Real Estate Trends – Topsfield, Massachusetts

Introduction:

Welcome back for the latest market trend report on the communities we work in located in Eastern Massachusetts and Southern New Hampshire.  To recap, in these reports will show how the local market has shifted since last year in the town we are discussing. Real estate is always a local market and any town can have the market going up, down or plateauing.  This can greatly affect what a seller should expect when marketing their house for sale.  In most cases the towns we highlight have stabilized or have gone down since the previous year. Our business is to buy houses so we would like you to sell us your house.  Therefore it really isn’t a great use of my time to write an update on a place that has seen a big increase in value and the best thing for a seller to do is list their property for sale on the MLS with an agent.  :)

Today we are highlighting Topsfield, MA in Essex County, and home to the world famous Topsfield Fair.

Topsfield MA Real Estate - Topsfield Fair

Market Trends in Topsfield, MA – August 2013 and 2014:

Overall the real estate market in Topsfield, MA has slowed significantly since last year.  The average listing prices are way down and as are the sale prices.  Also the average days on market are up a ridiculously high amount; however that will be discussed in a bit of extra detail below.  The overall volume of houses sold did not really change with 7 sales in 2013 and 6 in 2014.

Average Listing Prices:

The first metric we look at is the average listing price.  For Topsfield, MA this went down a lot.  In August 2013 the average listed price for Topsfield, MA was $629,786; but by August 2014 it was all the way down to $546,467. That is a very large 13.23% decrease.  This is a big indicator of a slowing market.  The Realtors in town see that prices are declining and are listing their client’s properties for less to avoid having overpriced listings that languish on the market.

Average Sale Prices:

The next metric we evaluate is the average sale prices.  This is of course the biggest one to see since when the rubber meets the road that is the thing people are most concerned with.  In August 2013 the average sale price for Topsfield, MA was $605,686; in August 2014 it was all the way down to $525,167. This is a pretty similar decline compared to the listing prices at a 13.29% decrease.  This reinforces that prices are down quite a bit as the decrease in listing prices has only kept the discrepancy between listed and sold prices the same.  If the Realtors were more savvy the cut in listed prices should result in a smaller gap between those and what they ultimately sell for by pricing the right.

 Average Days on Market:

If you are thinking of selling your house in Topsfield and feel you are okay getting less money than you had hoped as long as you can sell it fast, you won’t like this secion.  In August 2013 the average days on market in Topsfield, MA were 57.71; in August 2014 that was all the way up to a ridiculous 238.50.  That is an unbelievable 313% increase year over year.  Now before any sellers have a heart attack about the thought of sitting on their property for 8 months we have seen is several of our other posts (Ones for Abington, Bedford, Seekonk and Belmont) where there were not a lot of sold properties and there were outliers that really skewed the data one way or the other. In the case of Topsfield in 2014 there was one property that sold after being on the market for 1,068 days, which is nearly 3 years!  This of course will completely throw this calculation out of whack.  If we remove that one and figure out the average for the remaining 5 properties that average drops all the way back to 72.60.  Now that is still a pretty sizable 25.8% increase but is much more realistic than the original number.  So in the end the days on market in Topsfield, MA are in fact up, and up a good amount, but not some ridiculous percentage as the original numbers would indicate.

Topsfield, Mass Summary:

By all of our metrics the Topsfield real estate market has slowed significantly year over year.  The more than 13% declines in both listed and sale prices would indicate that sellers did miss what appears to be a 2013 price peak.  The greater than 25% increase in day on market also shows that there is less willingness for buyers to pay these decreasing prices as well. In summary if you are looking to sell your Topsfield, MA home now you should expect to get less than you might have expected last year and should be willing to take a bigger discount off your listed price to avoid sitting on it for too long.

 

Do you need to sell your Topsfield, 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: Essex Agricultural Society Logo from Topsfield Fair website)