Real Estate Trends – Winchester, 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 market in Winchester, MA in Middlesex County

 

Market Trends in Winchester, MA – June 2015 and 2016:

The Winchester, MA market has fallen off since last year.   The pricing metrics were a bit all over the place though looking at the sales data average prices were down and the median prices were down more.  The days on market down a little.  Inventory was down a lot with 45 sales in June of 2015 down to 31 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Winchester, MA the average listing price in June 2015 was $1,189,642.  This was down to $1,111,955 in June 2016.  This gives a modest decrease of 6.53% year over year. 

Looking at the median prices we see that it was lower in both 2015 and 2016.  For June of 2015 the median listing price for Winchester, MA was $999,999 and in June 2016 it was $959,000 which now gives a smaller decrease of 4.10%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Winchester, MA in June of 2015 was $1,171,472 and in June 2016 that was down to $1,113,097.  That gives another modest decrease of 4.98%, a bit smaller than the average list price. 

We see the same pattern as we did for the median list price.  For June of 2015 the median sales price for Winchester, MA was $1,090,000 and in June 2016 it was $992,500 giving a much larger decrease of 8.94%, and the highest of all our metrics.

Prices have gone down some for Winchester, MA for June.  The overall range was fairly small only going from 4-9%, though that ~5% spread does represent a change of more than double from lowest to highest.  There also is no real pattern between averages and medians or listing prices vs. sale prices.  Since medians are the more generally used method to evaluate this type of data and since sales are far more important than listing prices we would give the median sale price the highest weight and based on that the best guess is that prices are down close to 9%, however since the other 3 items were all a bit less this might be slightly ambitious.

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 property to sell in the current market.  For Winchester, MA the average days on market in June of 2015 were 62.13 and the average days on market for June 2016 were 66.03 giving a very small 6.28% increase, which is pretty flat.

Winchester, Massachusetts Summary:

The Winchester, Massachusetts real estate market is down since last year.  The average prices were down and the median sale price was down even more than any of the others.  The days on market were up a small amount which gives a little additional support to a down market.

In summary if you are looking to sell a house in Winchester, MA now you should expect to get less for it than you would have gotten last year.  You could also expect it to take about the same amount of time or just a little more time to sell compared to last year. 

 

Do you need to sell your Winchester, 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: Winchester MA Town Hall by Joseph Barillari via Wikipedia)