Real Estate Trends – Boxborough, 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 Boxborough, MA in Middlesex County

 Boxborough MA Seal - Boxborough Massachusetts Real Estate

Market Trends in Boxborough, MA – May 2015 and 2016:

The Boxborough, MA market has fallen off a bit since last year.   The average prices are down and the median prices were down a little bit more.  The days on market were down a little though.  Inventory was up a little with 5 sales in May of 2015 up to 8 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Boxborough, MA the average listing price in May 2015 was $565,600.  This was down to $526,425 in May 2016.  This gives a modest decrease of 6.93% year over year. 

Looking at the median prices we see that they were lower in both years.  For May of 2015 the median listing price for Boxborough, MA was $562,000 and in May 2016 it was $509,900 which now gives a larger decrease of 9.27%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Boxborough, MA in May of 2015 was $569,500 and in May 2016 that was down to $524,300.  That gives another modest decrease of 7.94%, and a little larger than the average list price. 

We see the same pattern that we did for the median list price.  For May of 2015 the median sales price for Boxborough, MA was $565,000 and in May 2016 it was $504,950 giving a pretty large decrease of 10.63%. 

Prices are down definitely down for Boxborough, MA in May.  The range was not that big going from roughly 7-10.5%.  The average prices were a little lower than the medians, but the medians are the generally accepted method of evaluating real estate prices so we would give much more weight to those and say prices are down more like 9.5-10.5%.  Within that range it is still likely that they are down at the top of the range since the median sale price is the most important indicator and that was the highest of all of them.

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 Boxborough, MA the average days on market in May of 2015 were 34.20 and the average days on market for May 2016 were 30.00 for a small 12.28% decrease.

Boxborough, Massachusetts Summary:

The Boxborough, Massachusetts real estate market is down a bit since last year.  The average prices were down while the median prices were down even more.  The days on market were down a tiny bit however, though not nearly enough to be a real factor in influencing the conclusion that the market is down.

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

 

Do you need to sell your Boxborough, 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: Boxborough MA Seal via Wikipedia)

 

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