Real Estate Trends – Middleborough, Massachusetts

Introduction:

Welcome back for another market trend report.  As always we will be examining a town in Eastern Massachusetts or Southern New Hampshire and its real estate market.  Those of you that have not read one of these reports before, we examine the town’s year over year change in the real estate market and discuss what these observations mean for the market now and going forward.

Today we are highlighting Middleborough, MA in Plymouth County.

Middleborough Seal - Middleborough MA Real Estate

Market Trends in Middleborough, MA – December 2013 and 2014:

The Middleborough, MA real estate market has declined since last year.  The listing and sales prices are both down year over year.  However the days on market are down slightly during the same timeframe.  Inventory was pretty steady with 21 sales in December of 2013 and 19 sales in December 2014.

Average Listing Prices:

The first metric we will take a look at is the average listing price.  For Middleborough, MA the average listed price in December 2013 was $264,795.  In December 2014 the average list price decreased down to $246,921.  That represents a decrease of 6.75%, which is a fairly significant decrease.

Average Sale Prices:

The next metric that we will be examining is the average sale prices.  For December of 2013 the average sale price for Middleborough, MA was $257,580.  For December 2014 that was down to $241,716.  That is a similar decrease of 6.16%.

Average Days on Market:

The final metric we always look at is the days on market.  This measures how long it is taking for a house to sell in the market.  For Middleborough, MA the average days on market in December of 2013 were 104.10, in December 2014 the days on market were 92.84.  Giving a 10.82% decrease. We have seen in several of our previous posts that some outliers in the data can skew these numbers.  However in the case of Middleborough, MA there are no drastic outlying data that needed to be accounted for.

Middleborough, Mass Summary:

The Middleborough, Massachusetts real estate market seems to have slowed down since last year.  The declines in both listed and sale prices clearly show this, though the decrease in the days on market indicate that not everything is leading to dip in the market, at least not yet.  While a ~11% decrease in the days on market is a positive for a seller, it is not very large and will not likely make up for the drop in price especially given that places were sitting for over 3 months in both years. In summary if you are looking to sell a house in Middleborough, MA now you should expect to get less for it than you would have last year.  You also should expect to need to take a discount off of your initial price to avoid sitting on it for a longer time.

 

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