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

 Lelacheur Park Home of the Lowell Spinners - Lowell Massachusetts Real Estate

We frist took a look at the Lowell, MA Condo market back in June where is was down a huge amount.  Things are not that bad this time around.  Keep reading to see how the Lowell, MA Condo market is doing now.

Market Trends in Lowell, MA – October 2014 and 2015:

The Lowell, MA condo market has fallen off since last year.   Both the average listing and sale prices were down a bit.  The median prices were down as well.  The days on market do appear to be down moderately, though as we have seen before this might be somewhat deceptive.  Inventory was fairly stable but up slightly with 23 sales in October of 2014 and 25 in October 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Condos in Lowell, MA the average listing price in October 2014 was $200,600.  This was down to $185,462 in October 2015.  This gives a noticeable decrease of 7.55% year over year. 

 Looking at the median prices we see that they are quite a bit lower than the averages both years.  For October of 2014 the median listing price for a condo in Lowell, MA was $185,900 and in October 2015 it was $172,500 which now gives a very similar decrease of 7.21%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Lowell, MA condos in October of 2014 was $197,630 and in October 2015 that was down to $180,203.  That gives another pretty good 8.82% decrease. 

We see the same basic pattern with the median sale prices as we did for the listing prices.  For October of 2014 the median sales price for condos in Lowell, MA was $183,500 and in October 2015 it was $170,000 giving a slightly smaller decrease of 7.36%.

All the metrics we examine show that prices are definitely down for the Lowell, MA condo market in October.  Everything was pretty close with only the average sale price being down much more than the other indicators, but not that much.  I think it is reasonable to give less weight to that one and say that prices are probably down roughly 7-7.5% that is seen with the other 3 items.

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 Lowell, MA condos the average days on market in October of 2014 were 93.43 and the average days on market for October 2015 were 75.08 for a modest 19.64% 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 and Littleton outliers in the data can really skew these numbers.  This again is the case for Lowell, MA condos in October.  In this instance there was a very high days on market place in the 2014 data.

In 2014 there was a property with 426 days on market; this was much more than the next 2 properties combined and almost 20% of the total days on market for all 23 Properties.  When removed the new calculation for the remaining 22 properties gives an average days on market of 78.32. 

Using the adjusted numbers we still see a decrease, but of only 4.14%.  This does not change the general conclusion of the days on market being down.  However, now it looks like they are pretty flat with a fairly meaningless decline rather than being down by a moderate amount.

Lowell, Mass Summary:

The Lowell, Massachusetts real estate condo market is down a fair amount since last year.  The average prices are down as well as the median prices.  The days on market were fairly flat, so pretty much a non factor in determining how the market is doing. 

In summary if you are looking to sell a condo in Lowell, MA now you should expect to get less for it than you would have gotten last year.  You should also probably expect it to take more or less the same amount of time to sell compared to last year too. 

 

Do you need to sell your Lowell, 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: Lelacheur Park via Wikipedia)

 

Real Estate Trends – Lowell, 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 revisiting the market in Lowell, MA in Middlesex County

 Lowell MA National Park Boat Tour - Lowell Massachusetts Real Estate

This is the 3rd time we have looked at single families in Lowell (Previously Last December and in April) as well as Lowell’s Multifamily Market and most recently Lowell’s Condo Market.  As of this writing we have featured Lowell more than any other city other than Boston, MA which we do a lot of features on specific neighborhoods.

Market Trends in Lowell, MA – September 2014 and 2015:

The Lowell, MA market has fallen off somewhat since last year.   Both the average listing and sale prices were down some, as were the median prices as well.  However the days on market were down a little bit.  Inventory was up a fair amount going from 31 sales in September of 2014 up to 39 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Lowell, MA the average listing price in September 2014 was $252,395.  This was down to $235,449 in September 2015.  This gives a pretty modest decrease of 6.71% year over year. 

Taking a look at the median prices we see that they are a little bit different than the average in both 2014 and in 2015, and in different directions.  For September of 2014 the median listing price in Lowell, MA was $258,900 and in September 2015 it was $229,000 which now gives a much larger 11.55% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price in Lowell, MA in September of 2014 was $247,545 and in September 2015 that was down to $232,424.  This gives another fairly modest 6.11% decrease, similar to the drop in average listing prices above. 

We see a different pattern with the median sale prices as we did for the listing prices with them being closer to the averages and the small differences are in the same direction.  For September of 2014 the median sales price for Lowell, MA was $245,000 and in September 2015 it was $229,000 giving a slightly larger 6.53% decrease.

By all of the measures the Lowell, MA market is down at least some amount.  With 3 of the 4 metrics looked at say things are down in the 6-7% range I would dismiss the much larger drop seen in the median list price as just an anomaly.  Therefore it is fair to conclude that the single family market in Lowell, MA is down in the 6-7% range this month compared to September of 2014.

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 Lowell, MA the average days on market in September of 2014 were 71.58 and the average days on market for September 2015 were 63.36, for a fairly small 11.48% decrease. 

Lowell, Mass Summary:

The Lowell, Massachusetts real estate market is down somewhat since last year.  The average prices and the median prices were all down.  The Median list price was down by a significant amount but we would discount that and look more at the other 3 pricing metrics that were all in the 6-7% range to evaluate exactly how far we think things have fallen.  The days on market were actually down a modest amount but overall they are still fairly high.   

In summary if you are looking to sell a house in Lowell, MA now you should expect to get less for it than you would have gotten last year.  You should also expect it might sell a little bit faster compared to last year too. 

 

Do you need to sell your Lowell, 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: National Park Service boat tour of the Lowell Canal System by Jlpapple via Wikipedia)

 

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

 Pawtucket Canal at Central St. - Lowell MA Real Estate

Market Trends in Lowell, MA – May 2014 and 2015:

We have looked at Lowell a few times in the past examining its single family housing market in November and in March as well as its Multifamily housing market in January, but this is the first time we have taken a look at the sizable condo market in the city.

The Lowell, MA Condo market appears to be down a lot since last year.  Both the average listing and average sales prices were down significantly.  However, the days on market decreased substantially year over year as a small counter point to the pricing drops.  Inventory was about the same going from 31 sales in May of 2014 to 30 in May 2015. 

Average Listing Prices:

Starting off first we will look at the average listing price.  For Lowell, MA Condos the average listing price in May 2014 was $209,924.  This was down to $162,580 in May 2015.  That gives a very significant 22.55% decrease year over year. 

Average Sale Prices:

Next we will look at the average sale prices.  The average sale price for Lowell, MA Condos in May of 2014 was $208,173 and in May 2015 that was down to $159,547.  That gives an even larger decrease of 23.36%, which again is quite large. 

Average Days on Market:

The final 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 Lowell, MA Condos the average days on market in May of 2014 were 99.87 and the average days on market for May 2015 were 62.23, for a fairly large 37.69% decrease.  It is slightly surprising to see such a large decrease in the days on market when prices were down so much

Lowell, Mass Summary:

The Lowell, Massachusetts real estate condo market looks like is has declined dramatically since last year.  The very large drops in listing prices and sale prices show this pretty clearly.  However, the fairly significant decrease in days on market is at least one nice reprieve for sellers looking at getting quite a bit less than they may have expected.    

In summary if you are looking to sell a Condo in Lowell, MA now you should expect to get a lot less than you would have last year.  However you should also expect it to take much less time to sell compared to last year if you have it priced correctly.

 

Do you need so sell your Lowell, 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: Pawtucket Canal at Central St by John Phelan via Wikipedia)

 

 

 

 

 

Real Estate Trends – Lowell, Massachusetts #2

Introduction:

Thanks for joining us for our latest real estate market trend report.  If you have been reading these for a while you will notice we are starting to follow up on previous reports on various cities and towns.  As we have less and less new towns to look at we will be going back to other places more and more. 

Today we are revisiting Lowell, MA in Middlesex County

 

Back in December we looked Lowell’s housing market and saw it was fairly flat, now we wanted to check back to see how it looked after a few months.

Market Trends in Lowell, MA – March 2014 and 2015:

The Lowell, MA market has mostly stayed flat in March as well.  Both the average listing and average sales prices were down a small amount.  The days on market were up slightly as well, which is different than previously seen.  Inventory was very consistent with 29 sales in March of 2014 and 30 in 2015. 

Average Listing Prices:

The first thing we are going to look at is the average listing price.  For Lowell, MA the average listing price in March 2014 was $237,614.  This was down a bit to $235,713 in March 2015.  That gives a negligible decline of 0.80%.  This is even smaller than the 2.45% we saw for the November data.

Average Sale Prices:

The next item we are going to be looking at is the average sale prices.  The average sale price for Lowell, MA in March of 2014 was $235,862 and in March 2015 that was down to $231,495.  That gives a slightly larger decrease of 1.85%.  Still very small and gives more weight for calling the market flat.  Also it is very similar to the 1.57% seen last time.

Average Days on Market:

Finally we will look at the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Lowell, MA the average days on market in March of 2014 were 94.38 and the average days on market for March 2015 were 101.50, for a small 7.54% increase.  This is the only point that is a bit different than when we looked at the Lowell housing market before.  At that time the days on market went down 22.60% year over year.  Which the percent increase isn’t big the total swing of just over 30% is worth looking at.  It is also worth noting the March 2014 numbers were only a little higher than the previous November while in 2015 they are up over a month since then.

Lowell, Mass Summary:

The Lowell, Massachusetts real estate market has continued to be flat since last year.  The drops in both listing prices and sale prices were very small, and even smaller than seen previously.  The very small increase in days on market also seems to indicate more stability than a down trending market.   The fact that days on market were actually up some is the only reason that one might say that the market has changed at all since November.    

In summary if you are looking to sell a house in Lowell, MA now you should expect to get pretty much the same for it as you would have last year.  There is also no particular reason you should need to consider taking a discount to sell it.  One might consider it though just since, while stable, the days on market are quite high being over 100. 

 

Do you need to sell your Lowell, 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:  “Merrimack and Concord” via Wikipedia)

 

 

Real Estate Trends – Lowell, Massachusetts (Multifamily)

Introduction:

In this real estate market trend report we are going to once again take a look at multifamily properties.  This will be our second consecutive report looking at a multifamily market following our report on Brockton Multifamilies last week.  If you are here for the first time what we do in these reports is examine a city or town in Massachusetts or New Hampshire and its year over year real estate market trends.  Then we look at those observations and analysis what they mean going forward.

Today we are highlighting the multifamily market of Lowell, MA in Middlesex County.

Lowell City Hall - Lowell MA Real Estate

We took a look at Lowell’s single family market back in December, and plan on revisiting this market soon.

 Market Trends in Lowell, MA – January 2014 and 2015:

The Lowell, MA multifamily market is down slightly since last year.  Both the listing and sales prices are down somewhat.  The days on market are up a fair amount though.  Inventory was pretty steady with 10 sales in January of 2014 and 11 in January 2015.

Average Listing Prices:

As always we will first take a look at the average listing price.  For Lowell, MA multifamily properties the average list price was $240,420 in January 2014.  This went down to $231,535 in January 2015.  This gives a slight decrease of 3.70%.

Average Sale Prices:

Next we look at the average sale prices.  For January of 2014 the average sale price for a Lowell, MA multifamily was $232,190 and in January 2015 that was down just a tad to $229,444.  That would be a smaller decrease of 1.18%.  This is a pretty tiny difference.  Since the actual sale prices are falling less than the list prices this could indicate that local agents have seen the market has slowed down and have been able to compensate accordingly.

Average Days on Market:

Finally we look at are the days on market.  The days of market are a measure of how long it is taking for a house to sell in the market.  For Lowell, MA multifamily properties the average days on market in January of 2014 was 54.3 and the average days on market for January 2015 were 96.55, for a pretty large 77.8% increase. However, as we have seen in many of our previous posts for the municipalities of Abington, BedfordSeekonk, Belmont, Topsfield, Canton, Dracut (Condos)Hamilton, Wakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton , Wrentham, Stoneham, Dedham, Nashua, NH , Tewksbury and Brockton (Multifamily) outliers can skew the data.  This also happens to be the case here for Lowell, MA multifamily properties as well.  In this instance it is the 2015 data that is skewed.  We will see that this makes the increase we see less dramatic. In 2015 there was one place that was high at 303 days; this was close to double the next highest one.  When we remove this point the other 10 houses were left with an average of 75.9.  Using this instead we see that the increased is now 39.78%.  So either way the days on market were up a lot but if we use the adjusted number they are up less.

Lowell, Mass Summary:

The Lowell, Massachusetts multifamily real estate market has been pretty stagnant since last year.  The small declines in both listed and sale prices to seem to signal that things might be heading downward.  The significant increase of the days on market also support observation even more since that indicator has changed more.  While prices are only a little less than flat if the days on market keep increasing that usually is followed by lower prices as well. In summary if you are looking to sell a multifamily house in Lowell, MA now you should expect to get about the same of maybe a little bit less for it than you would have last year.  You also should also be willing to take a discount off of your initial price to avoid sitting on it for a longer time.

 

Do you need to sell your Lowell, Massachusetts multifamily 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: Lowell City Hall by EMW via Wikipedia)  

 

Real Estate Trends – Lowell, Massachusetts

Introduction:

Welcome back to our latest market trend report examining the real estate markets in Eastern Massachusetts and Southern New Hampshire.  If this is your first time here, in these reports we will examine the city’s year over year change in the real estate market and discuss how things are doing and where they might be going.

City of Lowell MA - Lowell MA Real Estate

Today we are highlighting Lowell, MA in Middlesex County, the 4th largest city in Massachusetts.

Market Trends in Lowell, MA – November 2013 and 2014:

Lowell, MA is showing some early indicators of a slowing market with listing and sales prices down.  However the days on market were down a bit.  Sale volume was very consistent with 32 sales in November of 2013 and 31 in 2014.

Average Listing Prices:

The first thing we’ll look at is the average listing price.  For Lowell, MA that went from $241,712 in November 2013, down to $235,787 in November 2014.  This represents a decrease of 2.45%.  This is a fairly small decrease.  However these small changes are often the first indicator of a downward trend.  It will be interesting to see how Lowell trends into 2015.

Average Sale Prices:

The next metric we will check out is the average sale prices.  In November 2013 the average sale price for Lowell, MA was $230,138; in November 2014 it was down to $226,515.  This is again a modest decrease of 1.57%.  This decrease is a little bit smaller than the dip in listing price.  The difference is not that big but could indicate that local agents see that prices are going down and have compensated better with the listing prices.  This actually makes sense when we look at the days on market next.

Average Days on Market:

Seeing how long it is takes for houses to sell is the final major factor that is important when evaluating the market.  For Lowell, MA the average days on market were down year over year.  Looking at November of 2013 the average days on market were 90.19 but in 2014 that was down to 69.81, for a 22.60% decrease.  Seeing the drop in listing prices being less than the drop in selling prices looks to me that things are selling a little faster as prices are being more on target than they were last year. So the prices are falling but are selling a little closer to the listed price (sales at about 95% of list in 2013 and just over 96% in 2014) so things are selling a tad faster too.

Lowell, Mass Summary:

The Lowell, Massachusetts real estate market has softened a little year over year.  The ~2% declines in both listed and sale prices show these both might be heading to more of a drop.  The days on market being down does give some validity that maybe the market is just stable.  We will keep an eye on Lowell the next couple months to see which way things go in the New Year. In summary if you are looking to sell a house in Lowell, MA now you should expect to get slightly less for it than you would have last year.  You also should expect to sell it a little faster than in 2013 if you have it priced right and should not need to take any steep discount on it to avoid having to sit on it for a long time.

 

Do you need to sell your Lowell, 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: City of Lowell via the City of Lowell MA website)