Real Estate Trends – Tewksbury, Massachusetts

Introduction:

Thanks for checking out our latest real estate market trend report.  As we start February we will look at our first data from 2015.  If this is your first time reading one of these in these reports we examine a town in Massachusetts or New Hampshire and its real estate market trends.  What we do is look at the town’s year over year change in the real estate market and talk about those observations and what they mean moving forward.

Today we are highlighting Tewksbury, MA in Middlesex County.

Tewksbury Hospital - Tewksbury MA Real Estate

Market Trends in Tewksbury, MA – January 2014 and 2015:

The Tewksbury, MA market is down a fair amount since last year.  Both the listing and sales prices are down a bit.  The days on market though are actually down a good clip.  Inventory was down slightly with 18 sales in January of 2014 and 16 sales in 2015.

Average Listing Prices:

First off let’s take a look at the average listing price.  For Tewksbury, MA the average list price was $366,550 in January 2014.  This decreased all the way down to $341,119 in January 2014.  This gives a very noticeable decrease of 6.94%.

Average Sale Prices:

Next up we will look at is the average sale prices.  For January of 2014 the average sale price for Tewksbury, MA was $361,006 and by January 2015 that was down to $333,113.  That would be an even larger decrease of 7.73%.  While not a huge difference with sale prices falling faster than the listing prices it could indicate the market is moving down quick and local real estate agents are not doing great keeping pace with that trend.

Average Days on Market:

The last thing we look at are the days on market.  The days of market (DOM) is a measure of how long it is takes for a house to sell in the market.  For Tewksbury, MA the average days on market in January of 2014 was 129.0 and the average days on market for January 2015 were 81.56, for a pretty large 36.8% decrease. However, as we have seen in several of our previous posts for the municipalities of Abington, BedfordSeekonk, Belmont, Topsfield, Canton, Dracut (Condos)Hamilton, Wakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton , Wrentham, Stoneham, Dedham and Nashua, NH  an outlier can really skew the data.  That again is the case here for Tewksbury, MA.  In this instance it is the newer 2015 data that is skewed.  We will see that this actually makes the decrease we see even more dramatic. In 2015 there was one place that was high at 244 days, this was more than the next 2 highest combined.  When we remove this point the other 15 houses were left with an average of 70.73.  Using this instead we see that they decreased by 45.17%.  So either way the days on market were down and if we use the adjusted number they are down even more.

Tewksbury, Mass Summary:

The Tewksbury, Massachusetts real estate market has cooled off some since last year.  The sizable declines in both listed and sale prices make this obvious.  Though interestingly this was accompanied by a sizable decrease in the days on market, which is not what you would suspect.  That does give a little comfort to house sellers this year.  While prices are down a bit if they price their property correctly they are selling fast than last year. In summary if you are looking to sell a house in Tewksbury, MA now you should expect to get less for it than you would have last year.  However you should not need to take a large discount off of your initial price to avoid sitting on it for a longer time if you have it priced well since things are still moving, just at lower prices.

 

Do you need to sell your Tewksbury, 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: Tewksbury Hospital by John Phelan via Wikipedia)