Real Estate Trends – Mansfield, Massachusetts

Introduction:

Thank you for joining us for our latest real estate market trend report.  If this is your first time reading one of these reports, what we do is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate its current conditions.  What we do is look at the changes in several key metrics year over year for the town to see how the market has changed and then evaluate what those observations mean for that market moving forward.

Today we are highlighting Mansfield, MA in Bristol County.

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

The Mansfield, MA market has fallen off a bit since last year.  Both the average listing and average sales prices were down a pretty large amount.  However the days on market are actually down some.  Inventory was down just a bit from 12 sales in March of 2014 to 10 in 2015.

Average Listing Prices:

As usual the first thing we are going to look at is the average listing price.  For Mansfield, MA the average listing price in March 2014 was $412,092.  This was down a bit to $382,625 in March 2015.  That gives a very noticeable decline of 7.15%.

Average Sale Prices:

The next thing we are going to be looking at is the average sale prices.  The average sale price for Mansfield, MA in March of 2014 was $409,379 and in March 2015 that was down to $369,915.  That gives a noticeably larger decrease of 9.64%.  It looks as if the market is falling and the local real estate agents are not compensating for this with their advice on listing prices as fast as the sales are falling.

Average Days on Market:

The final item we 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 Mansfield, MA the average days on market in March of 2014 were 98.5 and the average days on market for March 2015 were 80.0, for a noticeable 18.78% decrease. Since we have seen so many instances where a single data point in one, or both, years can skew the data I want to point out that is not the case for Mansfield, MA for either year we looked at.

Mansfield, Mass Summary:

The Mansfield, Massachusetts real estate market has gone down a bit since last year.  The sizable drop in listing prices along with the even larger drop in sale prices support this.  The decline in days on market, while an opposite indicator, was not that big of a drop and does not at all make up for the big pricing drops. In summary if you are looking to sell a house in Mansfield, MA now you should expect to get a fair bit less for it than you would have last year.  The market is moving a little faster than last year though, however you should still consider taking a discount to sell it faster as the days on market are still pretty high.  

 

Do you need to sell your Mansfield, 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: Mansfield MA Town Hall by ToddC4176 via Wikipedia)