Real Estate Trends – Waltham, Massachusetts

Introduction:

We and back for our latest real estate market trend report.  If this is your first time reading one of these reports, what we do 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 several key metrics year over year for the town to see how the market has changed and then evaluate what those observations mean for that market moving forward.

Today we are highlighting Waltham, MA in Middlesex County.

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

The Waltham, MA market appears to be down slightly since last year, maybe fair to say mostly flat.  Both the average listing and average sales prices were down a small amount.  However the days on market are actually down some.  Inventory was down quite a bit from 16 sales in March of 2014 to just 9 in 2015.  The lower inventory might help explain the reduced days on market even with prices declining somewhat.

Average Listing Prices:

The first thing we are going to look at is the average listing price.  For Waltham, MA the average listing price in March 2014 was $452,994.  This was down a bit to $430,256 in March 2015.  That gives a decline of 5.02%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for Waltham, MA in March of 2014 was $443,209 and in March 2015 that was down to $429,389.  That gives a noticeably smaller decrease of 3.12%.  The local real estate agents are keeping up with the trends in the market and pricing things correctly since the decrease is sales prices are going down slower.  It is also worth noting that is March of 2015 the sale price to list price ratio was 99.8%  which is phenomenal. The agents seem to have really nailed the pricing and despite being down slightly are getting what places are worth and moving them.

Average Days on Market:

Finally we look at the average days on market, the measure of how long it takes for a house to sell in the current market.  For Waltham, MA the average days on market in March of 2014 were 59.56 and the average days on market for March 2015 were 57.22, for a meaningless 3.93% decrease. However, as we have seen so many times in our previous posts for AbingtonBedford, Seekonk, BelmontTopsfield, Canton,  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 and Billericaoutliers in the data can really skew these numbers.  This again this is the case for Waltham, MA.  In this case there was a very high days on market house in the 2015 data. In 2015 there was a house with 236 days on market.  This accounted for almost 46% of the total days on market for all 9 houses.  When removed the new calculation for the remaining 8 houses gives an average days on market of 34.88, a very significant decline.  Using this adjusted number we see the very small decrease now becomes a fairly large 41.44% decrease.  This does alter the observation somewhat.  While the basic conclusion that the days on market are down is the same it changes it from being a fairly insignificant change to being a pretty important decrease.  As alluded to earlier in the post I would guess that a major reason that the days on market are down a fair amount even with the small price declines are first the lower inventory and the fact that things seemed to be priced right with the especially high sale price to listing price ratio.  With a limited inventory people are willing to put in near full priced offers fairly fast on places since they are priced correctly when they come on the market.

Waltham, Mass Summary:

The Waltham, Massachusetts real estate market looks like is has mostly flattened out since last year.  The small drops in listing prices and sale prices show a slight decline but with the decline in days on market as well as a whole I’d say it is more flat. In summary if you are looking to sell a house in Waltham, MA now you should expect to get about the same, or just a touch less, for it than you would have last year.  However if priced right you should not have to take any discount to sell it pretty quickly.  

 

Do you need to sell your Waltham, 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: Waltham Seal via City of Waltham Twitter account)