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

 Old Shirley Municipal Building - Shirley Massachusetts Real Estate

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

The Shirley, MA market has fallen off somewhat since last year.   Both the average listing and sale prices were down some.  The median prices were down significant amounts as well.  However the days on market are down by a lot in contrast to the drop in prices.  Inventory was pretty stable going from 9 sales in September of 2014 down to 8 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Shirley, MA the average listing price in September 2014 was $325,478.  This was down to $319,638 in September 2015.  This gives a pretty negligible decrease of 1.79% year over year. 

Taking a look at the median prices we see that they are quite a bit different than the average in both 2014 and in 2015.  For September of 2014 the median listing price in Shirley, MA was $369,900 and in September 2015 it was $324,000 which now gives a much larger 12.41% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price in Shirley, MA in September of 2014 was $328,517 and in September 2015 that was down to $317,538.  While a bigger drop than seen with the average listing price it still gives another fairly small 3.34% decrease. 

We see similar pattern with the median sale prices as we did for the listing prices.  For September of 2014 the median sales price for Shirley, MA was $368,940 and in September 2015 it was $313,250 giving an even larger 15.09% decrease, for the biggest drop of any of the things we examined.

By most of the measures the Shirley, MA market is down at least some amount.  Since medians are usually favored it is fair to conclude that the single family market in Shirley, MA is down in the 10-15% range this month compared to September of 2014.

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 Shirley, MA the average days on market in September of 2014 were 105.89 and the average days on market for September 2015 were 67.63, for a sizeable 36.13% decrease.  It is a little surprising to see that big of a drop in day on market with the sizable drop in the median prices.  Frankly this big of a change would have been surprising even just taking the 1-3% drop seen with the averages.

Shirley, Mass Summary:

The Shirley, Massachusetts real estate market is down somewhat since last year.  The average prices were only down very small amounts but the median prices were down by sizable amounts.  The days on market were actually down a lot but that does not make up for double digit drops in the median prices, though it is a nice consolation as it can help reduce the holding costs a seller would also have to endure.   

In summary if you are looking to sell a house in Shirley, MA now you should expect to get less for it than you would have gotten last year.  You should also expect it to sell quite a bit faster compared to last year too. 

 

Do you need to sell your Shirley, 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: Shirley Municipal Building by Bob Burkhardt via Wikipedia)