger decrease of 19.02%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Fall River, MA multifamily properties in November of 2014 was $177,000 and in November 2015 that was down to $154,001.  That gives another very large 12.99% decrease.

We see a similar pattern with the median sale prices as we did for the listing prices.  For November of 2014 the median sales price for a multifamily in Fall River, MA was $180,000 and in November 2015 it was $139,000 giving by far the largest decrease of any of the metrics with a drop of 22.78%.

All the metrics are showing that prices are down double digits for the Fall River, MA multifamily properties market in November.  However, the median prices suggest things are down much more than the average prices indicate.  Since Medians are the preferred analysis method we would conclude that prices are down much more like the ~20% seen with the median prices rather than 11-13% you see with the averages.

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 Fall River, MA multifamily properties the average days on market in November of 2014 were 90.10 and the average days on market for November 2015 were 130.31 for a large 44.63% increase. 

Fall River, Mass Summary:

The Fall River, Massachusetts real estate multifamily market is down a huge amount since last year.  The average prices are down quite a bit and the median prices even more.  The days on market were also up a large amount indicating a much slower market as well. 

In summary if you are looking to sell a multifamily property in Fall River, MA now you should expect to get a lot less for it than you would have gotten last year.  You should also expect it to take a significantly longer time to sell compared to last year too. 

 

Do you need to sell your Fall River, Massachusetts multifamily property 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: Kennedy_Park_Fall_River by Marcbela via Wikipedia)