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

 Sherborn MA Town Seal - Sherborn Massachusetts Real Estate

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

The Sherborn, MA market has fallen off substantially since last year.   The average prices were down tremendously and the median prices were down significantly as well.  However the days on market were down a bit.  Inventory was up a little with 6 sales in March of 2015 and 8 in March 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Sherborn, MA the average listing price in March 2015 was $1,121,167.  This was down to $673,338 in March 2016.  This gives a humongous decrease of 39.94% year over year. 

Looking at the median prices we see that it was much lower in 2015 and just a little bit lower in 2016.  For March of 2015 the median listing price for Sherborn, MA was $976,000 and in March 2016 it was $656,950 which now gives a slightly smaller, but still huge, decrease of 32.69%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Sherborn, MA in March of 2015 was $1,045,000 and in March 2016 that was down to $658,250.  That gives a slightly smaller decrease of 37.01% compared to the average list price. 

We see the same pattern as we did with the listing prices here for the median sale prices.  For March of 2015 the median sales price for Sherborn, MA was $912,500 and in March 2016 it was $654,500 giving another very large decrease of 28.27%. 

Everything indicates that prices are down a lot in Sherborn, MA in March.  The overall range is fairly large going from roughly 28-40%.  The averages were pretty tight with a range of 37-40% and the medians only being a little bigger at about 28-33%.  Since medians are the preferred evaluation method it is fair to conclude the prices are down more in that lower range.  Furthermore since the median sale price was the lower bound prices are probably down most likely in that just over 28% range.  This is still a huge decrease but definitely better than 40%!

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 Sherborn, MA the average days on market in March of 2015 were 191.33 and the average days on market for March 2016 were 155.88 for a solid 20.62% decrease. 

Sherborn, Massachusetts Summary:

The Sherborn, Massachusetts real estate market is down a tremendous amount since last year.  The average prices were down a ridiculous amount.  The median prices were down by less but still a huge amount.  The days on market were down a bit which is a small counter argument to the down market, however this does not come close to negating such large price decreases. 

In summary if you are looking to sell a house in Sherborn, 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 less time to sell compared to last year as well. 

 

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