Real Estate Trends – Freetown, 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 Freetown, MA in Bristol County

 Freetown MA Town Hall - Freetown Massachusetts Real Estate

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

The Freetown, MA market has fallen off substantially since last year.   The average prices were down significantly and the median prices were down by a similar amount.  The days on market increased significantly as well.  Inventory was up a lot, more than tripling, with 5 sales in March of 2015 and 17 in March 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Freetown, MA the average listing price in March 2015 was $408,140.  This was down to $327,676 in March 2016.  This gives a substantial decrease of 19.71% year over year. 

Looking at the median prices we see that it was much lower in 2015 and a bit higher in 2016.  For March of 2015 the median listing price for Freetown, MA was $376,900 and in March 2016 it was $339,900 which now gives a smaller, but still significant, decrease of 9.82%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Freetown, MA in March of 2015 was $417,541 and in March 2016 that was down to $322,796.  That gives a slightly larger decrease of 22.69% compared to the average list price. 

We see a different pattern than we did with the listing prices for the median sale prices.  In this case for 2015 it was almost the same as the average only differing by few hundred dollars while in 2016 more by a similar amount.  For March of 2015 the median sales price for Freetown, MA was $417,875 and in March 2016 it was $332,000 giving another very large decrease of 20.55%. 

Everything indicates that prices are down a lot in Freetown, MA in March.  The median list price is a bit of an outlier being a little under 10% while the other three metrics are pretty tight going from just under 20% to just under 23%.  Medians are generally the preferred metric and sales are far more important that listing prices so since the median sale price is in the middle of the range the best guess for the overall price drop would be about 20.5%.

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 Freetown, MA the average days on market in March of 2015 were 67.20 and the average days on market for March 2016 were 108.65 for a substantial 61.68% increase. 

Freetown, Massachusetts Summary:

The Freetown, Massachusetts real estate market is down a tremendous amount since last year.  The average prices were down a large amount.  The median listing prices was down a lot but a fair bit less, however the median sale price was also down a lot topping a decrease of 20%.  The days on market were also up a significant amount given more evidence of a weaker market. 

In summary if you are looking to sell a house in Freetown, MA now you should expect to get much less for it than you would have gotten last year.  You can also expect it to take much more time to sell compared to last year as well.  With a glut of inventory and significant increasing of days on market sellers might want to consider taking an even bigger discount off the current soft prices to avoid sitting on their properties for a very long time.

 

Do you need to sell your Freetown, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

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(Image credit: Freetown MA Town Hall by ToddC4176 via Wikipedia)