Real Estate Trends – Stoughton, 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 Stoughton, MA in Norfolk County

 Stoughton MA Seal - Stoughton Massachusetts Real Estate

It has been a long time since we have looked at Stoughton, MA.  It was one of our earlier market reports we did back in December of 2014

Market Trends in Stoughton, MA – April 2015 and 2016:

The Stoughton, MA market has fallen off a bit since last year.   The average prices are down and the median prices were down quite a bit more.  The days on market were down however.  Inventory was up significantly, more than doubling, with 12 sales in April of 2015 up to 25 in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Stoughton, MA the average listing price in April 2015 was $375,258.  This was down to $361,776 in April 2016.  This gives a fairly modest decrease of 3.59% year over year. 

Looking at the median prices we see that they were a bit higher in 2015 and a little lower in 2016.  For April of 2015 the median listing price for Stoughton, MA was $409,900 and in April 2016 it was $359,900 which now gives a much larger decrease of 12.20%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for Stoughton, MA in April of 2015 was $365,438 and in April 2016 that was down to $355,636.  That gives another small decrease of 2.68%, and slightly smaller than the average list price. 

We see the same pattern as we did for the median list price.  For April of 2015 the median sales price for Stoughton, MA was $399,925 and in April 2016 it was $350,000 giving another much larger decrease of 12.48%. 

Prices are down definitely down in Stoughton, MA this month.  However, the averages and the medians give a very different story on exactly how much of a change.  The averages are indicating a pretty small 2-4% type decrease where the Medians both show it to be a little over 12%, which is a pretty big difference.  Median prices are the preferred method for evaluating real estate pricing data and are probably giving the more accurate representation here.  So using the medians and giving a touch more weight to the median sale price we would say prices are down probably just a hair below 12.5%.

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 Stoughton, MA the average days on market in April of 2015 were 115.67 and the average days on market for April 2016 were 84.28 for a decent 27.14% decrease.

Stoughton, Massachusetts Summary:

The Stoughton, Massachusetts real estate market is down a bit since last year.  The average prices were down a little bit but the median prices were down a lot more.  The days on market were down though, which is a counter argument to the weakening market but overall do not really make up for the price drops we are seeing.

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

 

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

 

Real Estate Trends – Stoughton, Massachusetts

Introduction:

Welcome back for this latest market trend report examining Massachusetts and New Hampshire real estate markets.  If this is the first time you have read one, in these reports we examine the municipality’s year over year change in the real estate market and discuss the observations and what they mean for the market.

Today we are highlighting Stoughton, MA in Norfolk County.

Stoughton MA Sign - Stoughton MA Real Estate

Market Trends in Stoughton, MA – November 2013 and 2014:

The Stoughton, MA market has declined quite a bit since last year.  Listing and sales prices are down a lot, however the days on market have actually declined.  Inventory was down a bit with 27 sales in November of 2013 and only 19 in November 2014.

Average Listing Prices:

The first metric we look at is the average listing price.  Stoughton, MA had an average list price of $353,766 in November 2013, which went all the way down to $301,063 in November 2014.  This represents a large decrease of 14.90%, which is a very large and significant decrease.

Average Sale Prices:

The next metric we examine is the average sale prices.  In November of 2013 the average sale price for Stoughton, MA was $345,610.  By November 2014 that was down to $291.961.  This is a similarly large decrease of 15.52%.  The difference in the decreases between listing vs. sale prices is small, but the fact that the actual sale prices are going down faster than the list prices could indicate that the local real estate professionals are not compensating for these falling prices fast enough as the market goes down.

Average Days on Market:

The final thing we look at is the days on market.  This is how long it is takes for a house to sell in this market.  For Stoughton, MA it had an the average days on market in November of 2013 of 81.52 and the average days on market in 2014 actually went down to 76.53, for a modest 6.12% decrease! We have seen in several of our previous posts for the municipalities of AbingtonBedfordSeekonk, Belmont, TopsfieldCanton, Dracut (Condos), HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton and Reading that an outlier can really skew the data.  That happens to be the case here for Reading, MA as well.  In this case it is actually the 2014 data that is skewed and makes the above more dramatic. In November 2014 there was one house with a days on market almost as high as the next 3 highest ones combined at 448 days.  After removing this from the calculation the other 18 properties had an average days on market of 55.89.  If we use this for the calculation we get a decrease of 31.44%, which is quite a bit bigger than that initial figure.   Initially the difference in how long a property was sitting on the market seemed to be fairly small but if you use this modification it seems that places are in fact moving a bit faster than last year.

Stoughton, Mass Summary:

The Stoughton, Massachusetts real estate market has weakened quite a bit since last year.  The very large declines in both listed and sale prices make this clear and more than negate the decrease in the days on market being seen.  While it is good that places seem to sell faster than last year if priced right that is only a small consolation to selling for ~15% less than last year. In summary if you are looking to sell a house in Stoughton, MA now you should expect to get quite a bit less for it than you would have last year.  You also should expect to need to take a bigger discount off of your initial price to avoid sitting on it for a very long time.

 

Do you need to sell your Stoughton, 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: Welcome to Stoughton via Stoughton Patch)