Real Estate Trends – Newbury, 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 Newbury, MA in Essex County

 Newbury MA Town Seal - Newbury Massachusetts Real Estate

Market Trends in Newbury, MA – December 2014 and 2015:

The Newbury, MA market has fallen off some since last year.   The average prices were down, as were the median prices.  The days on market however are down some.  Inventory was down a little with 7 sales in December of 2014 and 5 in December 2015. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Newbury, MA the average listing price in December 2014 was $702,571.  This was down to $630,740 in December 2015.  This gives a sizeable decrease of 10.22% year over year. 

Looking at the median prices we see that they were a lot lower for both years.  For December of 2014 the median listing price for Newbury, MA was $599,000 and in December 2015 it was $454,900 which now gives a substantially larger decrease of 24.06%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Newbury, MA in December of 2014 was $640,357 and in December 2015 that was down to $564,200.  That gives another larger 11.89% decrease. 

We see a similar pattern with the median sale prices as we did for the listing prices.  For December of 2014 the median sales price for Newbury, MA was $565,000 and in December 2015 it was $452,000 giving another huge decrease of 20.00%. 

Everything shows that prices are down year over year in for Newbury, MA this month.  The rage is pretty large though showing drops from just over 10% to a little over 24%.  The averages are showing sizable drops from 10-12% but the medians are over 20%.  Since medians are the more standard method we would conclude that prices are down more likely in the 20% range seen with those, though probably closer to the 20% seen with the more important median sale price as opposed to the much higher 24% seen on the listing price.

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 Newbury, MA the average days on market in December of 2014 were 172.29 and the average days on market for December 2015 were 114.40 for a pretty good 33.60% decrease.  Normally you would not expect any sizable decrease in days on market with such big price drops, however keep in perspective that both of these numbers are pretty bad.  Yes 2014 was much worse but overall both years were terrible and that decrease is not all that valuable in evaluating the overall pulse of the market.

Newbury, Mass Summary:

The Newbury, Massachusetts real estate market is down significantly since last year.  The average prices were way down and median prices were down substantially more.  The days on market are down some, which is a little surprising with sizable price drops.  However both years were quite high and therefore this does not really change the conclusion of a sizeable decline in the market.

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

 

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