Hopkinton Massachusetts Real Estate Market May 2014
Do you want to see what has happened in the Hopkinton Real Estate market for the month of May along with year over year comparisons? While you are looking over the Hopkinton Real Estate report make sure you also explore all about real estate in Hopkinton MA. 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 May 2014 vs May 2013
In May of 2014 there were 13 homes that closed within the month for Hopkinton MA Real Estate. This is an decrease of 3 units, as there were 16 homes that closed May of 2013.
The Average list price for the homes that closed for May of 2013 was $521,268
The Average list price for the homes that closed for May of 2014 was $5679,008
The Average sale price for the homes that closed for May of 2013 was $518,800
The Average sale price for the homes that closed for May of 2014 was $651,950
The Average Market time for the homes that closed for May of 2013 was 104 days.
The Average Market time for the homes that closed for May of 2014 was 91 days.
Homes Under Contract For May 2013
24 homes went under agreement in Hopkinton Massachusetts in the month of May. The average list price of the homes that went under agreement was $612,615. The average time on the market for these homes were 69 days. The number of homes going under contract for May was exceptional. The amount of homes going under contract was in line for what a normal May would look like.
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 may Homes For Sale Inventory Levels
The are currently 59 homes on the market which is a drop from last month when there were 61 homes for sale. The average list price of these homes is $709,334. The average days on the market is 156. The average list price for homes right now is not normal if you trace statistics back historical. This is dues to the lower number of homes for sale. The average days on the market is also much higher than normal 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
The real estate market picked up steam over the last month as expected being in the middle of the prime selling season. Sales started slower this year due to the brutal winter but are now performing as your would expect. The fact that there is a still a shortage of homes for sale means that any well priced home will usually have competition and not last on the market all that long. The key is not overpricing a home just because there is low inventory. We are in the prime time of year to sell a home. Interest rates still remain historically low. As a buyer if you see a home you like I would be prepared to jump on it as there will likely be multiple interested parties. Moving forward it will be interesting to see if the market continues on the same trajectory as last year.
Year to date sales data
Through April there have been 54 homes that have sold. At this point in time last year there were 57 sales so the Hopkinton market is performing very similar to last year.
The above statistics are for single family homes only and do not include condominiums and multi family properties.
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