Chelmsford 2016 Market Review

As the busy Spring market is quickly approaching I thought I would be interesting to look at Chelmsford sales data both from an overall perspective as well as breaking it down by neighborhood to give potential buyers and sellers a better grasp of trends throughout the town.  For the neighborhood breakdown, I based it on this Chelmsford Neighborhood Map

For the third straight year Chelmsford has seen an increase in both the overall average and median sale price within the single family market in town with the number of sales increasing for the second straight year.  Low inventory levels and minimal distressed sales are two factors which have contributed to these trends.  Of the 345 single family sales in town in 2016 32.5% had sale prices above the asking price while 10% sold for full asking price.

In 2016 the neighborhoods with the most sales were Pine Hill (47), North Chelmsford (46), Hitchinpost (34), with Center Village and West Chelmsford each having  23 sales. The neighborhoods with the least turnover in 2016 were the Riverneck/Golden Triangle area and Kings Grant/Russell Mill neighborhoods which each only had two sales. The Farms 2 and South Row Park (aka South Row II) each had 3 sales in 2016.

Based on average sale price for the year, the most affordable neighborhoods for single family homes in 2016 were Riverneck/Golden Triangle area, North Chelmsford, South Row, the Westlands, and the Farms 2. The highest priced neighborhoods based on average sale price were Robin Hill, Heart Pond/South Chelmsford, South Row Park (aka South Row II), and Pine Hill.

The town saw 32.5% of the single family properties sell above asking price in 2016 with a majority of the remaining sales selling within 2-4% of the asking price. If you are looking to avoid a bidding war the five neighborhoods with the lowest percentage of homes selling above asking price were South Row, Park & Proctor, Hitchinpost, Old Stage, and the Westlands. The five with the highest percentage of sales above asking price were Kings Grant/Russell Mill, the Farms 2, Riverneck/Golden Triangle, Center Village area, and East Chelmsford.

 

Click on the link below for my full report on neighborhood sales since 2013.

Chelmsford 2016 Single Family Market Review

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