Real Estate Trends – Marlborough, 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 once again highlighting the Condo market in Marlborough, MA in Middlesex County

 Marlborough MA Town Library circa 1903-04 - Marlborough Massachusetts Real Estate

This is the 2nd time we have looked at the Condo market in Marlborough, MA with the first time back at the end of August.  We also checked out its single family back in April.

Market Trends in Marlborough, MA – November 2014 and 2015:

The Marlborough, MA condo market has fallen off since last year.   The average prices were both down significantly while the median prices were down a lot as well.  The days on market appear to be pretty flat.  Inventory was down a bit going from 12 sales in November of 2014 to 7 in November 2015. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Marlborough, MA the average listing price in November 2014 was $264,499.  This was down to $192,871 in November 2015.  This gives a huge decrease of 27.08% year over year. 

Looking at the median prices we see that it was a bit lower than the average in both years.  For November of 2014 the median listing price for Marlborough, MA condos was $254,900 and in November 2015 it was $180,000 which now gives an even slightly bigger decrease of 29.38%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Marlborough, MA in November of 2014 was $268,969 and in November 2015 that was down to $186,686.  That gives another very large 30.59% decrease, which is very similar, but a bit larger, that what we saw with the average listing price. 

We see a similar pattern with the median sale prices as we did for the listing prices for both years.  For November of 2014 the median sales price for Canton, MA condos was $250,800 and in November 2015 it was $183,900 giving slightly smaller decrease of 26.67%. 

The prices are down a lot for condos in Marlborough, MA this month.  Looking at this data the range is pretty tight and there is no real pattern between the averages and the medians so we will just leave it at prices being down from about 26% to a little over 30%. 

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 condos in Marlborough, MA the average days on market in November of 2014 were 82.50 and the average days on market for November 2015 were 77.29 for a fairly meaningless 6.32% decrease. 

Marlborough, Mass Summary:

The Marlborough, Massachusetts condo real estate market is down a bit since last year.  The average prices were down a lot and median prices were down substantially as well.  The days on market were pretty much flat so had very little bearing on determining these conclusions. 

In summary if you are looking to sell a condo in Marlborough, MA now you should expect to get a lot less for it than you would have gotten last year.  You can also expect it to take about the same amount of time to sell compared to last year as well. 

 

Do you need to sell your Marlborough, 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: Public Library, Marlborough, MA (1903-04) via Wikipedia)

 

 

Real Estate Trends – Marlborough, 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 the Marlborough, MA in Middlesex County

 Marlborough MA Seal - Marlborough Massachusetts Real Estate

Market Trends in Marlborough, MA – July 2014 and 2015:

The Marlborough, MA condo market appears to have gone down a bit since last year.   The average listing and sale prices were down as well as the median prices.  The days on market were also up a lot.  Inventory was stable with 12 sales in both July of 2014 and July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For condos in Marlborough, MA the average listing price in July 2014 was $251,087.  This was down to $201,925 in July 2015.  This gives a tremendous decrease of 19.58% year over year.  

With that big of a difference we definitely like to look at the median prices as well.  Also taking a fast look at the median prices we see they are both a bit different than the averages.  For July of 2014 the median listing price for a condo in Marlborough, MA was $259,900 and in July 2015 it was $189,850 which now gives a much larger 26.95% decline!

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Marlborough, MA in July of 2014 was $253,729 and in July 2015 that was down to $198,806.  That gives another extremely significant decrease of 21.65%. 

We see the same pattern with the median sale prices as we did for the listing prices.  For July of 2014 the median sales price for Marlborough, MA was $257,500 and in July 2015 it was $190,500 giving another much larger 26.02% decrease. 

It is clear that prices are down significantly for Marlborough, MA condos with all the measures being way down.  Based on this data it is pretty safe to say that prices are down at least 20% and probably more like 25%+.

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 Marlborough, MA condos the average days on market in July of 2014 were 54.58 and the average days on market for July 2015 were 84.83, for a very large 54.93% increase. 

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 and East Bridgewater outliers in the data can really skew these numbers.  This again is the case for Marlborough, MA condos in July.  In this instance there was a very high days on market places in the 2014 data.

In 2014 there was a house with 215 days on market; this was almost exactly as much as the next 3 properties combined and with almost 33% of the total days on market for all 12 condos.  When removed the new calculation for the remaining 11 properties gives an average days on market of 40.0. 

Using the adjusted numbers we see that now there is a very significant 112% increase.  This does not change the general thought since they looked to be up a lot to start, but now the magnitude of the change is quite a bit more striking.

It is worth mentioning that in 2015 there were 2 points that were a bit larger than the rest.  However, as mentioned in the past we are only eliminating points that are obviously outliers without going through a rigorous statistical analysis to be able to prove it.  So it is possible that there was an outlier, or even 2, in the 2015 data but this cannot be said without going through that procedure, while the point in 2014 looks pretty clean cut.

Marlborough, Mass Summary:

The Marlborough, Massachusetts condo real estate market is down tremendously since last year.  All pricing metrics were down at least in the 20% range with both median list and sale prices being down over 26%.  In addition the days on market are up very significantly which further supports a drop in the market.

In summary if you are looking to sell a condo in Marlborough, MA now you should expect to get much less for it than you would have gotten last year.  You should also expect it to take a lot more time to sell compared to last year as well.  With this kind of huge drop in the market sellers need to price it right and might want to consider taking even more of a discount to avoid sitting on the place for a very long time as well.

 

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

 

Real Estate Trends – Marlborough, Massachusetts

Introduction:

We are back for another real estate market trend report.  Thanks for joining us and if this is your first time reading one of these reports, we examine a city or town in Massachusetts or New Hampshire to evaluate its current real estate market.  We do this by looking at the municipality’s year over year change in the real estate market and evaluate what those observations mean for that market moving forward.

Today we are highlighting Marlborough, MA in Middlesex County.

Market Trends in Marlborough, MA – February 2014 and 2015:

The Marlborough, MA market has dropped significantly since last year.  Both the average listing and average sales prices were down a sizable amount.  The days on market appeared down at first glance but that appears to be deceiving, as we saw recently on at article on Beverly, MA.  Inventory was up with 10 sales in February of 2014 and 14 sales in February 2015.

Average Listing Prices:

The first thing we look at is the average listing price.  For Marlborough, MA in February 2014 the average list price was $367,760.  This was down dramatically to $290,164 in February 2015.  That gives an extremely large decline of 21.10%.  This is a huge drop.

Average Sale Prices:

The next thing we will be looking into is the average sale prices.  The average sale price for Marlborough, MA in February of 2014 was $367,410 and in February 2015 that was way down to $281,600.  That gives a slightly larger decrease of 23.36%.  Despite the tumbling listing prices the sales are falling even a bit faster.

Average Days on Market:

Finally we look at the average days on market, a measure of how long it takes for a house to sell in the market.  For Marlborough, MA the average days on market in February of 2014 were 196.60 and the average days on market for February 2015 were 130.36, for a healthy 33.69% decrease. However, as we have seen many, many times before in our previous posts for AbingtonBedford, Seekonk, BelmontTopsfield, Canton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH , Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, Beverly,  Framingham (Condos), and Plymouth County (Condos) outliers in the data can skew things significantly.  This is the case for Marlborough, MA once again.  In this case there was a very high days on market house in the 2014 data. In 2014 there was a house with 860 days on market.  This was more than the next four highest combined, and only slightly less than the next five.  When removed from the calculation you have the remaining 9 houses with an average days on market of 128.89, a very significant decrease, and is now lower than the 2015 days on market.  Using this adjusted number we see the decent decrease now become a tiny 1.13% increase.  This of course totally changes the general observation since now it appears that the days on market are basically flat year over year.  While it would be more encouraging for house sellers for there to be a decrease, flat is still better than the other metrics for them. It is also worth noting that these are all very high days on market numbers.  Be it up, down or flat houses are sitting on the market for over 4 months on average and many much longer.  Even the “fast” moving houses are not impressive with the lowest one in February of 2014 being 25 and in 2015 it was 26.

Marlborough, Mass Summary:

The Marlborough, Massachusetts real estate market looks like is has really fallen off since last year.  The huge drop in listing prices and sale prices illustrate this dramatically.  The flat, but very high, days on market are of little consequence with those kinds of price declines.  It is hard to say if the market has crashed or if this is just a very bad month and we will see a more stable market in the coming months. In summary if you are looking to sell a house in Marlborough, MA now you should expect to get significantly less for it than you would have last year.  You also be ready to take a big discount to avoid sitting on it for too long.  

 

Do you need to sell your Marlborough, 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: Marlborough Mass City Hall via Wikipedia)