Real Estate Trends – Marion, 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 Marion, MA in Plymouth County

 Marion MA Town Seal - Marion Massachusetts Real Estate

Market Trends in Plymouth, MA – July 2015 and 2016:

The Marion, MA market has fallen off since last year.   The average prices were down tremendously and the median prices were down as well.  The days on market were down a huge amount, though that might be slightly overstated.  Inventory was up a little with 7 sales in July of 2015 down to 9 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Marion, MA the average listing price in July 2015 was $1,397,521.  This was down to $573,033 in July 2016.  This gives a massive decrease of 59.00% year over year. 

Looking at the median prices we see that it was lower in 2015 but marginally higher in 2016.  For July of 2015 the median listing price for Marion, MA was $599,950 and in July 2016 it was $575,000 which now gives a much smaller decrease of 4.16%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Marion, MA in July of 2015 was $1,354,571 and in July 2016 that was down to $588,667.  That gives another huge decrease of 56.54%, though not quite as high as the average list price. 

We see a lightly different pattern as we did for the median list price.  This time it was still much less in 2015 but was lower in 2016 as well.  For July of 2015 the median sales price for Marion, MA was $575,000 and in July 2016 it was $550,000 giving another much smaller decrease of 4.35%.

Prices have gone down some for Marion, MA this month.  The range for all four metrics was extremely large only going from roughly 4-59%.  While there were multiple high sales in 2015 (the 2 highest as well as 3 of the top 4) there was one clear mega outlier that pulled those averages WAY up.  For that reason we will give pretty much no weight to those huge drops.  Looking just at the medians we see declines a little over 4%.  With the distribution from above and some other observations to the raw data I will go back and give the tiny bit of relevance to those huge average drops and say prices might be down a little more but probably more like 5% or at most higher single digits.

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 Marion, MA the average days on market in July of 2015 were 307.00 and the average days on market for June 2016 were 58.11 giving a massive 81.07% 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, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3, Hanover, Canton (Condos), Belmont #2, Seabrook, NH, Hingham (Condos), Lakeville, Raynham, Holliston, Londonderry, NH, Georgetown, South Boston (Condos), Needham #2, Arlington #2, Foxboro #2, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2, Boston’s South End (Condos) #2Somerset, Everett (Multifamily), Sharon, Dedham #4, Boston’s Brighton (Condos), Winthrop (Condos), Littleton #2, Ipswich, Westport, Franklin (Condos), Groveland, Boston’s Fenway (Condos) #2, Windham, NH #3 and Chelmsford (Condos) outliers in the data can really skew these numbers.  This again is the case for Marion, MA in July.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 972 days on market; this was more than the next 3 properties combined and more than 45% of the total days on market for all 7 Properties.  When removed the new calculation for the remaining 6 properties gives an average days on market of 196.17.

 Using the adjusted numbers we now get a smaller increase of 70.38%.  This barely changes the conclusion that the days on market were down a huge amount.  Really while this difference is smaller the decrease is still so big it really only matters when looking at the absolute number of days, the difference there is selling a place over 14 weeks faster.  So while meaningless in evaluating the difference year to year it was important for those selling at that time.

Marion, Massachusetts Summary:

The Marion, Massachusetts real estate market is down a little since last year.  The average prices were down significantly however the median prices were down a much more modest amount.  The days on market were way down which is a counter argument to a down market.  They were actually down to the extent that it could be argued that the additional holding costs narrow the gap here some, however overall that factor is probably not enough to eliminate the price losses.

In summary if you are looking to sell a house in Marion, MA now you should expect to get less for it than you would have gotten last year.  Though you can also expect it to much less time to sell compared to last year as well. 

 

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