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.

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(Image credit: Ned Point Light House via Wikipedia)