Hopkinton Massachusetts Real Estate Market February 2014
Want to see what has happened in the Hopkinton Real Estate market for the month of February along with year over year comparisons? While you are at it you can see the Realtors guide to Hopkinton MA Real Estate. See why Hopkinton 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 February 2014 vs February 2013
In February of 2014 there were 9 homes that closed within the month for Hopkinton MA Real Estate. This is an increase of 4 units, as there were 5 homes that closed February of 2013.
The Average list price for the homes that closed for February of 2013 was $703,360
The Average list price for the homes that closed for February of 2014 was $461,778
The Average sale price for the homes that closed for February of 2013 was $666,800
The Average sale price for the homes that closed for February of 2014 was $445,772
The Average Market time for the homes that closed for February of 2013 was 123 days.
The Average Market time for the homes that closed for February of 2014 was 87 days.
Homes Under Contract For February 2013
7 homes went under agreement in Hopkinton Massachusetts in the month of February. The average list price of the homes that went under agreement was $475,528. The average time on the market for these homes were 141 days. The number of homes going under contract for February was not bad considering how few homes are available for sale as well a time of year that is traditionally slower.
January 2011 – 2013 Final Year Real Estate Market Statistics For Hopkinton MA
For the period of January to December of 2013 there were 185 properties sold.
For the period of January to December of 2012 there were 203 properties sold.
For the period of January to December 2011 there were 147 properties sold.
For the period of January to December in 2013 the average list price was $571,477, the average sale price was $562,153, the average market time was 78 days.
For the period of January to December in 2012 the average list price was $574,394, the average sale price was $559,617 and 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 time on the market was 102 days.
Current February Homes For Sale Inventory Levels
The are currently40 homes on the market which is a very slight increase from last month when there were 39 homes for sale. The average list price of these homes is $843,274. The average days on the market is 243. Looking at the average list price is remarkable. It is exceptionally high for what would be considered normal for Hopkinton. The data is skewed because of how few homes there are for sale. The same can be said for the average days on the market which is also abnormal due to the high end “to be built” new construction combined with the low inventory available.
Hopkinton MA Real Estate Market Analysis
Real Estate analysis for 2013
In 2013 the Hopkinton Real Estate market was extremely different. In fact not since the peak of the real estate market in 2005 have we seen such a different market. The first half of 2013 was reminiscent of years past when there were buyers fighting over homes. In fact in a number of cases homes that went on the market were sold in the first few days on the market. There were many occasions where there were multiple buyers bidding on the homes driving up the final sale price over asking.
The real estate market in 2013 essentially swung all the way from a buyers market to a full fledged sellers market. While there were less sales than the previous couple of years values were up and the amount of time it took to sell a home was down tremendously.
Current home inventory levels remained in a fairly tight range throughout the year which is a big reason why we saw the appreciation we did. Interest rates being at record lows and pent up buyer demand also played a role in the real estate turn around.
Homes for sale in Hopkinton throughout most of 2013 went under contract fairly quickly. While the Spring market this past 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 since last year and will more than likely be the similar this year. Lower inventory is always a good sign for those considering to sell their home.
The total number of homes sold in 2013 was 185 closed sales which was eighteen less than last year when there was 203.
Real Estate analysis for 2014
All indications are that we are in for an exceptional Spring if you are considering selling your home. Interest rates still remain excellent and inventory of homes for sale is non existent. In fact the levels are so low it is going to make for a frenzied market once the weather turns a bit better and more buyers enter the market. If you are thinking about selling a home in Hopkinton now is the time to get prepared to do so!
The above statistics are for single family homes only and do not include condominiums and multi family properties.
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