Real Estate Trends – Seekonk, Massachusetts

Introduction:

Welcome to our latest report on the local real estate market trends in communities we work in located in Massachusettsand New Hampshire.  In these reports we show the ways the local real estate market has changed year over year in the town or city being discussed. All real estate is local and any given municipality can have the market going up so you can sell faster and for a higher price than before.  It can also show signs of weakening with prices falling and days on market increasing.  If this is the case you need to decide if you want to sell fast but for less than anticipated of be prepared to wait for a long time to sell.

Seekonk, MA Real Estate - Town Seal

Today we are highlighting Seekonk, MA in Bristol County.

Market Trends in Seekonk, MA – August 2013 and 2014:

The real estate market in Seekonk has slowed down since last year according to our MLS data.  Average listing prices are down and so are the average sale prices; however the average days on market are actually down a bit.  The total number of properties sold didn’t change with 13 sales each period.

Average Listing Prices:

The average listing price in August 2013 for Seekonk, MA was $344,869; by August 2014 it was down to $285,477. This is an enormous 17.22% decrease.  This clearly shows that people are paying less than a year ago and local Realtors are trying to compensate for this decrease by adjusting what they are telling clients to list their properties for.

Average Sale Prices:

Back in August 2013 the average sale price in Seekonk was $336,946; in August 2014 it was all the way down to $269,131. This represents an even larger 20.13% decrease than that seen with the listing prices.  This shows that the sale prices are dropping even faster than are being compensating for with the lower listing prices.

Average Days on Market:

The silver lining for people looking to sell a house in Seekonk now vs. last year is that the days on market are actually down a fair amount.  In August 2013 the average days on market in Seekonk were 79.69; in August 2014 it was all the way down to 40.86, this represents a 48.7% decrease year over year.   This is actually a little abnormal as it is more common to see days on market go up when prices are going down, since people are more likely to start off listing to high and then needing to case the market down.  So seeing such a dramatic decrease is interesting.  One explanation for this is that the sellers may be trying to “shoot for the stars” but are willing to work with the first solid offer received (Not a bad strategy in my opinion). Now it is worth pointing out that with these small data sets one or two outliers can highly skew the data.  We actually saw this in a couple of our previous reports on Abington, MA and Bedford, MA.  This is actually an issue in this case.  In 2013 there were two places that sold with very high days on market of 332 and 247, with the next highest being comparable to the highest seen in 2014 (124 and 120 respectively) and eliminating those two places the average is down to just a slightly higher 41.5 days on market.  So while the numbers are a little bit misleading with those couple of outliers even eliminating those they are still higher (even minimally) so that doesn’t fully explain the change though it can account for most of it.

Seekonk, Mass Summary:

Despite having lower days on market than last year the dramatically lower listing prices and even lower sale prices show that the Seekonk, Massachusetts market has slowed considerably for sellers since last year.  The ~20% decreases in both list and sale prices is very dramatic.  This seems to show that sellers may have missed a 2013 peak in the market where they could have gotten top dollar. In summary if you are looking to sell your Seekonk, MA home now you should expect to get less than you might have expected last year and should be willing to take a bigger discount off your listed price to avoid sitting on it for too long.

 

Do you need to sell your Seekonk, 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: “Seekonk Seal” from Wikipedia)