Real Estate Trends – Lincoln, 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 Lincoln, MA in Middlesex County

 

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

The Lincoln, MA market has fallen off significantly since last year.   The average prices are down a lot and the median prices were down even more.  The days on market down a little.  Inventory was up a bit with 8 sales in June of 2015 up to 11 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Lincoln, MA the average listing price in June 2015 was $1,482,875.  This was down to $1,232,136 in June 2016.  This gives a large decrease of 16.91% year over year. 

Looking at the median prices we see that it was lower in 2015 and higher in 2016.  For June of 2015 the median listing price for Lincoln, MA was $1,424,000 and in June 2016 it was $1,299,000 which now gives a much smaller decrease of 8.78%!

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Lincoln, MA in June of 2015 was $1,456,250 and in June 2016 that was down to $1,155,000.  That gives another very large decrease of 20.69%, a bit larger than the average list price. 

We see a different pattern than we did for the median list price where this time both years are lower than the average price.  For June of 2015 the median sales price for Lincoln, MA was $1,443,000 and in June 2016 it was $1,100,000 giving another very large decrease of 23.77%, and the highest of all our metrics.

Prices have gone down for Lincoln, MA this month.  The range was fairly large for the four metrics ranging roughly 9-24%.  The median list price is the clear outlier here being barely half of the next lowest number we saw.  That would bring it to a more reasonable range of 17-24%, which is still fairly large.  Looking deeper it is fair to give much more weight to the sale price metrics so very little weight can be given to the average list price which would leave the major considerations being the 2 sale metrics.  Looking just at those it is more like 21-24%.  Since medians are the more common method for evaluating real estate prices we can give that the most weight and would say that prices are probably down more on the high end of that smallest range, best guess in the 23% neighborhood.

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 Lincoln, MA the average days on market in June of 2015 were 110.25 and the average days on market for June 2016 were 99.36 giving a fairly small drop with a 9.88% decrease.

Lincoln, Massachusetts Summary:

The Lincoln, Massachusetts real estate market is down significantly since last year.  The average prices were down substantially while the median sale price was down even more than that.  The days on market were down a small amount however.

In summary if you are looking to sell a house in Lincoln, 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 a little less time to sell compared to last year. 

 

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