Real Estate Trends – Canton, 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 Canton, MA in Norfolk County

 Canton MA Viaduct - Canton Massachusetts Real Estate

Market Trends in Canton, MA – August 2015 and 2016:

The Canton, MA condo market has fallen off a bit since last year.   The average prices were down and the median prices were down as well.  The days on market are down a lot though.  Inventory was up some with 9 sales in August of 2015 up to 13 in August 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Canton, MA the average listing price in August 2015 was $360,267.  This was down to $326,014 in August 2016.  This gives a very sizable decrease of 9.51% year over year. 

Looking at the median prices we see that it was lower higher both years.  For August of 2015 the median listing price for Canton, MA condos was $364,900 and in August 2016 it was $349,900 which now gives a smaller decrease of 4.11%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for condos in Canton, MA in August of 2015 was $355,867 and in August 2016 that was down to $323,055.  That gives another large decrease of 9.22%, a little bit lower than the average list price. 

We see the same pattern as we did for the median list price.  For August of 2015 the median sales price for Canton, MA condos was $362,900 and in August 2016 it was $338,500 giving another smaller decrease of 6.72%, though bigger than the median list price.

Prices are definitely down some for condos in Canton, MA this month.  The range for all four metrics was not that large going from about a 4-9.5% decline.  The averages and the medians were telling different stories though.  The averages prices were both down about 9.5% down.  However the medians were a bit lower going from just over 4% to just under 7%.  Medians are the preferred method for looking at real estate prices so it is fair to say prices are down on the lower end of what we are seeing.  Since sales are much more important we would say prices are down about 7%. 

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 Canton, MA the average days on market in August of 2015 were 70.22 and the average days on market for August 2016 were 40.38 giving a fairly sizable 42.50% decrease.

Canton, Massachusetts Summary:

The Canton, Massachusetts condo real estate market is down since last year.  The average prices were down a large amount while the median prices were down a little less.  The days on market were down a good amount though.

In summary if you are looking to sell a condo in Canton, MA now you should expect to get a little less for it than you would have gotten last year.  However you can also expect it to take less time to sell compared to last year as well. 

 

Do you need to sell your Canton, 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: Canton MA Viaduct via Town of Canton Website)

 

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

 Hopkinton MA Town Hall - Hopkinton Massachusetts Real Estate

Market Trends in Hopkinton, MA – August 2015 and 2016:

The Hopkinton, MA market has flattened out and maybe fallen off a bit since last year.   The average prices were down a lot but the median prices were down a very small amount.  The days on market appear to be down a lot, but that seems to be greatly overstated.  Inventory was up some with 31 sales in August of 2015 up to 39 in August 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Hopkinton, MA the average listing price in August 2015 was $743,041.  This was down to $628,423 in August 2016.  This gives a very large decrease of 15.43% year over year. 

Looking at the median prices we see that it was lower in 2015 but higher in 2016.  For August of 2015 the median listing price for Hopkinton, MA was $659,000 and in August 2016 it was $667,815 which now actually gives a small increase of 1.34%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price in Hopkinton, MA in August of 2015 was $745,155 and in August 2016 that was down to $616,707.  That gives another large decrease of 17.24%, a bit higher than the average list price. 

We see the same pattern as we did for the median list price.  For August of 2015 the median sales price for Hopkinton, MA was $662,219 and in August 2016 it was $655,985 giving a miniscule decrease of 0.94%.

Prices are definitely a bit inconsistent for Hopkinton, MA this month.  The range for all four metrics was fairly large going from about a 1% increase down to a 17% decline.  The averages and the medians were telling totally different stories though.  The averages had prices down over 15% to over 17% down.  However the medians had the market as pretty much flat with the listings actually up just over 1% while the median sale price was down not even 1%.  The good news for sellers is that median prices are the preferred method to evaluate real estate prices so that is where most of the weight will end up.  Since the sales are more important we will conclude that prices are down but not by very much.  Best guess would be to go with being pretty flat with prices down around 1%.  However it might be higher than this.  While the averages should get a lot less weight looking at the raw data it is clear that while the middle of the market stayed pretty much the same the extremes definitely did not stay static.  In this case we see why the average went down so much because the top 3 sales were in 2015 and the lowest 6, as well as the lowest 12 of 14, were in 2016.  So while prices might be mostly stable now it could be on the cusp of having more issues if the market keeps shifting towards the lower price demographics.

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 Hopkinton, MA the average days on market in August of 2015 were 120.03 and the average days on market for August 2016 were 74.18 giving a fairly sizable 38.20% decrease.

However as we have seen many times in the past there can be a large days on market property in one year that highly skews the overall numbers.  In this case there was such a property in 2015.

In 2015 there was a property with 1415 days on market; this was more than the next 7 properties combined and over 38% of the total days on market for all 31 Properties.  When removed the new calculation for the remaining 30 properties gives an average days on market of 76.87.

 Using the adjusted numbers we now get a small increase of 3.63%.  Totally changes the conclusion that days on market were down substantially while now they are essentially flat.

Hopkinton, Massachusetts Summary:

The Hopkinton, Massachusetts real estate market is down a little since last year.  The average prices were down a large amount while the median sales price was pretty much flat with just a tiny downtick.  The days on market were also pretty flat.

In summary if you are looking to sell a house in Hopkinton, MA now you should expect to get about the same or maybe a little 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 Hopkinton, 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: Hopkinton MA Town Hall by Pvmoutside via Wikipedia)

 

Real Estate Trends – Easton, Massachusetts #4

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 Easton, MA in Bristol County

 North Easton MA in 1891 - Easton Massachusetts Real Estate

We have looked at Easton several times in the past, most recently just this past June.   

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

The Easton, MA market has fallen off some since last year.   The average prices were down and the median prices were down a bit more.  The days on market were up some as well.  Inventory was pretty stable with 27 sales in July of 2015 down to 25 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Easton, MA the average listing price in July 2015 was $461,581.  This was down to $445,753 in July 2016.  This gives a small decrease of 3.43% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For July of 2015 the median listing price for Easton, MA was $479,900 and in July 2016 it was $400,000 which now gives a much larger decrease of 16.65%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Easton, MA in July of 2015 was $456,024 and in July 2016 that was down to $450,706.  That gives another small decrease of 1.17%, though a bit lower than the average list price. 

We see the same pattern as we did for the median list price.  For July of 2015 the median sales price for Easton, MA was $465,000 and in July 2016 it was $410,000 giving another much smaller decrease of 11.83%.

Prices are down for Easton, MA this month.  The range for all four metrics was pretty large going from about 1-16.5%.  The averages were much lower than the medians at only about 1-3.5%.  The medians were much higher at about 12-16.5%.  Medians are the preferred real estate pricing analysis method so it is reasonable to go with that higher range.  That range is not that big but since sales are far more important than just listing prices and the median sale price was the lower end of the range, therefore the best guess is that prices are down at the lower end of the range at just under 12%.

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 Easton, MA the average days on market in July of 2015 were 64.26 and the average days on market for July 2016 were 87.56 giving a fairly sizable 36.26% increase.

Easton, Massachusetts Summary:

The Easton, Massachusetts real estate market is down some since last year.  The average prices were down a very small amount however the median prices were down a much larger amount.  The days on market were up a good bit as well, further supporting some decline in the market.

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

 

Do you need to sell your Easton, 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: North Easton MA in 1891 via Wikipedia)

 

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

 Ned Point Lighthouse in Mattapoisett MA, Mattapoisett Massachusetts Real Estate

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

The Mattapoisett, MA market has fallen off a bit since last year.   The average prices were down a lot and the median prices were down even more.  The days on market appear to be up but that might be deceptive.  Inventory was pretty stable with 9 sales in July of 2015 up to 10 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Mattapoisett, MA the average listing price in July 2015 was $474,878.  This was down to $423,070 in July 2016.  This gives a very large decrease of 10.91% year over year. 

Looking at the median prices we see that it was lower in both years.  For July of 2015 the median listing price for Mattapoisett, MA was $449,000 and in July 2016 it was $364,900 which now gives a larger decrease of 18.73%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Mattapoisett, MA in July of 2015 was $481,100 and in July 2016 that was down to $409,600.  That gives another large decrease of 14.86%, a bit higher than the average list price. 

We see the same pattern as we did for the median list price.  For July of 2015 the median sales price for Mattapoisett, MA was $433,000 and in July 2016 it was $361,000 giving another large decrease of 16.63%.

Prices are down for Mattapoisett, MA this month.  The range for all four metrics was fairly large going from about 11-19%.  The least important is the average listing price and will was a bit less than the others, dropping that the range is a bit higher being closer to 15-19%.  In the middle of the range is the median sale price, which is generally considered the most important.  Since that one was right in the middle our best guess is that prices are down in the middle of that range at just under 17%.

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 Mattapoisett, MA the average days on market in July of 2015 were 121.33 and the average days on market for July 2016 were 91.30 giving a fairly sizable 24.75% decrease.

However as we have seen many times in the past there can be a large days on market property in one year that highly skews the overall numbers.  In this case there was such a property in 2015.

In 2015 there was a property with 641 days on market; this was more than the other 8 properties combined and almost 59% of the total days on market for all 9 Properties.  When removed the new calculation for the remaining 8 properties gives an average days on market of 56.38.

 Using the adjusted numbers we now get a large increase of 61.94%.  Totally changes the conclusion that days on market were down some as they now appear to be up a pretty significant amount.

Mattapoisett, Massachusetts Summary:

The Mattapoisett, Massachusetts real estate market is down significantly since last year.  The average prices were down a large amount while the median sales price was down even more.  The days on market were up a significant amount as well, furthering the argument of a decline in the market.

In summary if you are looking to sell a house in Mattapoisett, 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 a lot more time to sell compared to last year as well. 

 

Do you need to sell your Mattapoisett, 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: Ned Point Light House via Wikipedia)

 

Real Estate Trends – Dover, Massachusetts #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 market in Dover, MA in Middlesex County

 Dover MA Soldiers' Memorial - Dover Massachusetts Real Estate

We have first looked at Dover a couple months ago back in January of 2016.

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

The Dover, MA market has fallen off some since last year.   The average prices were down a lot and the median prices were down almost as much.  The days on market were down a pretty sizable amount though.  Inventory was pretty stable with 35 sales in July of 2015 up to 37 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Dover, MA the average listing price in July 2015 was $1,329,973.  This was down to $1,107,112 in July 2016.  This gives a very large decrease of 16.76% year over year. 

Looking at the median prices we see that it was higher in both years.  For July of 2015 the median listing price for Dover, MA was $1,330,000 and in July 2016 it was $1,099,000 which now gives a larger decrease of 17.36%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Dover, MA in July of 2015 was $1,285,704 and in July 2016 that was down to $1,061,685.  That gives another large decrease of 17.42%, a bit higher than the average list price. 

We see a different pattern as we did for the median list price.  In this case it was still lower in 2016 but now is higher in 2015.  For July of 2015 the median sales price for Easton, MA was $1,225,000 and in July 2016 it was $1,052,000 giving another large decrease of 14.12%.

Prices are down for Dover, MA this month.  The range for all four metrics was pretty small going from about 14-17.5%.  There was a much tighter range with 3 of the metrics all being within 1% at the top of the range.  However these were the 2 average prices and the median listing price.  While we like to look at these and they all have some merit the most important single number is almost always the median list price.  So the good news for those concerned about these price drops is that this was the lowest number at just over 14%.  While that is still a big drop it is a little better than what is indicated with the other 3 metrics. 

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 Dover, MA the average days on market in July of 2015 were 152.33 and the average days on market for July 2016 were 83.71 giving a sizable 45.05% decrease.

Dover, Massachusetts Summary:

The Dover, Massachusetts real estate market is down some since last year.  The average prices were down a large amount however the median sales price was down a lot too, but a tad less.  The days on market were down a bit though, a small counter argument against a decline in the market.

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

 

Do you need to sell your Dover, 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: Dover MA Soldiers’ Monument via Wikipedia)

 

Real Estate Trends – Boston’s Jamaica Plain #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 market in the Jamaica Plain neighborhood of Boston, MA in Suffolk County

 Skating on Jamaica Pond by Winslow Homer - Boston Massachusetts's Jamaica Plain Real Estate

We looked at Jamaica Plain last July as one of our early reports for the city of Boston so it is about time to visit that market again.

Market Trends in Boston’s Jamaica Plain – July 2015 and 2016:

The Boston, MA’s Jamaica Plain neighborhood market has fallen off a bit since last year.   The average prices are down a lot and the median prices were down as well.  The days on market were also up a bit as well.  Inventory was up a bit with 9 sales in July of 2015 and up to 13 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In the average listing price for the Jamaica Plain area of Boston, MA for July 2015 was $908,889.  This was down to $753,617 in July 2016.  This gives a very large decrease of 17.08% year over year. 

Looking at the median prices we see that it was lower in 2015 but higher in 2016.  For July of 2015 the median listing price for Boston’s Jamaica Plain was $899,000 and in July 2016 it was $799,000 which now gives a still quite significant but smaller decrease of 11.12%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price in the Jamaica Plain section of Boston, MA in July of 2015 was $919,222 and in July 2016 that was down to $757,769.  That gives a decrease of 17.56%, and a little bit higher than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For July of 2015 the median sales price for Boston, MA’s Jamaica Plain neighborhood was $910,000 and in July 2016 it was $800,000 giving another larger decrease of 12.09%.  Once again less than the average, though higher than the median listing price. 

Prices have gone down a fair bit for Boston, MA’s Jamaica Plain area this month.  The overall range was not that big going from about 11-17.5%.  Since the medians are usually the favored method for real estate pricing analyses prices are going to be down on the lower end of the range since it was the average prices that were done over 17%.  Since sales are far more important to look at then just listing prices we see that the median sale price is slightly higher so best guess is that prices are down at least the 12% or so indicated by that metric.

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 the Jamaica Plain section of Boston, MA the average days on market in July of 2015 were 24.44 and the average days on market for July 2016 were 55.38 for a massive increase of over 126%!

Boston MA’s Jamaica Plain Summary:

The Boston, Massachusetts Jamaica Plain real estate market is down a bit since last year.  The average prices were down a lot while the median prices were down substantially as well.  The days on market were up a huge amount to further support the conclusion of a decline in the market this month.

In summary if you are looking to sell a house in Boston, MA’s Jamaica Plain section now you should expect to get less for it than you would have gotten last year.  You should also expect it to take significantly more time to sell compared to last year as well. 

 

Do you need to sell your Jamaica Plain section of Boston, 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: Skating on Jamaica Pond by Winslow Homer via Wikipedia)

 

Real Estate Trends – Acton, 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 highlighting the market in Acton, MA in Middlesex County

 Acton MA Town Seal - Acton Massachusetts Real Estate

We have looked at Acton a couple times in the past but not since May of 2015 so it has been awhile!

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

The Acton, MA market has fallen off some since last year.   The average prices were down somewhat and the median prices were down more so.  The days on market were up some a little bit as well.  Inventory was pretty stable with 35 sales in July of 2015 up to 37 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Acton, MA the average listing price in July 2015 was $668,921.  This was down to $664,632 in July 2016.  This gives a trivial decrease of 0.64% year over year. 

Looking at the median prices we see that it was lower in both years.  For July of 2015 the median listing price for Acton, MA was $665,655 and in July 2016 it was $600,000 which now gives a much larger decrease of 9.86%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Acton, MA in July of 2015 was $671,804 and in July 2016 that was down to $658,238.  That gives another small decrease of 2.02%, though a bit higher than the average list price. 

We see a different pattern as we did for the median list price.  In this case it was still lower in 2016 but now is higher in 2015.  For July of 2015 the median sales price for Acton, MA was $678,000 and in July 2016 it was $605,000 giving another much smaller decrease of 10.77%.

Prices are down for Acton, MA this month.  The range for all four metrics was pretty large going from about 0.5-11%.  The averages were much lower than the medians at only about 0.5-2%.  The medians were much higher at about 10-11%.  Medians are the preferred real estate pricing analysis method so it is reasonable to go with that higher range.  That range is not that big but since sales are far more important than just listing prices the largest overall decrease was seen in the median sale price therefore the best guess is that prices are down right at the top of the range at just under 11%.

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 Acton, MA the average days on market in July of 2015 were 41.11 and the average days on market for July 2016 were 46.41 giving a modest 12.89% increase.

Acton, Massachusetts Summary:

The Acton, Massachusetts real estate market is down some since last year.  The average prices were down a very small amount however the median prices were down a much larger amount.  The days on market were up a little bit as well, further supporting some decline in the market.

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

 

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

 

Foreclosure Activity in Massachusetts – Foreclosures Rise But Are They Leveling Off?  

 

Welcome back to our continuing monthly examination of foreclosure data for Massachusetts.  As we have seen so far in 2016 all the metrics are up again this month.  We are now up to 28 straight months of increasing petitions on a year over year basis.  This is the 27th time the increase has been at least double digits.  Auctions and Foreclosure Deeds continue to consistently rise each month on an annual basis as has been the recent pattern.

Recent Massachusetts Foreclosure Activity:

As a recap there are three items that are tracked for foreclosures which are the petitions (which is the first step for a foreclosure), the actual auctions scheduled and finally the foreclosure deeds, which is where the bank takes the property back at the auction (when nobody else is willing to buy it at the auction).

We will start off like we normally do by looking at the petitions.  As stated above they have now risen for 28 straight months on a year over year basis.  Taking a look at the numbers there were 1,002 petitions filed in June 2016 compared to 886 filed in June of 2015 for a modest increase of 13.09%.  However since they have increased for over 2 years now looking back to June of 2014 we see that there were 488 petitions filed, which gives an increase of 105% increase over those 2 years, and going back to June of 2013 petitions were at 245 for a 309% jump since that year!  Looking at the year so far there have been 6,616 petitions year to date which is up 24.45% over the 5,316 at this point in 2015.  Through the end of the first quarter this year petitions had risen on a quarterly basis for 9 straight quarters.  The moderation in the increases recently did in fact have Q2 of 2016 go down for the first time in 10 quarters compared to Q1.  Q2 had 3249 filings compared to 3367 in Q1 for a small 3.50% decrease, but it is the first quarterly decline since Q3 of 2013 and they may be leveling off some.  Note that this doesn’t mean I would expect the year over year increase to stop any time soon.  It just might be more seasonal rather than a steady march upwards, for example Q3 was higher than Q4 in 2011, 2012 and 2013 before this steady increase.  If things start to hold steady then we would be looking at late 2012 type levels until.  I also would not be surprised if this is just a blip either, but we will need to see how the rest of the year plays out.

Next we will look at auctions.  Auctions are the most volatile stat overall, but so far this year has been consistently increasing with everything else.  In June 2016 there were 887 auctions scheduled compared to 530 in June 2015 giving a 67.36% increase.  Year to date they have substantially increased with the 4,648 already scheduled being up 45.84% over the 3,187 auctions announced at this point in 2015.

Finally we will look at the Foreclosure Deeds.  You should expect the foreclosure deeds to track pretty well with the increases in petitions with a long lag because of the long timeframe to complete foreclosures in Massachusetts.  They have been consistently rising year over year for a long time.  This marks the 8th consecutive month that it has happened, as well as 15 of the previous 16.  Looking at the data for this month we see that there were 470 Deeds recorded in June 2016 compared to 406 in June of 2015 giving an increase of 15.76%.  Looking at the quarterly data deeds had risen for 4 quarters in a row, but like petitions they declined from last quarter.  In Q1 there were 1,487 and this quarter they fell to 1,385 for a 6.86% decrease.  Similar to the petitions the decrease was small it may show a leveling off.  However I’d guess it was just a blip since we still have all those increased petitions moving through the system.  I would expect the quarterly data for deeds to trend up for at least 1-2 years based on the previous petition, and to a lesser extent auction, data.  Year to date there have been 2,872 foreclosure deeds filed in 2016 compared to only 2,030 at this time in 2015, giving a 41.48% increase year to date. 

What Does This Mean For The Market? :

Everything was up again this month with petitions now at 28 months of increases in a row.  Even with the small quarterly decline even if things level off around this level then we are back to 2012 levels so it is hardly encouraging overall.  As mentioned in most previous reports we do not expect to see any big surge in REOs only because the banks do not want to put a lot of downward pressure on the market by flooding it with their inventory.  However with the increases in deeds REO inventory could start to climb as more of these petitions get though the system.  Again even with the small quarterly decline in deeds we are at late 2012 levels.  Also as mentioned above it is less likely that these will plateau yet since there is a big backlog of increased petitions to work though and since the Massachusetts  foreclosure process can be very lengthy, we are only starting to really see the 28 months of increasing petitions working their way though the system.  With that being the case there is little reason to not expect a continued increase in the number of completed foreclosures for at least the next 2 years. 

Conclusion:

Since petitions continue to climb each month year over year banks will continue to get more houses back in the coming months, and years.  Since the foreclosure process will generally take well over a year here we should expect foreclosure deeds to stay high for at least the next 2 years, if not much longer.  Even with the quarterly decrease petitions and deeds are at levels that they have not been at for several years so an overall slowdown does not seem all that likely.

Since sustained increase in foreclosure activity is a leading indicator of a market correction we would recommend being skeptical of predictions of endless growth of real estate markets throughout Massachusetts in the foreseeable future.  If you read are frequent Market Trend Reports you will already know that there is no shortage of examples of weakening markets throughout eastern MA.

To reiterate the advice in our previous articles, if you are thinking about selling a house this year you should consider getting it to market ASAP before these other properties start coming to the market.  If a large number of bank owned places start to come onto the market prices could dip and the days on market could start to increase.  If this happens you may get hit with the tough situation of selling for less than expected while also taking much longer to sell than you had anticipated.  With several markets throughout the region already seeing slower growth, flat growth or even pricing drops this danger is only getting riskier.

 

Do you need to sell your Massachusetts (or New Hampshire ) house fast?  If you would like to sell your home  fast and hassle free  schedule a consultation  with us today.

 

 

All data for this article from The Warren Group:

June 2016 Data:  http://www.thewarrengroup.com/2016/08/foreclosures-in-massachusetts-reach-28-consecutive-months-of-percentage-increases/  

 

 

 

 

 

 

(Image Credit: Lower Quarters) 

 

Real Estate Trends – Boston’s North End (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 the North End neighborhood of Boston, MA in Suffolk County

 Aerial view of Boston's North End - Boston Massachusetts's North End Real Estate

Back last June we first looked at Condos in the North End as one of the first reports we did for the city of Boston.

Market Trends in Boston’s North End – July 2015 and 2016:

The Boston, MA’s North End neighborhood condo market has fallen off a bit since last year.   The average prices are down and the median prices were down more.  The days on market were down some though.  Inventory was up a bit with 7 sales in July of 2015 and up to 11 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In the average listing price for a condo in The North End area of Boston, MA for July 2015 was $530,429.  This was down to $506,795 in July 2016.  This gives a fairly modest decrease of 4.46% year over year. 

Looking at the median prices we see that they were lower in both years.  For July of 2015 the median listing price for condos in Boston’s North End was $499,000 and in July 2016 it was $430,000 which now gives a much larger decrease of 13.83%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in the North End section of Boston, MA in July of 2015 was $528,214 and in July 2016 that was down to $493,813.  That gives a decrease of 6.51%, and a bit higher than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For July of 2015 the median sales price for a condo in Boston, MA’s North End neighborhood was $500,000 and in July 2016 it was $430,000 giving another larger decrease of 14.00%, and the largest of the four pricing metrics. 

Prices have gone down a fair bit for condos in Boston, MA’s North End area this month.  The overall range was good sized going from 4.5-14%.  Medians are the preferred metric for real estate pricing analysis and those were both much higher  Both the median list and sale price were close at right around 14% declines.  Looking at those the best guess is that prices are down about 14% here.

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 the North End section of Boston, MA the average days on market in July of 2015 were 53.29 and the average days on market for June 2016 were 34.91 for a sizable decrease of over 34.49%.

Boston MA’s North End Summary:

The Boston, Massachusetts North End condo real estate market is down a bit since last year.  The average prices were down a bit while the median prices were down even more.  The days on market were down some though which is a small counter argument to the down market, but I do not feel that it puts a dent in the price drops seen here.

In summary if you are looking to sell a condo in Boston, MA’s North End section now you should expect to get less for it than you would have gotten last year.  You should also expect it to take less time to sell compared to last year as well. 

 

Do you need to sell your North End section of Boston, 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: Aerial view of the North End by Sfoskett via Wikipedia)

 

Real Estate Trends – Rehoboth, 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 Rehoboth, MA in Bristol County

 Rehoboth MA Seal - Rehoboth Massachusetts Real Estate

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

The Rehoboth, MA market has fallen off since last year.   The average prices were down some and the median prices were as well.  The days on market were pretty flat.  Inventory was up some with 11 sales in July of 2015 up to 15 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Rehoboth, MA the average listing price in July 2015 was $433,209.  This was down to $395,520 in July 2016.  This gives a more than modest decrease of 8.70% year over year. 

Looking at the median prices we see that it was lower in both 2015 and 2016.  For July of 2015 the median listing price for Rehoboth, MA was $419,000 and in July 2016 it was $379,900 which now gives a larger decrease of 9.33%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Rehoboth, MA in July of 2015 was $419,105 and in July 2016 that was down to $383,133.  That gives another modest decrease of 8.58%, just about the same as the average list price. 

We see the same pattern as we did for the median list price.  For July of 2015 the median sales price for Rehoboth, MA was $405,000 and in July 2016 it was $375,000 giving a smaller decrease of 7.41%.

Prices are down some for Rehoboth, MA this month.  The range for all the numbers was pretty small only going from around 7.5-9.5%.  The averages were very consistent at just over 8.5%.  The medians were not as the median list was the high and the median sale was the low point.  Since the median sale price is generally considered the most important one we look at we give it the most weight so prices are down more at the bottom of our range.  Give all the other ones are higher and the overall range was tight maybe prices are down closer to 8% then under 7.5% but that is about the most I would be willing to push it up from.

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 Rehoboth, MA the average days on market in July of 2015 were 101.09 and the average days on market for July 2016 were 105.27 giving a small 4.13% increase.  While up slightly this is pretty flat overall.

Rehoboth, Massachusetts Summary:

The Rehoboth, Massachusetts real estate market is down some since last year.  The average prices were down and the median prices were down around the same amount.  The days on market were up a tiny bit as well.

In summary if you are looking to sell a house in Rehoboth, MA now you should expect to get less for it than you would have gotten last year.  Though you can also expect it to take about the same, but maybe slightly more, time to sell compared to last year as well. 

 

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