Real Estate Trends – Boxford, 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 Boxford, MA in Essex County

 Holyoke French House - Boxford MA Real Estate

Market Trends in Boxford, MA – July 2014 and 2015:

The Boxford, MA market appears to have gone down a lot since last year.  Both the average listing and average sales prices were down quite a bit.  The days on market look to be down some, though those are a little strange and we will discuss them.  Inventory was up a bit with 10 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 Boxford, MA the average listing price in July 2014 was $784,080.  This was down to $642,149 in July 2015.  This gives a massive 18.10% decrease year over year. 

When we see that big of a change we make sure to take a look at the median prices as well.  For Boxford, MA we see those numbers are much lower than the averages in both years.  For July of 2014 the median listing price for Boxford, MA was $732,450 and in July 2015 it was $599,900 which actually gives the same 18.10% decrease with a little different rounding in the 3rd decimal place.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Boxford, MA in July of 2014 was $748,880 and in July 2015 that was down to $624,344.  That gives a slightly smaller decrease of 16.63% compared to the average list price. 

Again we see the median sale prices are a bit smaller than the averages.  For July of 2014 the median sales price for Boxford, MA was 719,700 and in July 2015 it was $585,000 giving a larger 18.72% decrease compared to the averages, and the largest drop of any of the 4 number we just looked at.

No matter which method used, everything shows that prices are down tremendously for Boxford, MA from 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 Boxford, MA the average days on market in July of 2014 were 145.30 and the average days on market for July 2015 were 128.06, for a minor 11.87% decrease. 

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) and Plainville outliers in the data can really skew these numbers.  This again is the case for Boxford, MA in July.  In this instance there are very high days on market places in both 2014 and 2015.

In 2014 there was a house with 649 days on market; this was just about as high as the next 5 properties combined with 44.7% of the total days on market for all 10 houses.  When removed the new calculation for the remaining 9 properties gives an average days on market of 89.33. 

In 2015 there was a house with 657 days on market; this was just about as high as the next 3 properties combined with 32.1% 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 92.80. 

Using the adjusted numbers we see that now there is a trivial 3.88% increase.  This does change the thinking that things are moving marginally faster this year to being a very tiny bit slower.  Either way things are really pretty much flat since last year.

Boxford, Mass Summary:

The Boxford, Massachusetts real estate market looks like is has declined quite a lot since last year.  The massive drops in listing prices and sale prices, by both averages and medians show things are down significantly.  The very tiny increase in days on market also weakly supports this as well, though you would often expect to see a bigger drop with that big of a price decline.  They started off very high last year as well so that could explain some of the fact they are not up more. 

In summary if you are looking to sell a house in Boxford, MA now you should expect to get significantly less for it than you would have expected to get last year.  However you should also expect it to take about the same amount of time to sell compared to last year as well.   

 

Do you need to sell your Boxford, 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: Holyoke_French_House by Fletcher6 via Wikipedia)

 

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