Real Estate Trends – Foxboro, Massachusetts #2

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 once again highlighting the market in Foxboro, MA in Norfolk County

 Foxboro MA Town Seal - Foxboro Massachusetts Real Estate

We first looked at the Foxboro last winter right after the Patriots Super Bowl win.

Market Trends in Foxboro, MA – February 2015 and 2016:

The Foxboro, MA market has fallen off substantially since last year.   The average prices were down a lot and the median prices were down by even more.  However the days on market appear to be down quite a lot though, however that might not really be accurate.  Inventory was up substantially with 7 sales in February of 2015 and up to 15 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Foxboro, MA the average listing price in February 2015 was $528,357.  This was down to $425,747 in February 2016.  This gives a huge decrease of 19.42% year over year. 

Looking at the median prices we see that they were much lower both years.  For February of 2015 the median listing price for Foxboro, MA was $489,900 and in February 2016 it was $354,900 which now gives an even larger decrease of 27.56%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Foxboro, MA in February of 2015 was $521,700 and in February 2016 that was down to $419,384.  That gives a very tiny bit higher decrease of 19.61% compared to the average list price. 

We see basically the same pattern as we did with the listing prices for the median sale prices.  For February of 2015 the median sales price for Arlington, MA was $475,000 and in February 2016 it was $348,000 giving another larger decrease of 26.74%. 

All of the pricing metrics shows that prices are down substantially in Foxboro, MA in February.  There is a gap between the averages and the medians but best case is that prices are down just under 20%.  However the medians are generally the preferred way to analyze real estate prices so the bigger drops seen there are probably more accurate.  In that case we would probably conclude that prices are in fact down more like 27% as seen with the medians.

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 Foxboro, MA the average days on market in February of 2015 were 119.14 and the average days on market for February 2016 were 81.67 for a pretty sizable 31.45% 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), Plainville ,Boxford, Wayland , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos),Norton (Condos), Newburyport, Atkinson, NH, Fairhaven, Lexington, Arlington (Condos), Salisbury, Weston, Groton, Wellesley, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3, Hanover, Canton (Condos), Belmont #2, Seabrook, NH, Hingham (Condos), Lakeville, Raynham, Holliston, Londonderry, NH, Georgetown, South Boston (Condos), Needham #2 and Arlington #2 outliers in the data can really skew these numbers.  This again is the case for Foxboro, MA in February.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 416 days on market; this was almost as much as the other 6 properties combined and almost 50% of the total days on market for all 7 Properties.  When removed the new calculation for the remaining 6 properties gives an average days on market of 69.67. 

Using the adjusted numbers we now get an increase of 17.22%.  This does change the general conclusion of the days on market being down.  Now instead of a fairly significant drop the days on market now appear to be up by a modest amount. 

Foxboro, Massachusetts Summary:

The Foxboro, Massachusetts real estate market is down a good amount since last year.  The average prices were only down a lot with the median prices being down by an even more substantial amount.  The days on market were up a moderate amount, which only further supports a drop in the market. 

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 gotten last year.  You can also expect it to take a little more time to sell compared to last year as well. 

 

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.

Please share your questions and comments below.

 

 

 

(Image credit: Foxboro Seal via Wikipedia)

 

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