Real Estate Trends – Norfolk, Massachusetts

Introduction:

Welcome back for our newest real estate market trend report.  Those of you that are here for the first time, in these reports we examine real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  This is done by looking at the changes in three key metrics year over year for the municipality to see how the market has changed.  We then evaluate what those observations might mean for that market moving forward. 

Today we are highlighting Norfolk, MA in Norfolk County

 Federated Church of Norfolk MA - Norfolk Massachusetts Real Estate

Market Trends in Norfolk, MA – April 2014 and 2015:

The Norfolk, MA market appears to be down quite a bit since last year.  Both the average listing and average sales prices were down, and the days on market have gone up since last year too.  Inventory was up significantly going from just 6 sales in April of 2014 to double that with 12 in 2015. 

Average Listing Prices:

First we are going to take a look at the average listing price.  For Norfolk, MA the average listing price in April 2014 was $562,933.  This was down to $513,192 in April 2015.  That gives a sizable 8.84% decrease year over year. 

Average Sale Prices:

Next we will take a look at the average sale prices.  The average sale price for Norfolk, MA in April of 2014 was $553,917 and in April 2015 that was down to $503,783.  That gives a slightly larger decrease of 9.05%.

Average Days on Market:

The final thing we will look at are the average days on market.  This is the measure of how long it takes for a house to sell in the current market.  For Norfolk, MA the average days on market in April of 2014 were 160.33 and the average days on market for April 2015 were all the way up to 134.75, for a noticeable 15.95% increase.

We have often seen big outliers that are skew the data however that does not happen here.  There was one high days on market house in 2015 that I did consider removing, but it really was not that far away from the other highest ones.  So while it definitely brought that average up much closer to the 2014 number it still did not appear to be legitimate to eliminate it.  As mentioned in some past articles I am not doing any mathematically rigorous tests to eliminate or not eliminate these points.  When I do they are usually so far askew that there is little doubt they would be eliminated through a statistical analysis and those that are not that obvious (even if they possibly could be eliminated via a full analysis) I do not pull out, which is the case for the 2015 data for Norfolk, MA.

Norfolk, Mass Summary:

The Norfolk, Massachusetts housing market has fallen off a bit since last year.  The fairly large drops in listing prices and sale prices show this, as do the increase in days on market.  

In summary if you are looking to sell a house in Norfolk, MA now you should expect to get a bit less than you would have last year.  You should also expect it to take more time to sell compared to last year.  If you want to sell your place in a reasonable amount of time you might need to consider taking a discount to move it faster.

 

Do you need to sell your Norfolk, 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: Federated Church of Norfolk MA by John Phelan via Wikipedia)