Real Estate Trends – Taunton, Massachusetts (Condos)

Introduction:

Welcome back 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 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 Condo market in Taunton, MA in Bristol County

 Bristol County Court in Taunton - Taunton MA Real Estate

Market Trends in Taunton, MA – April 2014 and 2015:

The Taunton, MA Condo market appears to be down quite a bit since last year.  Both the average listing and average sales prices were down a significant amount.  The days on market appear at first glance to have gone down some year over year, however as we have seen many times that can be deceptive on the surface and it actually appears they might actually be up somewhat.  Inventory was up a bit going from 6 sales in April of 2014 to 10 in 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Taunton, MA Condos the average listing price in April 2014 was $202,417.  This was down to $182,479 in April 2015.  That gives a sizable 9.85% decrease year over year. 

Average Sale Prices:

Next we will be looking at is the average sale prices.  The average sale price for Taunton, MA Condos in April of 2014 was $200,600 and in April 2015 that was down to $177,229.  That gives an even larger decrease of 11.65%.

Average Days on Market:

The last item 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 Taunton, MA Condos the average days on market in April of 2014 were 74.50 and the average days on market for April 2015 were 54.40, for a 26.98% decrease. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, Beverly,  Framingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury and Acton #2 outliers in the data can really skew these numbers.  This again this is the case for Taunton, MA Condos.  In this case there was a very high days on market house in the 2014 data.

In 2014 there was a place with 212 days on market.  This was more than the next three highest combined and 47.43% of the total of all 6 places.  When removed the new calculation for the remaining 5 Condos gives an average days on market of 47.0.  Using this adjusted number we see the notable decrease in days on market now become a Modest 15.74% increase.  This changes the general thought that things are selling faster than last year to they are actually a little slower.

It is worth pointing out that there was a borderline high one in 2015 as well.  I did not think it was quite far enough away from the next few to easily say it was a statistical outlier.  However if that point was eliminated then we would have seen a very small decrease in days on market, so you are free to make your own assumptions and conclusions with this metric.

Taunton, Mass Summary:

The Taunton, Massachusetts real estate Condo market looks like is has fallen off a bit since last year.  The sizable drops in listing prices and sale prices show this pretty clearly.  The small increase in days on market (At least in my opinion) also support this conclusion.

In summary if you are looking to sell a Condo in Taunton, MA now you should expect to get a bit less than you would have last year.  You should also expect it to take a little longer to sell compared to last year.  If you want to sell your place in a reasonable amount of time you could consider taking a discount to sell faster, but probably is not necessary.

 

Do you need to sell your Taunton, Massachusetts condo 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: Bristol County Superior Cout_Taunton by Marcbela via Wikipedia)

 

 

Real Estate Trends – Taunton, Massachusetts

Introduction:

Welcome back for another market trend report examining Massachusetts and New Hampshire real estate markets.  For those here for the first time in these reports we will examine the city’s year over year change in the real estate market and discuss how things are doing and where they might be going.

Today we are highlighting Taunton, MA in Bristol County.

Seal of Taunton - Taunton MA Real Estate

Taunton is one of the oldest towns in the United States, founded in 1637.  Taunton was founded by settlers from England and was incorporated as a town on September 3, 1639, and was re-incorporated as a city on May 11, 1864.

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

Taunton, MA is showing all of the signs of a slowing market with listing and sales prices down and the days on market going up.  Sale volume was up slightly with 29 sales in November of 2013 and 33 in November 2014.

Average Listing Prices:

Our first metric we shall look at is the average listing price.  For Taunton, MA that was $245,802 in November 2013 then dipping down to $232,612 in November 2014.  This represents a decrease of 5.36%.  This is a modest but significant decrease.

Average Sale Prices:

Our next metric we shall check out is the average sale prices.  Back in November of 2013 the average sale price for Taunton, MA was $244,771; in November 2014 it was down to $227,345.  This is a noticeably larger decrease of 7.12%.  The difference in the decreases in listing vs. sale prices is not that big but does indicate that prices are falling faster than the local real estate agents are compensating for it.  This is also supported below when we look at the day on market changes.

Average Days on Market:

The last metric we shall look at is the days on market, which is basically how long it is takes for houses to sell.  For Taunton, MA the average days on market went up year over year, indicating it is taking longer for houses to sell.  In November of 2013 the average days on market were 69.34 but in 2014 they were up to 105.06, for a 51.51% increase Now we have seen in our previous posts for Abington, BedfordSeekonk,BelmontTopsfieldCanton,  Dracut (Condos), HamiltonWakefield, Amesbury (Condos), and Dracut #2 that some outliers can really skew the data.  That happens to be the case again here for Taunton, MA.  In this case the 2014 data is where it is skewed and makes the change less dramatic than what we have above. In November 2014 there was one very high days on market of 567, which was double the next closest.  After removing this house from the calculation the remaining 32 properties had an average days on market of 90.63.  If we use this for the calculation we get a slightly less dramatic decrease of 30.70%, which is still up quite a bit.   Regardless of which calculation you look at houses are clearly sitting on the market a lot longer than they were a year ago.

Taunton, Mass Summary:

The Taunton, Massachusetts real estate market has weakened quite a bit year over year.  The declines in both listed and sale prices show this and the sizable increase in the days on market also supports this.  The fact that sale prices are dropping faster than listing prices and properties are selling slower indicates that the market is falling faster than anyone is compensating for it. In summary if you are looking to sell a house in Taunton, MA now you should expect to get less for it than you would have last year.  You also should expect to need to take an even bigger discount off of your initial price to avoid sitting on it for a long time.

 

Do you need to sell your Taunton, 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: Seal of Taunton via Wikipedia)