Real Estate Trends – Wakefield, Massachusetts #2

Introduction:

Welcome to our latest real estate market trend report.  Those of you joining us here for the first time, in these reports we examine housing market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  This is done by looking at the changes in three key metrics year over year for the town to see how the market has changed.  We then evaluate what those observations mean for that housing market moving forward. 

Today we are once again highlighting Wakefield, MA in Middlesex County

 Wakefield Common - Wakefield MA Real Estate

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

When we examined Wakefield, MA back in November of 2014 the housing market there seemed to be pretty flat with only very small drops in pricing metrics, and a small decrease in the days on market.  Now looking at the most recent data the Wakefield, MA market appears to be down significantly year over year now.  Both the average listing and average sales prices were down dramatically, though the days on market were pretty much stagnant.  Inventory was down tremendously going from 23 sales in April of 2014 to just 8 in 2015. 

Average Listing Prices:

First we will take a look at the average listing price.  For Wakefield, MA the average listing price in April 2014 was $514,665.  This was down to $404,688 in April 2015.  That gives a massive 21.37% decrease year over year. 

However this is the first time we have a noticed a situation where the average and median numbers are substantially different and the median gives a much smaller decrease.  For Wakefield, MA this month using the respective Median values of $475,000 and $414,900 we see a decrease of 12.65%.  This is still a very large decrease, but not nearly as big as using the averages.  Regardless of which you look at the general observation that listing prices are down significantly is still true.

Average Sale Prices:

Next we take a look at the average sale prices.  The average sale price for Wakefield, MA in April of 2014 was $521,059 and in April 2015 that was down to $397,488.  That gives an even larger decrease of 23.72%.

Of course the same observation as above for listing price is the case here as well.  So again using the respective medians of $475,000 (Yes it is the same as the listing price) and $415,000 we that this decrease is an almost identical 12.63% as seen with the listed prices.  Once again the general observation that the market is down significantly is true in either case but just not a jarringly huge using the median numbers.

Average Days on Market:

Finally 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 Wakefield, MA the average days on market in April of 2014 were 50.13 and the average days on market for April 2015 were 49.38, for a meaningless 1.50% decrease.

Wakefield, Mass Summary:

The Wakefield, Massachusetts real estate housing market has fallen off significantly since last year.  The huge drops in both the listing prices and sale prices, using the averages or the medians, show this.  The days on market are stagnant which is the only small positive for home sellers.

In summary if you are looking to sell a house in Wakefield, MA now you should expect to get a lot less than you would have last year.  You should also expect it to take more or less the same time to sell compared to last year.  While prices are down a lot you probably do not need to take a discount off your price to sell in a reasonable amount of time if you have it priced at the new lower level.

 

Do you need to sell your Wakefield, 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: Wakefield Common by RedSoxFan274 via Wikipedia)

 

 

Real Estate Trends – Wakefield, Massachusetts

Introduction:

Welcome back for our next market trend report looking at Massachusetts and New Hampshire real estate markets.  In these reports we will examine the city or towns year over year changes in the real estate market and assess which direction things are heading.

Today we are highlighting Wakefield, MA in Middlesex County, home of America’s oldest inland yacht club the Quannapowitt Yacht Club founded in 1886. Lake Quannapowitt - Wakefield MA Real Estate

Market Trends in Wakefield, MA – October 2013 and 2014:

For Wakefield, MA there are signs of a slowing market with listing and sales prices down, though the days on market were down.  Sale volume was pretty consistent with 22 sales in October 2013 and 21 in 2014.

Average Listing Prices:

First let’s look at is the average listing price.  For Wakefield, MA that went down from $472,095 in October 2013, down to $464,018 by October 2014.  This is a decrease of 1.71%.  This is a pretty insignificant decrease.  While down slightly it is more indicative of saying that the market is pretty flat, which can be a precursor to a decline.

Average Sale Prices:

Next up is the average sale prices.  In October 2013 the average sale price for Wakefield, MA was $470,802.  In October 2014 it was down to $439,558 according to our MLS data.  However there is a clear mistake with the numbers being entered.  Looking at the sales numbers there is one that says sold for $399.  Doing a quick look up of this property it did in fact they sell for $399,000.  So adjusting that number and recalculating things it still down but does not end up being as big of a change as this first appeared.  Readjusting that sale price based on the corrected number we get an average of $458,539 giving a real decline of 2.60%.  Again this is a pretty small percent decrease.  While still small it is important to notice that the change is a bit bigger than for the listing prices.  It would indicate that sellers and their agents are not lowering the prices when listing but owners are getting less so there is some disconnect there.

Average Days on Market:

The other major factor that is important when evaluating the market is to see how long it is taking for houses to sell.  In the case of Wakefield, MA the average days on market are actually down a little year over year.  Looking at October of 2013 the average days on market were 79.09 but in 2014 that was down to 64.33, for an 18.66% decrease. Now we have seen in our previous posts for Abington, Bedford, Seekonk, Belmont, Topsfield, Canton, Dracut (Condos) and Hamilton that some outliers can really skew the data.  That again happens to be the case here for Wakefield, MA.  Similar to most of these previous cases the 2013 data is where it is skewed and makes the change less dramatic than what we have above. In October 2013 there was one very high days on market of 359, which was a full 125 more than the next closest.  So removing this data point the remaining 21 properties had an average “days on market” of 65.76.  Using this in the calculation we get a decrease of 2.17% which again is more indicative of a stagnant market rather than any sizable change.

Wakefield, Mass Summary:

The Wakefield, Massachusetts real estate market has slowed down year over year, and has flattened out or might be starting to go down.  The 1-3% declines in both listed and sale prices show things are softer and it could be poised to go down.  After adjusting out that one extremely high days on market property we see that is also essentially flat with just a tiny improvement.  This will be an interesting town to watch in the near future to see if it bounces back, stays flat or starts to dip. In summary if you are looking to sell a house in Wakefield, MA now you should not expect to get any more for it than you would have last year and could easily get less.  You also should not expect to sell it any faster than before though you probably don’t have to take any large discounts at this point to sell it in a fairly reasonable amount of time.

 

Do you need to sell your Wakefield, 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: Lake Quannapowitt by Herzogbr via Wikipedia)