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

 Milton MA Seal - Milton Massachusetts Real Estate

This is our 2nd look at Milton but it has been almost a year since we have looked at this town.

Market Trends in Milton, MA – April 2015 and 2016:

The Milton, MA market has fallen off significantly since last year.   The average prices were down substantially as were the median prices too.  The days on market were down a bit however.  Inventory was relatively stable with 14 sales in April of 2015 up to 16 in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Milton, MA the average listing price in April 2015 was $823,050.  This was down to $635,344 in April 2016.  This gives a very large decrease of 22.81% year over year. 

Looking at the median prices we see that it was lower in both years.  For April of 2015 the median listing price for Milton, MA was $717,000 and in April 2016 it was $597,450 which now gives a smaller but still significant decrease of 16.67%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Milton, MA in April of 2015 was $817,950 and in April 2016 that was down to $635,344.  That gives another very large decrease of 22.32%, and almost identical compared to the average list price. 

We see the same pattern as we did for the median list price.  For April of 2015 the median sales price for Milton, MA was $753,000 and in March 2016 it was $600,000 giving another very large decrease of 20.32%. 

Prices are down significantly for Milton, MA in April.  The median list price was a bit under the range for everything else being a little under 17%, so we will not give very much weight to this measure.  The other 3 metrics had a range of about 20-23% for the decrease.  The median sale price was the lowest of these 3 though and since medians are more often used in these types of pricing analyses we would conclude price are most likely down close to the bottom of that range and are down just over 20%.

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 Milton, MA the average days on market in April of 2015 were 70.50 and the average days on market for April 2016 were 42.81 for a substantial 39.28% decrease.

Milton, Massachusetts Summary:

The Milton, Massachusetts real estate market is down substantially since last year.  The average prices were down a very significant amount while the median listing prices were down almost as much.  The days on market were down a good bit though, but not nearly enough to start to compensate for the sizable price drops. 

In summary if you are looking to sell a house in Milton, MA now you should expect to get much 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 Milton, 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: Seal of Milton Massachusetts via Wikipedia)

 

Real Estate Trends – Milton, 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 birthplace of former president George H. W. Bush and Money magazines 2011’s 2nd best place to live in the United StatesMilton, MA in Norfolk County

 Milton-Dorchester Lower Mills Village - Milton MA Real Estate

Market Trends in Milton, MA – May 2014 and 2015:

The Milton, MA market appears to be down somewhat since last year.  Both the average listing and average sales prices were down, though there are some interesting points to be discussed below.  The days on market were stable year over year at first glance, but as we have seen in the past it is worth digging in a little deeper on that.  Inventory was down a little going from 27 sales in May of 2014 to 23 in May 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Milton, MA the average listing price in May 2014 was $713,227.  This was down to $586,800 in May 2015.  That gives a very large 17.73% decrease year over year. 

This is one of those situations that we have only recently started to see where the averages tell a far different story than what you see with the more commonly used Median prices.  For Milton, MA in May 2014 the median listing price was $499,900 and in 2015 it was $495,000 giving a fairly meaningless 0.98% decrease.  This is probably the most dramatic difference we have seen in using the two methods.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Milton, MA in May of 2014 was $687,528 and in April 2015 that was down to $579,402.  That gives a slightly smaller decrease of 15.73%. 

However, not surprisingly, using the Median sales prices give a different result.  What is interesting is the story is quite a bit different than what is seen above for the listing prices.  For Milton, MA in May 2014 the median sale price was $560,000 and in 2015 it was $510,000.  Using these numbers you see a fairly big 8.93% decrease.  While this is much smaller than what we see with the average prices it still strongly supports a conclusion that the Milton, MA market is down a good amount since last year.

Average Days on Market:

The final 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 Milton, MA the average days on market in April of 2014 were 68.04 and the average days on market for April 2015 were 68.39, for a meaningless 0.51% 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, Beverly,  Framingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos) and Tyngsborough outliers in the data can really skew these numbers.  This again this is the case for Milton, MA for May.  In this case there was a very high days on market house in the 2015 data.

In 2015 there was a house with 571 days on market; this was higher than the next 3 combined and more that 36% of the total days on market for all 23 houses.  When removed the new calculation for the remaining 22 houses gives an average days on market of 45.55.  Using this adjusted number we see that the flat days on market now becomes a significant, 33.05% decrease.  This changes the general thought that things are selling about as fast as last year.  In fact things have sped up and are selling a fair bit faster than in 2014. 

Milton, Mass Summary:

The Milton, Massachusetts real estate market looks like it is a little inconsistent.  Depending if you look at average prices or median prices listing prices are either stable or way down, looking at sales prices either way the market is down a good amount but by varying degrees, and days on market would indicate that things are doing better than last year.  However since the most important factor are the actual sale prices I feel confident in saying that the Milton, MA market is in fact down a good amount since last year. 

In summary if you are looking to sell a house in Milton, MA now you should expect to get a little bit less than you would have last year.  Though you can expect it to take less time to sell compared to last year.

 

Do you need to sell your Milton, 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: Lower Mills Village (Milton on right Dorchester on left) by Marcbela via Wikipedia)