Real Estate Trends – Sharon, 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 market in Money Magazine’s #1 place to live in 2013, Sharon, MA in Norfolk County

Sharon MA Town Center - Sharon Massachusetts Real Estate  

Market Trends in Sharon, MA – March 2015 and 2016:

The Sharon, MA market has fallen off since last year.   The average prices were down a bit and the median prices were down as well.  The days on market appear to be up a lot at first glance; however this needs to be looked into deeper.  Inventory was down just a little with 13 sales in March of 2015 and 11 in March 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Sharon, MA the average listing price in March 2015 was $614,969.  This was down to $489,263 in March 2016.  This gives a huge decrease of 20.44% year over year. 

Looking at the median prices we see that it was higher in both years.  For March of 2015 the median listing price for Sharon, MA was $539,900 and in March 2016 it was $468,000 which now gives a decrease of 13.32%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Sharon, MA in March of 2015 was $597,692 and in March 2016 that was down to $484,227.  That gives another very high decrease of 18.98%. 

We see the same pattern we did with the listing prices here for the median sale prices.  For March of 2015 the median sales price for Sharon, MA was $525,000 and in March 2016 it was $468,000 giving another sizable decrease of 10.86%. 

All the metrics show prices are down in Sharon, MA this month.  The overall range is fairly big though going from roughly 10.5-20.5%.  The median prices are generally favored or averages when analyzing real estate prices, we see that those were the lower numbers with their range being like 10.5-13.5%.  Also given that the median sale price was actually the lowest drop the best estimate is that prices are probably right at the bottom of the range with a drop just under 11%.  While still a significant drop this is relatively good news for a seller since some of the other indicators had prices down almost double this.

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 Sharon, MA the average days on market in March of 2015 were 80.54 and the average days on market for March 2016 were 109.45 for a sizeable 35.90% increase. 

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, Arlington #2, Foxboro #2, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2, Boston’s South End (Condos) #2,   Somerset and Everett (Multifamily) outliers in the data can really skew these numbers.  This again is the case for Sharon, MA in March.  In this instance there was a very high days on market places in both years.

In 2015 there was a property with 252 days on market; this was almost as much as the next 2 properties combined and over 24% of the total days on market for all 13 Properties.  When removed the new calculation for the remaining 12 properties gives an average days on market of 66.25. 

In 2016 there was a property with 337 days on market; this was more than the next 2 properties combined and almost 28% of the total days on market for all 11 Properties.  When removed the new calculation for the remaining 10 properties gives an average days on market of 86.70. 

Using the adjusted numbers we now get an increase of 30.87%.  This does not change the conclusion of the days on market being increased by a fairly significant amount as using the adjusted numbers did not change the fact they were up and only decreased the magnitude by a fairly small amount. 

Sharon, Massachusetts Summary:

The Sharon, Massachusetts real estate market is down since last year.  The average prices were down quite a lot while the median prices were down a good amount as well.  The days on market were also up a lot though which further supports the argument to a down market.

In summary if you are looking to sell a house in Sharon, MA now you should expect to get less for it than you would have gotten last year.  You can also expect it to take more time to sell compared to last year as well. 

 

Do you need to sell your Sharon, 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: Sharon MA Town Center by Marcbela via Wikipedia)

 

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