Hopkinton Massachusetts Real Estate Market November 2013
Want to see what has happened in the Hopkinton Real Estate market for the month of November along with year over year comparisons? Learn why buying realty in Hopkinton MA is a popular choice of many home buyers relocating into the Metrowest area.
Real Estate Activity For November 2013 vs November 2012
In November 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 November of 2012.
The Average list price for the homes that closed for November of 2012 was $647,231
The Average list price for the homes that closed for November of 2013 was $506,887
The Average sale price for the homes that closed for November of 2012 was $632,577
The Average sale price for the homes that closed for November of 2013 was $493,478
The Average Market time for the homes that closed for November of 2012 was 130 days.
The Average Market time for the homes that closed for November of 2013 was 137 days.
Homes Under Contract For November 2013
7 homes went under agreement in Hopkinton Massachusetts in the month of November. The average list price of the homes that went under agreement was $519,200. The average time on the market for these homes were 61 days. The number of homes going under contract for November was inline for this time period where the number of sales tends to decrease. Real Estate activity 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 47 homes on the market which is a pretty decent decrease from last month. There are now seven less homes for sale. The average list price of these homes is $782,620. The average days on the market is 188. Looking at the average list price is remarkable. It is extremely high with so homes available for purchase. It is very unusual for the average price of a home to be approaching 800k!
Current inventory remains incredibly low in Hopkinton. Average days on the market is being inflated quite a bit by new construction “to be built homes.”
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 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 as there are now forty seven 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 absolutely insane, 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. What is somewhat interesting is that we will more than likely end the year with less sales than last year. The market however was much stronger. Essentially fewer people decided to sell their homes this year.
What will be interesting to see is how the market moves in the next few months. There are not that many homes for sale so more than likely sales reports will show the Winter months slowing quite a bit. I would not be surprised if the market explodes like it did last Spring when we get into 2014.
So far year to date there have been 175 closed sales which is sixteen less than last year at this time.
The above statistics are for single family homes only and do not include condominiums and multi family properties.
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