Real Estate Trends – Pepperell, 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 Pepperell, MA in Middlesex County

 Pepperell MA's Covered Bridge - Pepperell Massachusetts Real Estate

Market Trends in Pepperell, MA – March 2015 and 2016:

The Pepperell, MA market has fallen off substantially since last year.   The average prices were down significantly and the median prices were down even more.  However the days on market were down quite a lot.  Inventory was stable with 6 sales in March of 2015 and also in March 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Pepperell, MA the average listing price in March 2015 was $333,467.  This was down to $292,817 in March 2016.  This gives a sizable decrease of 12.19% year over year. 

Looking at the median prices we see that it was higher in 2015 and just a tiny bit lower in 2016.  For March of 2015 the median listing price for Pepperell, MA was $344,950 and in March 2016 it was $292,000 which now gives an even larger decrease of 15.35%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Pepperell, MA in March of 2015 was $327,712 and in March 2016 that was down to $286,917.  That gives a bit higher decrease of 12.45% compared to the average list price. 

We see a different pattern than we did with the listing prices here for the median sale prices, where this time both were more than the averages.  For March of 2015 the median sales price for Pepperell, MA was $335,000 and in March 2016 it was $288,500 giving another larger decrease of 13.88%. 

Everything indicates that prices are down a lot in Pepperell, MA in March.  The overall range is fairly small going from roughly 12-15.5%.  The median list price is a bit of an outlier on the high side and since listing prices are less important than the sale prices we would discount that one and take the 12-14% range of the other 3 metrics as the base.  However since the median sale price is considered the most important usually we would conclude that is likely at the top of that range, just under 14% rather than the tight 12-12.5% range seen with the two averages.

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 Pepperell, MA the average days on market in March of 2015 were 228.00 and the average days on market for March 2016 were 129.67 for a huge 43.13% decrease. 

Pepperell, Massachusetts Summary:

The Pepperell, Massachusetts real estate market is down a good amount since last year.  The average prices were down a lot with the median prices being down by an even more.  The days on market were down a lot which does serve as some counter argument to the down market, but in our opinion that does not negate such large price decreases. 

In summary if you are looking to sell a house in Pepperell, 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 much less time to sell compared to last year as well. 

 

Do you need to sell your Pepperell, 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: Pepperell Covered Bridge by John Phelan via Wikipedia)