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

 Map of Sudbury MA in 1856 - Sudbury Massachusetts Real Estate

Market Trends in Sudbury, MA – December 2014 and 2015:

The Sudbury, MA market has fallen off a bit since last year.   The average prices were down a lot.  The median prices were down too.  The days on market however are down a little.  Inventory was down a little bit too with 19 sales in December of 2014 and 16 in December 2015 as well. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Sudbury, MA the average listing price in December 2014 was $782,901.  This was down to $590,219 in December 2015.  This gives a very large decrease of 24.61% year over year. 

Looking at the median prices we see that it was lower both years, and especially in 2014.  For December of 2014 the median listing price for Sudbury, MA was $674,900 and in December 2015 it was $569,500 which now gives a smaller decrease of 15.62%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Sudbury, MA in December of 2014 was $757,986 and in December 2015 that was down to $577,097.  That gives another large 23.86% decrease. 

We see a similar pattern with the median sale prices as we did for the listing prices.  For December of 2014 the median sales price for Sudbury, MA was $672,000 and in December 2015 it was $568,250 giving another smaller, but still very substantial, decrease of 15.44%. 

All 4 of our metrics show that prices are down year over year for Sudbury, MA.  The averages are definitely down a lot more than the medians.  The medians are generally preferred so looking at what those are saying it is reasonable to say that the Sudbury, MA market is down more like the ~15% shown there than the ~24% 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 property to sell in the current market.  For Sudbury, MA the average days on market in December of 2014 were 109.00 and the average days on market for December 2015 were 98.13 for a fairly meaningless 9.97% decrease. 

Sudbury, Mass Summary:

The Sudbury, Massachusetts real estate market is down significantly since last year.  The average prices were way down.  The median prices were down substantially as well, though not as much as the averages.  The days on market were down slightly but not very much so do not really come into play in our evaluation.

In summary if you are looking to sell a house in Sudbury, MA now you should expect to get a bit less for it than you would have gotten last year.  You should also expect it to take about the same, or just a little less, time to sell compared to last year as well. 

 

Do you need to sell your Sudbury, 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: Sudbury_in_1856 via Wikipedia)