Hopkinton Massachusetts Real Estate Market January 2014
Want to see what has happened in the Hopkinton Real Estate market for the month of January 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 January 2014 vs January 2013
In January of 2014 there were 12 homes that closed within the month for Hopkinton MA Real Estate. This is the same amount of units, as there were 12 homes that closed January of 2013.
The Average list price for the homes that closed for January of 2013 was $502,008
The Average list price for the homes that closed for January of 2014 was $519,243
The Average sale price for the homes that closed for January of 2013 was $487,191
The Average sale price for the homes that closed for January of 2014 was $512,531
The Average Market time for the homes that closed for January of 2013 was 68 days.
The Average Market time for the homes that closed for January of 2014 was 61 days.
Homes Under Contract For January 2013
10 homes went under agreement in Hopkinton Massachusetts in the month of January. The average list price of the homes that went under agreement was $537,893. The average time on the market for these homes were 36 days. The number of homes going under contract for January was excellent considering how few homes are available for sale as well as the time of year.
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 January Homes For Sale Inventory Levels
The are currently 39 homes on the market which is another decrease from last month when there were 45 homes for sale. The average list price of these homes is $895,404. The average days on the market is 244. Looking at the average list price is remarkable. It is exceptionally high for what would be considered normal for Hopkinton. This is due to the fact there are so few homes for sale. The same can be said for the average days on the market which is skewed by the high end “to be built” new construction combined with the low inventory available.
Hopkinton MA Real Estate Market Analysis
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.
Moving forward it looks like we are set up to have a similar Spring as last year when inventory was very tight and sellers were in the drivers seat. Only time will tell if that is what happens.
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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