Foxboro, MA Single Family Market Update

As of this morning there are 71 single family homes listed for sale in MLSPIN, the multiple listing service, with an average list price of $534,218 and an average days on market of 162.63.  In 2007, 121 single family homes sold with an average list price of $519,082, an average sales price of $503,260 and an average days on market of 151.79.

The absorption rate, which is the amount of months it would take to sell all the properties currently on the market based on the last 12 months sales rate, at this moment for Foxboro is 7.04 months of inventory.  Conventional thinking is when you get below 6 months the market favors the seller and over 6 months it favors the buyers. When the market was booming the absorption rate was around 2 months.  If this trend holds were are getting very near the bottom of the market.  Whether it plateaus at the bottom for a while we will have to watch and see.

If we segment the market into price ranges, let say for first time homebuyers, and look in a range from zero up to 400K which from my experience is the range most first time homebuyers look in, the absorption rate is down to 5.89 months.  If this trend holds going forward then the lower end of the market has bottomed for Foxboro.  If you're timing the market you should get ready to move soon to catch the bottom and take advantage of the low interest rates.