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

 West Newbury Massachusetts's John Cena - West Newbury MA Real Estate

Market Trends in West Newbury, MA – July 2015 and 2016:

The West Newbury, MA market has fallen off since last year.   The average prices were down significantly and the median prices were down even more so.  The days on market were up just a tiny bit, but would be better described as flat.  Inventory was pretty stable with 5 sales in July of 2015 up to 6 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In West Newbury, MA the average listing price in July 2015 was $741,780.  This was down to $601,283 in July 2016.  This gives a very large decrease of 18.94% year over year. 

Looking at the median prices we see that it was higher in 2015 but lower in 2016.  For July of 2015 the median listing price for West Newbury, MA was $760,000 and in July 2016 it was $594,950 which now gives an even larger decrease of 21.72%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in West Newbury, MA in July of 2015 was $735,380 and in July 2016 that was down to $583,083.  That gives another significant decrease of 20.71%, a little higher than the average list price. 

We see a slightly different pattern as we did for the median list price, this time both were higher than the average price.  For July of 2015 the median sales price for West Newbury, MA was $760,000 and in July 2016 it was $588,750 giving another much smaller decrease of 22.53%.

Prices are down substantially for West Newbury, MA this month.  The range for all four metrics was pretty small going from about 19-22.5%.  The averages were lower than the medians.  Medians are the more common method for real estate pricing analysis so we are going to say that prices are going to be at the top of the range.  Since the median sale price is the most important number while the whole potential range is pretty high prices are probably down right at the top of the range at about 22.5%

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 West Newbury, MA the average days on market in July of 2015 were 71.40 and the average days on market for July 2016 were 72.17 giving a meaningless 1.08% increase.  It is safe to say that days on market were flat here.

West Newbury, Massachusetts Summary:

The West Newbury, Massachusetts real estate market is down significantly since last year.  The average prices were down a lot and the median prices were down an even larger amount.  The days on market were basically flat with just a tiny increase.

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

 

Do you need to sell your West Newbury, 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: John Cena at 2010’s Tribute to the Troops via Wikipedia)

 

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

Stone's Public House in Ashland MA - Ashland Massachusetts Real Estate  

As mentioned when we did our first article on Ashland back in April of 2015 that Ashland is a special place for Shaun as it is where he got married.  In that article the featured image was of the Warren Center where the ceremony was and today’s is of Stone’s Public House where the rehearsal dinner was held.

Market Trends in Ashland, MA – July 2015 and 2016:

The Ashland, MA market has fallen off since last year.   The average prices were down some and the median prices were down even.  The days on market were down some.  Inventory was down some with 18 sales in July of 2015 down to 12 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Ashland, MA the average listing price in July 2015 was $451,494.  This was down to $432,167 in July 2016.  This gives a modest decrease of 4.28% year over year. 

Looking at the median prices we see that it was marginally higher in 2015 but lower in 2016.  For July of 2015 the median listing price for Ashland, MA was $454,900 and in July 2016 it was $384,949.50 which now gives a much larger decrease of 15.38%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Ashland, MA in July of 2015 was $456,450 and in July 2016 that was down to $430,450.  That gives another modest decrease of 5.70%, a little higher than the average list price. 

We see the same pattern as we did for the median list price.  For July of 2015 the median sales price for Ashland, MA was $459,250 and in July 2016 it was $405,000 giving another much smaller decrease of 11.81%.

Prices are down some for Ashland, MA this month.  The range for all four metrics was pretty large going from a little over 4-15%.  The averages were much lower than the medians at only about 4-6%.  The medians were much higher at about 12-15%.  Medians are the preferred real estate pricing analysis method so it is reasonable to go with that higher range.  However since sales are much more important than listing prices we would say that prices will be down at the lower end of the range at just a little less than 12%.

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 Ashland, MA the average days on market in July of 2015 were 38.72 and the average days on market for July 2016 were 28.58 giving a modest 26.19% decrease.

Ashland, Massachusetts Summary:

The Ashland, Massachusetts real estate market is down some since last year.  The average prices were down and the median prices were down a much larger amount.  The days on market were down a little bit though.

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

 

Do you need to sell your Ashland, 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: Stone’s Public House in Ashland MA via Wikipedia)

 

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

 Marion MA Town Seal - Marion Massachusetts Real Estate

Market Trends in Plymouth, MA – July 2015 and 2016:

The Marion, MA market has fallen off since last year.   The average prices were down tremendously and the median prices were down as well.  The days on market were down a huge amount, though that might be slightly overstated.  Inventory was up a little with 7 sales in July of 2015 down to 9 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Marion, MA the average listing price in July 2015 was $1,397,521.  This was down to $573,033 in July 2016.  This gives a massive decrease of 59.00% year over year. 

Looking at the median prices we see that it was lower in 2015 but marginally higher in 2016.  For July of 2015 the median listing price for Marion, MA was $599,950 and in July 2016 it was $575,000 which now gives a much smaller decrease of 4.16%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Marion, MA in July of 2015 was $1,354,571 and in July 2016 that was down to $588,667.  That gives another huge decrease of 56.54%, though not quite as high as the average list price. 

We see a lightly different pattern as we did for the median list price.  This time it was still much less in 2015 but was lower in 2016 as well.  For July of 2015 the median sales price for Marion, MA was $575,000 and in July 2016 it was $550,000 giving another much smaller decrease of 4.35%.

Prices have gone down some for Marion, MA this month.  The range for all four metrics was extremely large only going from roughly 4-59%.  While there were multiple high sales in 2015 (the 2 highest as well as 3 of the top 4) there was one clear mega outlier that pulled those averages WAY up.  For that reason we will give pretty much no weight to those huge drops.  Looking just at the medians we see declines a little over 4%.  With the distribution from above and some other observations to the raw data I will go back and give the tiny bit of relevance to those huge average drops and say prices might be down a little more but probably more like 5% or at most higher single digits.

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 Marion, MA the average days on market in July of 2015 were 307.00 and the average days on market for June 2016 were 58.11 giving a massive 81.07% decrease.

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, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax, Braintree (Condos), Newton (Multifamily), Plainville ,Boxford, Wayland , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos), Norton (Condos), Newburyport, Atkinson, NH, Fairhaven, Lexington, Arlington (Condos), Salisbury, Weston, Groton, Wellesley, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3, Hanover, Canton (Condos), Belmont #2, Seabrook, NH, Hingham (Condos), Lakeville, Raynham, Holliston, Londonderry, NH, Georgetown, South Boston (Condos), Needham #2, Arlington #2, Foxboro #2, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2, Boston’s South End (Condos) #2Somerset, Everett (Multifamily), Sharon, Dedham #4, Boston’s Brighton (Condos), Winthrop (Condos), Littleton #2, Ipswich, Westport, Franklin (Condos), Groveland, Boston’s Fenway (Condos) #2, Windham, NH #3 and Chelmsford (Condos) outliers in the data can really skew these numbers.  This again is the case for Marion, MA in July.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 972 days on market; this was more than the next 3 properties combined and more than 45% of the total days on market for all 7 Properties.  When removed the new calculation for the remaining 6 properties gives an average days on market of 196.17.

 Using the adjusted numbers we now get a smaller increase of 70.38%.  This barely changes the conclusion that the days on market were down a huge amount.  Really while this difference is smaller the decrease is still so big it really only matters when looking at the absolute number of days, the difference there is selling a place over 14 weeks faster.  So while meaningless in evaluating the difference year to year it was important for those selling at that time.

Marion, Massachusetts Summary:

The Marion, Massachusetts real estate market is down a little since last year.  The average prices were down significantly however the median prices were down a much more modest amount.  The days on market were way down which is a counter argument to a down market.  They were actually down to the extent that it could be argued that the additional holding costs narrow the gap here some, however overall that factor is probably not enough to eliminate the price losses.

In summary if you are looking to sell a house in Marion, MA now you should expect to get less for it than you would have gotten last year.  Though you can also expect it to much less time to sell compared to last year as well. 

 

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

 

Real Estate Trends – Chelmsford, Massachusetts (Condos)

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 Condo market in Chelmsford, MA in Middlesex County

 Old Chelmsford MA Town Hall - Chelmsford Massachusetts Real Estate

Market Trends in Chelmsford, MA – July 2015 and 2016:

The Chelmsford, MA condo market has fallen off since last year.   The average prices are down and the median prices were down as well.  The days on market were pretty flat, though there are issues with these numbers.  Inventory was up a little with 16 sales in July of 2015 up to 20 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Chelmsford, MA the average listing price for a condo in July 2015 was $269,275.  This was down to $225,560 in July 2016.  This gives a sizable decrease of 16.23% year over year. 

Looking at the median prices we see that they were lower in 2015 and higher in 2016.  For July of 2015 the median listing price for condos in Chelmsford, MA was $234,950 and in July 2016 it was $234,900 which is totally flat with an amusingly small decrease of 0.02%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Chelmsford, MA in July of 2015 was $267,231 and in July 2016 that was down to $223,070.  That gives another substantial decrease of 16.53%, and slightly higher than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For July of 2015 the median sales price for a Chelmsford, MA condo was $244,750 and in July 2016 it was $229,500 giving a modest decrease of 6.23%. 

Prices have gone down some for condos in Chelmsford, MA in July.  The overall range was pretty large going from roughly 0-16.5% down.  The two average metrics were both very close and significantly higher than the median prices.  Since medians are the favored metric generally when evaluating real estate prices so we will give a lot less weight to those two figures.  Looking at the medians we see the only metric saying prices are not down is the median list price, which is far less important than the sales prices so we will also discount that as well.  Therefore the little bit over 6% declines we see with the median sale price is the best guess overall as to the level of the price drop.  However, given that the average sale price was the biggest overall drop and much higher I would suspect it might be heading in a more negative direction.

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 Chelmsford, MA condos the average days on market in July of 2015 were 65.81 and the average days on market for July 2016 were 63.50 for a flat change of a almost meaningless decrease of 3.51%.

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, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax, Braintree (Condos), Newton (Multifamily), Plainville ,Boxford, Wayland , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos), Norton (Condos), Newburyport, Atkinson, NH, Fairhaven, Lexington, Arlington (Condos), Salisbury, Weston, Groton, Wellesley, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3, Hanover, Canton (Condos), Belmont #2, Seabrook, NH, Hingham (Condos), Lakeville, Raynham, Holliston, Londonderry, NH, Georgetown, South Boston (Condos), Needham #2, Arlington #2, Foxboro #2, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2, Boston’s South End (Condos) #2Somerset, Everett (Multifamily), Sharon, Dedham #4, Boston’s Brighton (Condos), Winthrop (Condos), Littleton #2, Ipswich, Westport, Franklin (Condos), Groveland, Boston’s Fenway (Condos) #2 and Windham, NH #3 outliers in the data can really skew these numbers.  This again is the case for Chelmsford, MA condos in July.  In this instance there was a very high days on market place in both years.

In 2015 there was a property with 360 days on market; this was more than the next 4 properties combined and more than 34% of the total days on market for all 16 Properties.  When removed the new calculation for the remaining 15 properties gives an average days on market of 46.20. 

In 2016 there was a property with 352 days on market; this was more than the next 3 properties combined and almost 28% of the total days on market for all 20 Properties.  When removed the new calculation for the remaining 19 properties gives an average days on market of 48.32. 

Using the adjusted numbers we now get a small increase of 4.49%.  This barely changes the conclusion that the days on market were pretty much flat.  At first it looked like there were flat with a very small decrease but now they still look to be mostly flat but there was a slight decrease.

Chelmsford, Massachusetts Summary:

The Chelmsford, Massachusetts condo real estate market is down since last year.  The average prices were down a good amount while the median prices were down a little bit as well.  The days on market were pretty much flat with just a miniscule decrease.

In summary if you are looking to sell a condo in Chelmsford, MA now you should expect to get less for it than you would have gotten last year.  You should also expect it to take about the same to sell compared to last year as well. 

 

Do you need to sell your Chelmsford, Massachusetts Condo 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: Old Town Hall – Chelmsford MA by John Phelan via Wikipedia)

 

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

 Dunstable, MA Town Hall - Dunstable MA Real Estate

Market Trends in Dunstable, MA – June 2015 and 2016:

The Dunstable, MA market has fallen off significantly since last year.   The average prices were down significantly and the median prices were down quite a bit as well.  The days on market were up a little bit as well.  Inventory was down a little with 8 sales in June of 2015 down to 6 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Dunstable, MA the average listing price in June 2015 was $584,513.  This was down to $403,267 in June 2016.  This gives a massive decrease of 31.01% year over year. 

Looking at the median prices we see that it was higher in 2016 and lower in 2015.  For June of 2015 the median listing price for Dunstable, MA was $522,450 and in June 2016 it was $414,900 which now gives a smaller but still very significant decrease of 20.59%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Dunstable, MA in June of 2015 was $553,594 and in June 2016 that was down to $400,567.  That gives another very sizeable decrease of 27.64%, not quite as high as the average list price. 

We see the same pattern as we did for the median list price.  For June of 2015 the median sales price for Dunstable, MA was $501,250 and in June 2016 it was $414,000 giving another big decrease of 17.41%.

Prices have gone down some for Dunstable, MA this month.  The range for all four metrics was pretty large only going from roughly 17.5-31%.  The averages were a bit higher than the medians with those ranging from about 27.5-31%.  The medians were a bit lower going from about 17.5-20.5%.  Since medians are the much more commonly used method prices are probably down much more on the lower side of that range.  Overall the median sale price is the most preferred number to use in these types of evaluations.  So best guess is that they are downright near the bottom of the range at a little under 18%, possibly a little more since all the other measures were significantly higher.

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 Dunstable, MA the average days on market in June of 2015 were 126.88 and the average days on market for June 2016 were 137.00 giving a small 7.98% increase.

Dunstable, Massachusetts Summary:

The Dunstable, Massachusetts real estate market is down a lot since last year.  The average prices were down significantly and the median prices were down substantially as well.  The days on market were up a small amount as well which gives some additional support to a down market.

In summary if you are looking to sell a house in Dunstable, MA now you should expect to get a lot less for it than you would have gotten last year.  You could also expect it to possibly take a little more time to sell compared to last year as well. 

 

Do you need to sell your Dunstable, 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: Dunstable MA Town Hall by John Phelan via Wikipedia)

 

Real Estate Trends – Windham, New Hampshire #3

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 Windham, NH in Rockingham County

 Windham Junction in Windham NH - Windham New Hampshire Real Estate

Market Trends in Windham, NH – June 2015 and 2016:

The Windham, NH market has fallen off some since last year.   The average prices were down and the median prices were down as well.  The days on market appeared to be down a lot, but on further examination that may not actually be the case.  Inventory was up a lot with 24 sales in June of 2015 down to 34 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Windham, NH the average listing price in June 2015 was $496,558.  This was down to $470,382 in June 2016.  This gives a modest decrease of 5.27% year over year. 

Looking at the median prices we see that it was lower in both years.  For June of 2015 the median listing price for Windham, NH was $494,900 and in June 2016 it was $454,450 which now gives a larger decrease of 8.17%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Windham, NH in June of 2015 was $498,577 and in June 2016 that was down to $467,373.  That gives another modest decrease of 6.26%, and slightly higher as the average list price. 

We see the same pattern as we did for the median list price.  For June of 2015 the median sales price for Windham, NH was $483,450 and in June 2016 it was $460,000 giving another decrease of 4.85%.

Prices have gone down some for Windham, NH this month.  The metrics did not have much of a pattern this time.  Overall the range wasn’t huge going from just under 5% to just over 8%.  The median listing price was a bit higher than the others being almost 2 points higher than the next highest.  We would give this less weight than the others.  That pulls the spread to only about 1.5%.  So overall the range isn’t big or that big of a decrease.  Overall the median sale price is the one considered the most useful and that was the lowest drop of all of them so best guess is that prices are down just under 5%.

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 Windham, NH the average days on market in June of 2015 were 114.54 and the average days on market for June 2016 were 54.18 giving a large 52.70% decrease.

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, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax, Braintree (Condos), Newton (Multifamily), Plainville ,Boxford, Wayland , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos), Norton (Condos), Newburyport, Atkinson, NH, Fairhaven, Lexington, Arlington (Condos), Salisbury, Weston, Groton, Wellesley, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3, Hanover, Canton (Condos), Belmont #2, Seabrook, NH, Hingham (Condos), Lakeville, Raynham, Holliston, Londonderry, NH, Georgetown, South Boston (Condos), Needham #2, Arlington #2, Foxboro #2, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2, Boston’s South End (Condos) #2Somerset, Everett (Multifamily), Sharon, Dedham #4, Boston’s Brighton (Condos), Winthrop (Condos), Littleton #2, Ipswich, Westport, Franklin (Condos), Groveland and Boston’s Fenway (Condos) #2 outliers in the data can really skew these numbers.  This again is the case for Windham, NH in June.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 1071 days on market; this was more than the next 3 properties combined and more than 61% of the total days on market for all 24 Properties.  When removed the new calculation for the remaining 23 properties gives an average days on market of 46.56. 

Using the adjusted numbers we now get a small increase of 16.36%.  This totally changes the basic conclusion that the days on market were down a lot.  At first it looked like there was a very large decrease in the days on market but now it looks like they are actually up a tad.

Windham, New Hampshire Summary:

The Windham, New Hampshire real estate market is down a lot since last year.  The average prices were down and the median prices were down as well.  The days on market were up a small amount as well after adjustment, which gives some additional support to a down market.

In summary if you are looking to sell a house in Windham, NH now you should expect to get less for it than you would have gotten last year.  You could also expect it to possibly take a little more time to sell compared to last year as well. 

 

Do you need to sell your Windham, New Hampshire 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: Windham Junction 1910 via Wikipedia)

 

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

 Town Seal of Ayer MA - Ayer Massachusetts Real Estate

Market Trends in Ayer, MA – June 2015 and 2016:

The Ayer, MA market has fallen off substantially since last year.   The average prices were down significantly and the median prices were down quite a bit more.  The days on market were down significantly though.  Inventory was down a lot getting cut in half with 16 sales in June of 2015 down to 8 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Ayer, MA the average listing price in June 2015 was $360,319.  This was down to $297,825 in June 2016.  This gives a very large decrease of 17.34% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For June of 2015 the median listing price for Ayer, MA was $392,900 and in June 2016 it was $254,950 which now gives a much larger decrease of 35.11%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Ayer, MA in June of 2015 was $358,538 and in June 2016 that was down to $301,375.  That gives another very sizeable decrease of 15.94%, not quite as high as the average list price. 

We see the same pattern as we did for the median list price.  For June of 2015 the median sales price for Ayer, MA was $395,400 and in June 2016 it was $267,500 giving another humongous decrease of 32.35%.

Prices have gone down significantly for Ayer, MA in June.  The range for all four metrics was very large going from roughly 16-35%.  The averages were a bit lower than the medians with drops of “only” 16-17.5%.  Medians are the favored method of evaluating real estate pricing.  Those were down substantially more than the averages going from about 32-35%.  This is the more likely range of the price drops this month.  Since sales are far more important than listing prices the minor silver lining is that best guess would have prices down at the bottom of the range at a little over 32%.

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 Ayer, MA the average days on market in June of 2015 were 109.13 and the average days on market for June 2016 were 58.50 giving a large 46.39% decrease.

Ayer, Massachusetts Summary:

The Ayer, Massachusetts real estate market is down a lot since last year.  The average prices were down significantly and the median prices were down substantially more so.  The days on market were actually down a lot which is a counter argument to the down market.  However the days on market are pretty volatile and even with a big drop the huge price drops more than negate this.

In summary if you are looking to sell a house in Ayer, MA now you should expect to get a lot less for it than you would have gotten last year.  However you could also expect it to possibly take a lot less time to sell compared to last year as well. 

 

Do you need to sell your Ayer, 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 Ayer MA via Wikipedia)

 

 Real Estate Trends – Boston’s Fenway (Condos) #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 Condo market in the Fenway neighborhood of Boston, MA in Suffolk County

Back last June Condos in the Fenway was one of the first reports we did for the city of Boston.

Market Trends in Boston’s Fenway – June 2015 and 2016:

The Boston, MA Fenway neighborhood condo market has fallen off a lot since last year.   The average prices are down and the median prices were down more.  The days on market were up a lot, though that might be overstated some.  Inventory was level with 13 sales in June of 2015 and also in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In the average listing price for a condo in The Fenway area of Boston, MA for June 2015 was $547,038.  This was down to $490,431 in June 2016.  This gives a fairly large decrease of 10.35% year over year. 

Looking at the median prices we see that they were higher in both years.  For June of 2015 the median listing price for condos in Boston’s Fenway was $575,000 and in June 2016 it was $505,000 which now gives a larger decrease of 12.17%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in the Fenway section of Boston, MA in June of 2015 was $567,462 and in June 2016 that was down to $504,162.  That gives another large decrease of 11.15%, slightly higher than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For June of 2015 the median sales price for a condo in Boston, MA’s Fenway neighborhood was $588,000 and in June 2016 it was $513,000 giving another larger decrease of 12.76% and the largest of the four pricing metrics. 

Prices have gone down a fair bit for condos in Boston, MA’s Fenway area in June.  The overall range was not that large going from a little over 10% to not quite 13% down.  The average list price was the lowest but also is the least useful of the metrics.  Dismissing that one gives a tighter range that is more like 11-13%.  Medians are the preferred metric for real estate pricing analysis and in this case those are both at the top of this range with the most important of them, the median sale price, as the highest overall.  So overall it is safe to say prices are down at least double digits it is also likely they are down at the top of the range we saw with a decrease of a little under 13%. 

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 condos in the Fenway section of Boston, MA the average days on market in June of 2015 were 16.15 and the average days on market for June 2016 were 39.62 for a huge increase of over 145%.

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, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax, Braintree (Condos), Newton (Multifamily), Plainville ,Boxford, Wayland , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos), Norton (Condos), Newburyport, Atkinson, NH, Fairhaven, Lexington, Arlington (Condos), Salisbury, Weston, Groton, Wellesley, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3, Hanover, Canton (Condos), Belmont #2, Seabrook, NH, Hingham (Condos), Lakeville, Raynham, Holliston, Londonderry, NH, Georgetown, South Boston (Condos), Needham #2, Arlington #2, Foxboro #2, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2, Boston’s South End (Condos) #2Somerset, Everett (Multifamily), Sharon, Dedham #4, Boston’s Brighton (Condos), Winthrop (Condos), Littleton #2, Ipswich, Westport, Franklin (Condos) and Groveland outliers in the data can really skew these numbers.  This again is the case for condos in Boston’s Fenway neighborhood in June.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 211 days on market; this was more than the next 5 properties combined and almost 41% of the total days on market for all 13 Properties.  When removed the new calculation for the remaining 12 properties gives an average days on market of 25.33. 

Using the adjusted numbers we now get a much smaller increase of 56.84%.  This does not change the basic conclusion that the days on market were up a lot.  However this increase went from a humongous one to a large but not outlandish amount.  Also to be fair while up quite a lot even this high number is generally considered to be a pretty good number but last year they were terrific.

Boston MA’s Fenway Summary:

The Boston, Massachusetts Fenway condo real estate market is down a since last year.  The average prices were down a bit while the median prices were down even more.  The days on market were also up a significant amount which further shows a weakness in the market from last year.

In summary if you are looking to sell a condo in Boston, MA’s Fenway section now you should expect to get less for it than you would have gotten last year.  You should also expect it to take more time to sell compared to last year as well. 

 

Do you need to sell your Fenway section of Boston, Massachusetts Condo 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: Landmark Center by Grk1011 via Wikipedia)

 

Real Estate Trends – Dracut, Massachusetts (Condos) #4

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 Condo market in Dracut, MA in Middlesex County

 

This is the 4th time we have looked at condos in Dracut with the most recent one being back in February.

Market Trends in Dracut, MA – June 2015 and 2016:

The Dracut, MA condo market has fallen off a lot since last year.   The average prices are down and the median prices were down more.  The days on market were pretty flat.  Inventory was level with 21 sales in June of 2015 and also in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Dracut, MA the average listing price for a condo in June 2015 was $186,063.  This was down to $176,810 in June 2016.  This gives a modest decrease of 4.97% year over year. 

Looking at the median prices we see that they were lower in both years.  For June of 2015 the median listing price for condos in Dracut, MA was $179,900 and in June 2016 it was $159,900 which now gives a much larger decrease of 11.12%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Dracut, MA in June of 2015 was $184,896 and in June 2016 that was down to $177,062.  That gives another modest decrease of 4.24%, though slightly lower than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For June of 2015 the median sales price for a Dracut, MA condo was $179,900 and in June 2016 it was $164,000 giving another larger decrease of 8.84%. 

Prices have gone down some for condos in Dracut, MA in June.  The overall range was pretty large going from roughly 4-11% down.  The two average metrics were both 4-5% while the two median ones were a bit higher going from just under 9% to just under 11%.  Medians are the preferred metric for real estate pricing analysis.  So prices are more likely down on that higher side.  Sales are far more important than listing prices so they are not likely really down as much as that 11% number but more like the median sale price of a little under 9%.

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 Dracut, MA condos the average days on market in June of 2015 were 45.24 and the average days on market for June 2016 were 45.38 for a flat change of just a 0.31% increase.

Dracut, Massachusetts Summary:

The Dracut, Massachusetts condo real estate market is down a since last year.  The average prices were down some while the median prices were down a bit more.  The days on market were pretty much flat with just a miniscule increase.

In summary if you are looking to sell a condo in Dracut, MA now you should expect to get less for it than you would have gotten last year.  However you could also expect it to take a lot less time to sell compared to last year as well. 

 

Do you need to sell your Dracut, Massachusetts Condo 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: Old Yellow Meeting House (UCC Church) – Dracut MA by John Phelan via Wikipedia)

 

Foreclosure Activity in Massachusetts – All Foreclosure Metrics Rise Again  

 

Welcome back to our continuing monthly examination of foreclosure data for Massachusetts.  As we have seen so far in 2016 all the metrics are up again this month.  We are now up to 27 straight months of increasing petitions on a year over year basis.  March was the first time the increase was only single digits during the run which then increased last month back into the teens and is higher again this month once again.  Auctions and Foreclosure Deeds continue to consistently rise each month on an annual basis as has been the recent pattern.

Recent Massachusetts Foreclosure Activity:

As a recap there are three items that are tracked for foreclosures which are the petitions (which is the first step for a foreclosure), the actual auctions scheduled and finally the foreclosure deeds, which is where the bank takes the property back at the auction (when nobody else is willing to buy it at the auction).

We will start off like we normally do by looking at the petitions.  As stated above they have now risen for 27 straight months on a year over year basis.  Taking a look at the numbers there were 1,130 petitions filed in May 2016 compared to 878 filed in May of 2015 for a modest increase of 28.70%.  While climbing back to double digits last month after falling to the only single digit increase during the current 27 month run, and now getting back to close to 30% there is some merit to the claims that petitions are moderating to some extent.  While increasing the recent increases are relatively small compared to the 70-100% or more increase that were quite common in 2014-15.  That being said the previous increases were huge and they are still consistently increasing so while there is some leveling off they definitely have not leveled off.  Also However since they have increased for over 2 years now looking back to May of 2014 we see that there were 573 petitions filed, which gives an increase of 97.21% increase over those 2 years, and going back to May of 2013 petitions were at 248 for a 356% jump since that year!  Looking at the year so far there have been 5,614 petitions year to date which is up 26.73% over the 4,430 at this point in 2015.  Through the end of the first quarter this year petitions had risen on a quarterly basis for 9 straight quarters.  The moderation in the increases recently it is possible that might not continue once the last month of the 2nd quarter come out for June.  I will actually guess it WILL continue however the increase is likely to be very small, as will any decrease if it in fact does go down.

Next we will look at auctions.  Auctions are the most volatile stat overall, but so far this year has been consistently increasing with everything else.  In May 2016 there were 875 auctions scheduled compared to 573 in May 2015 giving a 52.71% increase.  Year to date they have substantially increased with the 3,761 already scheduled being up 41.55% over the 2,657 auctions announced at this point in 2015.

Finally we will look at the Foreclosure Deeds.  You should expect the foreclosure deeds to track pretty well with the increases in petitions with a long lag because of the long timeframe to complete foreclosures in Massachusetts.  They have been consistently rising year over year for a long time.  This marks the 7th consecutive month that it has happened, as well as 14 of the previous 15.  Looking at the data for this month we see that there were 458 Deeds recorded in May 2016 compared to 344 in May of 2015 giving an increase of 33.14%.  Year to date there have been 2,402 foreclosure deeds filed in 2016 compared to only 1,624 at this time in 2015, giving a 47.91% increase year to date. 

What Does This Mean For The Market? :

Everything was up again this month with petitions climbing back to an almost 30% increase this month after some of the smallest increases in the now 27 month run of increases.  Auctions and foreclosure deeds were up by pretty sizable amounts once again.  As mentioned in several previous reports we do not expect to see any big surge in REOs only because the banks do not want to put a lot of downward pressure on the market by flooding it with their inventory.  However with the pattern of increases in deeds getting bigger and consistent every month REO inventory could start to climb as more of these petitions get though the system.  Since the Massachusetts  foreclosure process can be very lengthy, we are only really  starting to really see some of this 27 months of increasing petitions working their way though the system.  With that being the case there is little reason to not expect a continued increase in the number of completed foreclosures for at least the next 2 years. 

Conclusion:

Since petitions continue to climb each month year over year banks will continue to get more inventory back in the coming months, and years.  Since the foreclosure process will generally take well over a year here we should expect foreclosure deeds to stay high for at least the next 2 years, if not much longer.  So far this year we are seeing this prediction of steadily rising completed foreclosures coming to fruition. 

Since sustained increase in foreclosure activity is a leading indicator of a market correction we would recommend being skeptical of predictions of endless growth of real estate markets throughout Massachusetts in the foreseeable future.  If you read are frequent Market Trend Reports you will already know that there is no shortage of examples of weakening markets throughout eastern MA.

To reiterate the advice in our previous articles, if you are thinking about selling a house this year you should consider getting it to market ASAP before these other properties start coming to the market.  If a large number of bank owned places start to come onto the market prices could dip and the days on market could start to increase.  If this happens you may get hit with the tough situation of selling for less than expected while also taking much longer to sell than you had anticipated.  With several markets throughout the region already seeing slower growth, flat growth or even pricing drops this danger is only getting riskier.

 

Do you need to sell your Massachusetts (or New Hampshire ) house fast?  If you would like to sell your home  fast and hassle free  schedule a consultation  with us today.

 

 

All data for this article from The Warren Group:

May 2016 Data:  http://www.thewarrengroup.com/2016/07/rising-foreclosures-in-the-bay-state-mark-the-27th-consecutive-month-of-percentage-increases/  

 

 

 

 

 

 

(Image Credit: Rising Foreclosures via Boss Law)