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)

 

Q & A Saturday – NFL Playoff Predictions  

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is about my NFL Playoff Predictions

Super Bowl 50 - New England Patriots Drive For 5!

In this video Shaun discusses for all 4 divisional round games with a focus on the Pats game.

 

Taking a little break from Real Estate today to watch the Pats and Chiefs in the playoffs.  Hope TB12 and my Pats pull it off, but this is a tough game.  Should be back to work on Real Estate videos next week.

Until then GO PATS!

 

Do you want to sell a house in Patriot Nation?  Do you need to sell a house in Massachusetts or New Hampshire?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

 

 

(Image credit: SB-50 via RealityCheckSystems)

 

 

 

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.

Please share your questions and comments below.      

 

 

(Image credit: Super Bowl XLIX Champs via Tom Brady’s Facebook Page)