Hopkinton Massachusetts Real Estate Market December 2013
Want to see what has happened in the Hopkinton Real Estate market for the month of December along with year over year comparisons? How about learning why buying realty in Hopkinton MA is a popular choice of many home buyers relocating into the Metrowest area? Take a look at the report to see what has transpired in Real Estate over the last month as well as year over year comparisons!
Real Estate Activity For December 2013 vs December 2012
In December of 2013 there were 11 homes that closed within the month for Hopkinton MA Real Estate. This is a decrease of 2 units, as there were 13 homes that closed December of 2012.
The Average list price for the homes that closed for December of 2012 was $647,231
The Average list price for the homes that closed for December of 2013 was $506,887
The Average sale price for the homes that closed for December of 2012 was $632,577
The Average sale price for the homes that closed for December of 2013 was $493,478
The Average Market time for the homes that closed for December of 2012 was 130 days.
The Average Market time for the homes that closed for December of 2013 was 137 days.
Homes Under Contract For December 2013
11 homes went under agreement in Hopkinton Massachusetts in the month of December. The average list price of the homes that went under agreement was $551,787. The average time on the market for these homes were 68 days. The number of homes going under contract for December was very good as Decembers sales figures historically are not that great. Real Estate activity however, has slowed over the latter 1/4 of the year which is very typical.
January 2010 – 2012 Final Year Real Estate Market Statistics For Hopkinton MA
For the period of January to December of 2012 there were 203 properties sold.
For the period of January to December of 2011 there were 147 properties sold.
For the period of January to December 2010 there were 141 properties sold.
For the period of January to December in 2012 the average list price was $574,394, the average sale price was $559,617, the average market time was 104 days.
For the period of January to December in 2011 the average list price was $559,057, the average sale price was $544,990 and the average market time was 102 days.
For the period of January to December in 2010 the average list price was $558,825 the average sale price was $541,061 and the average time on the market was 107 days.
Current November Homes For Sale Inventory Levels
The are currently 45 homes on the market which is a slight decrease from last month when there were 47 homes for sale. The average list price of these homes is $806,706. The average days on the market is 225. Looking at the average list price is remarkable. It is extremely high with so few homes for sale. It is very unusual for the average price of a home to be over $800,000. Another anomaly is the average days on market which is skewed by the high end “to be built” new construction combined with the fact there are so few homes for sale.
Hopkinton MA Real Estate Market Analysis
In 2012 the Hopkinton Real Estate market was very different than the previous two years. There was a substantial gain in the number of homes sold. Sales volume was up about 20% over each of the prior two years. Homes priced properly went under contact in a 60-90 day window with the average time being around 4 months. The upper end of the market remained week with market value erosion still present. The lower end of the market (under 500k) was incredibly strong with values holding more steady and in some cases rising slightly.
Home sales in Hopkinton finished the year strong completely crushing the totals from last year. For 2012 there were 203 sales! In 2011 there were only 147. This is obviously a substantial difference in the amount of sales.
Current home inventory levels have remained in a fairly tight range throughout the year that has not changed much. Currently inventory is near the lows for the year. Inventory rose briefly for a period of time in July and August but has come down again with 45 homes for sale.
Homes for sale in Hopkinton have been going under contract very quickly throughout most of this year. While the Spring market this year was blistering, the market has settled into what would be best described as more normal. Low home inventory combined with attractive interest rates has been the driving force behind a much of the improvement in the real estate market this year.
Lower inventory is always a good sign for those considering to sell their home. The market certainly improved from a price appreciation stand point this year but surprisingly there were fewer homes sold. Essentially this is the result of less people selling their homes and not market forces.
What will be interesting to see is how the market moves in the next few months. There are very few homes for sale and it looks like we could be in for a repeat of last Spring when the market exploded with demand far outpacing supply.
The total number of homes sold in 2013 was 185 closed sales which was eighteen less than last year when there was 203.
The above statistics are for single family homes only and do not include condominiums and multi family properties.
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