Real Estate Trends – Foxboro, Massachusetts

Introduction:

Welcome to our latest real estate market trend report.  For those of you reading one of these reports for the first time, what we do here is examine a city or town in Massachusetts or New Hampshire and evaluate its current real estate market trends.  What we do is look at the municipality’s year over year change in the real estate market and talk about those observations and what they mean moving forward.

Today we are highlighting the home of the Super Bowl Champion New England PatriotsFoxboro, MA in Norfolk County.

Super Bowl Champs - Foxboro MA Real Estate

Market Trends in Foxboro, MA – January 2014 and 2015:

The Foxboro, MA market has gone down since last year.  Both the listing and sales prices are down a bit.  Though the days on market were down somewhat.  Inventory was fairly consistent with 9 sales in January of 2014 and 10 sales in 2015.

Average Listing Prices:

As usual the first thing we will take a look at is the average listing price.  For Foxboro, MA in January 2014 the average list price was $485,467.  This decreased to $436,360 in January 2015.  That gives a sizable decrease of 10.12%.

Average Sale Prices:

The next metric we will examine is the average sale prices.  The average sale price for Foxboro, MA in January of 2014 was $470,244 and in January 2015 that was down to $430,300.  That gives a smaller decrease of 8.49%.  This gap between listed and sale price can indicate that the local agents recognize that things are going down and are attempting to adjust for that and have their listings priced right.

Average Days on Market:

The finally we will take a look at are the days on market (DOM).  DOM is a measure of how long it takes for a house to sell in this market.  For Foxboro, MA the average days on market in January of 2014 was 105.44 and the average days on market for January 2015 were 96.20, for a fairly small 8.76% decrease. However, as we have seen in several of our previous posts for the municipalities of AbingtonBedford, Seekonk, BelmontTopsfield, Canton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton , Reading, Stoughton , Wrentham, Stoneham, Dedham, Nashua, NH , Tewksbury, Brockton (Multifamily), Lowell (Multifamily) and Acton an outlier can skew the data.  In the case for Foxboro, MA we see this again and for the first time we actually see a major outlier in both years. In both years there is a place that had a DOM in the low 300s and was a little more than double the next highest one.  Since the outlier is similar in both cases the actual difference in the average days on market both years is pretty close. When removing that point for January 2014 the remaining 8 houses have an average of 79.75.  Doing the same for the 2015 sales the remaining 9 houses have a DOM of 69.89.  As mentioned the difference between these numbers in only a fraction of a day bigger than before, however since the numbers are now a bit smaller the percentage has increased a bit now showing a still fairly small 12.36% decrease.

Foxboro, Mass Summary:

The Foxboro, Massachusetts real estate market has definitely slowed down a bit since last year.  This is apparent with the declines in both listed and sale prices, though this was accompanied by an unexpected decrease in the days on market.  While the decrease was fairly small it does give some good news to house sellers this year.  While prices are down a little, if they price their property correctly they are still selling and marginally faster than last year. In summary if you are looking to sell a house in Foxboro, MA now you should expect to get less for it than you would have last year.  However you should not need to take a large discount off of your initial price to avoid sitting on it for a long time. If you have it priced correctly things are still moving just at lower prices.

 

Do you need to sell your Foxboro, 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: Super Bowl XLIX Champs via Tom Brady’s Facebook Page)  

 

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