Methuen Home Sales Plummet, Median Price Drops

Sales of single-family properties in Methuen, Massachusetts fell to 39 last quarter, a 43.48 percent decline from Q1 2008.  The number of sales during the first quarters of 2006 and 2008 were 68 and 69, respectively; however, compared to the 87 single-family homes sold during the first months of 2007, this year’s Q1 sales were 55.17 percent fewer. 

In Methuen, MA, the median price of single-family homes last quarter was $241,500.  Compared to last year’s Q1 median of $287,000, the median price has fallen by 15.85 percent.  The first quarter median prices had been $320,000 and $299,900 during 2006 and 2007, making last quarter’s median 24.53 percent less than that of three years prior.

The average number of days on the market for Methuen single-family properties that sold during the first quarter is slightly greater than last year.  This year, homes averaged 143 days on the market, which is just over 9 percent longer than last year’s average of 131.  The difference in averages between Q1 2009 and Q1 2007 is even smaller, with this year’s average being only 1.42 percent more than the Q1 2007 average of 141 days.

The data comes from MLS Property Information Network, Inc.

Methuen, MA Real Estate Market Data

             Median Price    Number of Sales    Days on the Market

Q1 2006:        $320,000                      68                                 108 
Q1 2007:        $299,900                      87                                 141
Q1 2008:        $287,000                       69                                 131
Q1 2009:        $241,500                      39                                 143

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