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

 Melrose MA Flag - Melrose Massachusetts Real Estate

Market Trends in Melrose, MA – August 2014 and 2015:

The Melrose, MA condo market has fallen off some compared to last year.   The average listing and sale prices and the median prices are all down.  The days on market appear to be up a lot, but not as much as they first appear.  Inventory was down a lot going from 18 sales in August of 2014 down to 10 in August 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For condos in Melrose, MA the average listing price in August 2014 was $301,338.  This was down to $272,660 in August 2015.  This gives a significant decrease of 9.52% year over year. 

Taking a look at the median prices we see that they are quite a bit different than the averages.  For August of 2014 the median listing price for a condo in Melrose, MA was $309,950 and in August 2015 it was $267,500 which now gives a much larger 13.70% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Melrose, MA in August of 2014 was $306,381 and in August 2015 that was down to $284,600.  That gives another significant 7.11% decrease. 

We see the same pattern with the median sale prices as we did for the listing prices.  For August of 2014 the median sales price for Melrose, MA was $324,975 and in August 2015 it was $269,000 giving a much larger 17.22% decrease. 

Prices are clearly down for Melrose, MA condos.  No matter which method you look at they are down a significant amount.  Since medians are generally favored it is reasonable to say that prices are down well over 10% since last year. 

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 Melrose, MA condos the average days on market in August of 2014 were 32.78 and the average days on market for August 2015 were 59.70, for a very significant 82.12% 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, East Bridgewater, Marlborough (Condos), Natick (Condos) and Gloucester, (Condos) outliers in the data can really skew these numbers.  This again is the case for Melrose, MA condos in August.  In this instance there were very high days on market places in both the 2014 and 2015 data.

In 2014 there was a property with 169 days on market; this was almost as much as the next 3 properties combined and was almost 29% of the total days on market for all 18 condos.  When removed the new calculation for the remaining 17 properties gives an average days on market of 24.76. 

In 2015 there was a property with 309 days on market; this was as more than the other 9 properties combined and was almost 52% of the total days on market for all 10 condos.  When removed the new calculation for the remaining 9 properties gives an average days on market of 32.0. 

Using the adjusted numbers we see a much smaller, but still somewhat significant 29.24% increase.  This does not change the general thought since they looked to be up a lot to start, but now it looks like they are not up by nearly as much as before. 

Melrose, Mass Summary:

The Melrose, Massachusetts condo real estate market is down a bit since last year.  The average prices and the median prices were both down by very significant amounts.  The days on market were also up a decent amount which also supports the market slowing down.   

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

 

Do you need to sell your Melrose, 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: Melrose MA flag via Wikipedia)