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

 Salisbury MA Town Sign - Salisbury Massachusetts Real Estate

Market Trends in Salisbury, MA – September 2014 and 2015:

The Salisbury, MA market has fallen off quite a lot since last year.   Both the average listing and sale prices were down a tremendous amount.  The median prices were down significant amounts as well.  The days on market do appear to be down though, however that might be deceptive.  Inventory was up some going from 6 sales in September of 2014 up to 10 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Salisbury, MA the average listing price in September 2014 was $630,133.  This was down to $306,730 in September 2015.  This gives a completely ridiculously large decrease of 51.13% year over year. 

It is pretty obvious that we need to look at the medians in this case since there was a listing in 2014 over $1.7M which was much more than anything else either year so the average is skewed badly by this.  So taking a look at the median prices we see that they are quite a bit different than the average in 2014 but also a bit different in 2015 as well.  For September of 2014 the median listing price in Salisbury, MA was $360,950 and in September 2015 it was $282,400 which now gives a much smaller, but still huge, 21.76% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price in Salisbury, MA in September of 2014 was $591,150 and in September 2015 that was down to $297,870.  That gives another ridiculously large 49.61% decrease. 

We see the same pattern with the median sale prices as we did for the listing prices.  For September of 2014 the median sales price for Salisbury, MA was $376,000 and in September 2015 it was $279,950 giving another extremely large 25.55% decrease, even if it is much less than what we saw with the averages.

No matter which way we look at it prices are down a lot for Salisbury, MA in September 2015.  The medians are down only about half of what the averages were.  Medians are generally favored in this type of analysis and those are indicating things are down 20-25% or more which does seem much more reasonable than the 50% declines seen with the 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 house to sell in the current market.  For Salisbury, MA the average days on market in September of 2014 were 105.50 and the average days on market for September 2015 were 87.40, for a moderate 17.16% 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 and Arlington (Condos) outliers in the data can really skew these numbers.  This again is the case for Salisbury, MA in September.  In this instance there was a very high days on market place in the 2014 data.

In 2014 there was a property with 255 days on market; this was more than the next 2 properties combined and was over 40% of the total days on market for all 6 Properties.  When removed the new calculation for the remaining 5 properties gives an average days on market of 75.60. 

Using the adjusted numbers we see a moderate increase of 15.61%.  This definitely changes the general thought of the days on market being down somewhat as now they appear to be up slightly.  While the magnitude of the change either way was not huge but the total swing between the two sets makes the change pretty big.

Salisbury, Mass Summary:

The Salisbury, Massachusetts real estate market is down since last year.  The average prices and the median prices were both down by very large amounts.  The days on market were up a little as well, further showing the weakened market. 

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

 

Do you need to sell your Salisbury, 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: Salisbury MA Sign via salisburychamber.com)