Real Estate Trends – West Bridgewater, Massachusetts

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the 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 three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the West Bridgewater, MA in Plymouth County

 West Bridgewater Town Hall - West Bridgewater Massachusetts Real Estate

This is the 2nd part of a “Bridgewater Week” where we also Profiled Bridgewater and will do East Bridgewater as well.

Market Trends in West Bridgewater, MA – July 2014 and 2015:

The West Bridgewater, MA market appears to have gone down a lot since last year.  Both the average listing and average sales prices were down significantly, as were the median prices for both as well.  The days on market are also up a bit as well.  Inventory was up a lot with 5 sales in July of 2014 and 16 in July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For West Bridgewater, MA the average listing price in July 2014 was $324,040.  This was down to $260,438 in July 2015.  This gives a giant decrease of 19.63% year over year.  

That is pretty substantial and we like to check the medians when that happens, and just taking a quick glance at the median prices we see they are a fair bit higher than the averages in 2014.  For July of 2014 the median listing price for West Bridgewater, MA was $339,900 and in July 2015 it was pretty close to the average at $259,500 which now gives an even larger 23.65% decline

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for West Bridgewater, MA in July of 2014 was $320,340 and in July 2015 that was down to $255,731.  That gives another pretty huge decrease of 20.17%. 

We see the same pattern with the median sale prices as we did for the listing prices above.  For July of 2014 the median sales price for West Bridgewater, MA was $330,000 and in July 2015 it was $260,550 giving a larger 21.05% decrease compared to the average. 

Regardless of which method we used, averages or medians, the West Bridgewater market seems to be down about 20% since this time last year.

Average Days on Market:

Finally the last metric 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 West Bridgewater, MA the average days on market in July of 2014 were 92.80 and the average days on market for July 2015 were 121.0, for a decent 30.39% increase. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax,Braintree (Condos), Newton (Multifamily), Plainville ,Boxford, and Wayland  outliers in the data can really skew these numbers.  This again is the case for West Bridgewater, MA in July.  In this instance there are very high days on market places in both the 2014 and 2015 data.

In 2014 there was a house with 299 days on market; this was much higher than all of the other 4 properties combined with more than 64% of the total days on market for all 5 houses.  When removed the new calculation for the remaining 4 properties gives an average days on market of 41.25. 

In 2015 there was a house with 765 days on market; this is more than the next 4 properties combined with more than 39.5% of the total days on market for all 16 houses.  When removed the new calculation for the remaining 15 properties gives an average days on market of 78.07.

Using the adjusted numbers we see that now there is a very significant 89.26% increase.  This does not change the general thought since they already looked to be up a bit but this increase is definitely a much bigger increase compared to the original number.  Given the huge price decreases this is not that surprising and just gives more evidence of a down market.

West Bridgewater, Mass Summary:

The West Bridgewater, Massachusetts real estate market has decreased a tremendous amount since last year.  The giant drops in listing prices and sale prices when looking at the averages and medians show a huge drop.  Then the very large increase in days on market further supports the contention of a down market.

In summary if you are looking to sell a house in West Bridgewater, MA now you should expect to get a lot less for it than you would have expected to get last year.  You should also expect it to take much longer to sell compared to last year as well.   

 

Do you need to sell your West Bridgewater, 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: West Bridgewater Town Hall by ToddC4176 via Wikipedia)

 

Hoarder House Visit

The other day I was out visiting a Hoarder House that we might buy.

This house was an ugly house for sure!  But we LOVE ugly houses.  :) 

Pics Of The Hoarder House:

These are from our Instagram account.  

First picture is a floor to ceiling shot looking into the kitchen.  This is just stepping in the back door after about 10 minutes of shoveling garbage out to just be able to open that door.  This is as far in as we could get.

Selling A Home As Is:

Do you have a house that needs some work?  Is it worse than this one???  We are going to try to buy this lovely house in West Bridgewater, Massachusetts.  If you want to be selling a home as is then get in touch with us today!

We buy houses throughout eastern Massachusetts and Southern New Hampshire.  Even if you are not in one of these areas we can help you find someone to buy your house.

Just click the “Schedule a Consultation!” Button on the top right and let us see what we can do for you.