Real Estate Trends – Holbrook, 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 Holbrook, MA in Norfolk County

 Holbrook MA Town Seal - Holbrook Massachusetts Real Estate

Market Trends in Holbrook, MA – August 2014 and 2015:

The Holbrook, MA market has fallen off a bit since last year.   Both the average listing and sale prices were down significantly.  The median prices were down as well.  The days on market were actually down though.  Inventory was up just a little going from 13 sales in August of 2014 up to 15 in August 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Holbrook, MA the average listing price in August 2014 was $319,069.  This was down to $251,840 in August 2015.  This gives a huge decrease of 21.07% year over year. 

With this big of a difference we make sure to look at the median prices as well.  In this case taking a quick look at the median prices reveals that it was quite a bit less than the average in 2014.  For August of 2014 the median listing price for Holbrook, MA was $299,000 and in August 2015 it was $254,900 which now gives a smaller, but still quite large, 14.75% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for in Holbrook, MA in August of 2014 was $308,223 and in August 2015 that was down to $249,277.  That gives another Very large 19.12% decrease. 

We see the same pattern with the median sale prices as we did for the listing prices.  For August of 2014 the median sales price for Holbrook, MA was $285,000 and in August 2015 it was $249,000 giving another smaller but still very significant 12.63% decrease. 

No matter which way we look at it prices are down for Holbrook, MA.  Since the medians usually are given more weight than averages the prices are probably down more like the low teens vs. 20% as it looks like from the averages. 

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 house to sell in the current market.  For Holbrook, MA the average days on market in August of 2014 were 83.85 and the average days on market for August 2015 were 47.73, for a pretty large 43.08% decrease. 

Holbrook, Mass Summary:

The Holbrook, Massachusetts real estate market is down since last year.  The average prices and the median prices were both down by large amounts.  While the days on market were down a somewhat significant amount it is mostly just a small consolation for sellers right now. 

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

 

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