Real Estate Trends – Hamilton, Massachusetts

Introduction:

In this market trend report looking at a Massachusetts real estate market we are looking at a town recently cited in a boston.com article about towns with declining markets.  That article was using year over year data for September so since we are up to using October data I thought it would be interesting to see if the trend was continuing.  Several of the towns are a little beyond our scope by being on the Cape and the islands (Though please still contact us if you need help with properties there, they just aren’t a direct focus area) and one town, Bellingham, MA was already featured previously and the trends we saw apparently continued from our analysis in July.

Today we are highlighting Hamilton, MA in Essex County, a small town north of Boston that shares a school district and several municipal features with neighboring Wenham.

Hamilton Town Hall - Hamilton, MA Real Estate

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

All of the items examined for Hamilton, MA show a slowing market with listing and sales prices down quite a bit and days on market were up significantly.  Sale volume was pretty consistent with 6 sales in October 2013 and 7 in 2014.  So it is pretty clear the trends cited in that article continued into October.

Average Listing Prices:

Our first metric we look at is the average listing price.  For Hamilton, MA that went down a lot from October 2013 when the average listed price was $429,300.  Then by October 2014 it was all the way down to $378,829, for a large double digit decrease of 11.76%.  This is a clear indicator of a slowing market.  With the market going down for a while the towns Realtors are trying to adjust their client’s prices to keep the properties marketable and not sit on the market for an extended period.  Keep reading to see if they are having any luck with that.  :)

Average Sale Prices:

Next we check out the average sale prices.  In October 2013 the average sale price for Hamilton, MA was $413,983; in October 2014 it was down to $365,571. This is a similarly big decline as the listing prices at an 11.69% decrease.  This obviously also shows that the market has declined since the actual sale prices are the biggest factor in evaluating the market

Average Days on Market:

Besides looking at the pricing the other major factor that is important when evaluating the market is to see how long it is taking for houses to sell.  In the case of Hamilton, MA the average days on market are up significantly as well.  Looking at October of 2013 the average days on market were 52.17 but in 2014 that was up to 101.14, for a 93.9% increase. Now as we have seen in our previous posts for Abington, Bedford, Seekonk, Belmont, Topsfield, Cantonand Dracut (Condos) some outliers can really skew the data.  That is again the case for Hamilton, MA, and like most of these previous cases it is the 2013 data that is skewed and makes the conclusion even worse than originally seen. In October 2013 there was one very high days on market of 128.  This was almost double the 2nd highest and more than the other 4 put together.  If you eliminate this one the other 5 properties have an average of 37.0.  If you use that instead then the increase is even higher at over 173%!  Now with so few sales in both years the percentages can be very high but even just looking at the raw data the 2 longest days on market were in 2014 (that is leaving in the very high 2013 point BTW) and then after that point the next 3 highest are in 2014 and the 2 shortest are in 2013 so it is pretty clear that this trend of things sitting longer is a very real across all the data.  It is very clear that things are taking much longer to sell in October 2014 than they did in 2013.

Hamilton, Mass Summary:

By every indicator we looked at the Hamilton, Massachusetts real estate market has slowed down significantly year over year.  The greater than 11% declines in both listed and sale prices indicate that sellers may have missed out on what might have been a 2013 price peak.  This along with the very large increase in the days on market shows that buyers are not willing to pay for these properties. In summary if you are looking to sell a house in Hamilton, MA now you should expect to get 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 Hamilton, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

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(Image credit: Hamilton Town Hall by Fletcher6 via Wikipedia)