Real Estate Trends – Walpole, Massachusetts

Introduction:

Thanks for joining us for our latest real estate market trend report.  If this is your first time reading one of our reports, what we do is examine real estate market in a city or town in Massachusetts or New Hampshire to evaluate its current conditions.  We do this by taking a look at the changes in several important metrics year over year for the town to see how the market has changed and we then evaluate what those observations mean for that market moving forward. 

Today we are highlighting Walpole, MA in Norfolk County

 

Market Trends in Walpole, MA – March 2014 and 2015:

The Walpole, MA market has fallen off a bit since last year.  Both the average listing and average sales prices were down a fair amount.  The days on market were up significantly as well.  Inventory was up a little from 9 sales in March of 2014 to 13 in 2015. 

Average Listing Prices:

The first thing we are going to look at is the average listing price.  For Walpole, MA the average listing price in March 2014 was $523,244.  This was down a bit to $485,214 in March 2015.  That gives a very noticeable decline of 7.27%. 

Average Sale Prices:

The next item we are going to be looking at is the average sale prices.  The average sale price for Walpole, MA in March of 2014 was $516,033 and in March 2015 that was down to $487,757.  That gives a noticeably smaller decrease of 5.48%.  It looks as if the market is falling but the local real estate agents are compensating for this with their advice on listing prices as the sales are falling.  Though it is worth noting that most of this can be accounted for by the fact that the average sale price for March 2015 is actually higher than the average list price, because of two pricey new construction places selling for approximately $200K above the asking prices combined, without these sales things would have looked a little more consistent. 

Average Days on Market:

Finally we will look at the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Walpole, MA the average days on market in March of 2014 were 69.56 and the average days on market for March 2015 were 137.15, for a giant 97.17% increase.  While pricing is always the most important factor this big jump in days on market are a clear indicator that the market here is less robust than last year, and is probably a big reason prices are going down.

Also since we have seen so many instances where a single data point in one, or both, years can skew the data I want to point out that is not the case for Walpole, MA for either year we looked at. 

Walpole, Mass Summary:

The Walpole, Massachusetts real estate market has gone down a bit since last year.  The decent drop in both listing prices and sale prices support this.  The very large increase in days on market also support this and are a leading indicator that things might be poised to fall even more. 

In summary if you are looking to sell a house in Walpole, MA now you should expect to get a fair bit less for it than you would have last year.  The market has also slowed down considerably since last year as well.  You should seriously consider taking a discount to sell it faster as the days on market are very high and you might get stuck holding a place a long time. 

 

Do you need to sell your Walpole, 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: Walpole MA Town Seal via Wikipedia)