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

 Swampscott MA Town Hall - Swampscott Massachusetts Real Estate

Market Trends in Swampscott, MA – February 2015 and 2016:

The Swampscott, MA market has fallen off significantly since last year.   The average prices were down a lot and the median prices were down as well.  However the days on market are down a bit.  Inventory was fairly stable going from 6 sales in February of 2015 to 7 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Swampscott, MA the average listing price in February 2015 was $697,483.  This was down to $497,843 in February 2016.  This gives a huge decrease of 28.62% year over year. 

Looking at the median prices we see that they were lower in both years.  For February of 2015 the median listing price for Swampscott, MA was $471,000 and in February 2016 it was $419,000 which gives a much smaller, but still significant, decrease of 11.04%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Swampscott, MA in February of 2015 was $681,917 and in February 2016 that was down to $488,557.  That gives a nearly identical 28.36% decrease compared to the average list price. 

We see the same pattern with the median sale prices as we did for the listing prices.  For February of 2015 the median sales price for Swampscott, MA was $460,000 and in January 2016 it was $414,000 giving another substantial but smaller decrease of 10.00%. 

Without a doubt the data is showing that prices are down for Swampscott, MA last month.  The averages were down quite a bit more than the medians.  Medians are the preferred analysis method for real estate pricing, so while good to know it is probably inaccurate to say that things are down even close to the approximately 28.5% the averages suggest.  Prices are really down much more in the 10-11% that the medians were.  In fact since the median sale price was exactly 10% down that is the best overall guess as to where prices stand.

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 Swampscott, MA the average days on market in February of 2015 were 148.17 and the average days on market for February 2016 were 109.71 for a pretty sizable 25.96% decrease. 

Swampscott, Massachusetts Summary:

The Swampscott, Massachusetts real estate market is down a bit since last year.  The average prices were way down.  The median prices were also down a significant amount, though not as much as the averages.  The days on market were down a bit though, which is a nice bonus but does not really make up for the sizable price drops.

In summary if you are looking to sell a house in Swampscott, 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 a bit less time to sell compared to last year as well. 

 

Do you need to sell your Swampscott, 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: Swampscott, MA Town Hall by Daderot via Wikipedia)