Real Estate Trends – Norwell, 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 Norwell, MA in Plymouth County

 Norwell MA Seal - Norwell Massachusetts Real Estate

Market Trends in Norwell, MA – June 2014 and 2015:

The Norwell, MA market appears to be down some since last year.  Both the average listing and average sales prices were down.  The days on market did go down a little bit since last year though.  Inventory was up over 50% going from 13 sales in June of 2014 to 21 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Norwell, MA the average listing price in June 2014 was $782,108.  This was down to $719,267 in June 2015.  That gives a fairy significant 8.03% decrease year over year. 

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Norwell, MA in June of 2014 was $755,379 and in June 2015 that was down to $696,777.  That gives a slightly smaller decrease of 7.76%. 

In the case of Norwell, MA in June the median prices were a bit lower in both years.  However the offsets from the averages were about the same in both and the resulting decreases were about the same.  For the sale prices for a decline with the medians would have been a slightly larger but very similar 8.21% fall.

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 Norwell, MA the average days on market in June of 2014 were 160.77 and the average days on market for June 2015 were 141.38, for a fairly small 12.06% decrease. 

It is also worth pointing out that even though the days on market were down, they were extremely high in both years.  Even though they were down over 19 days in June 2015 on average it was still taking almost 5 months to sell a house.

Norwell, Mass Summary:

The Norwell, Massachusetts real estate market looks like is has declined a bit since last year.  The pretty good size drops in listing prices and sale prices show things are down.  The decrease in days on market is fairly small and overall they are very high so this isn’t a major consideration given the drops in prices.

In summary if you are looking to sell a house in Norwell, MA now you should expect to get less than you would have expected to get last year.  In addition you should also expect it to take a somewhat shorter time to sell compared to last year as well.  However since the days on market are still very high sellers might want to consider taking more of a discount to stand out and sell their property faster.

 

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