Milford Massachusetts Real Estate Market May 2013
Milford MA Real Estate Activity For May 2013 vs May 2012
In May of 2013 there were 14 homes that closed within the month for Milford MA Real Estate. This is a decrease of 12 units, as there were 26 homes that closed in May of 2012.
The average list price for the homes that closed in May of 2012 was $269,345
The average list price for the homes that closed in May of 2013 was $290,542
The average sale price for the homes that closed in May of 2012 was $262,681
The average sale price for the homes that closed in May of 2013 was $283,250
The average market time for the homes that closed in May of 2012 was 108 days.
The average market time for the homes that closed in May of 2013 was 79 days.
Homes Under Contract For May 2013
31 homes went under agreement in the month of May. The average list price of the homes that went under agreement was $286,628. The average time on the market for these homes were 59 days.
January 2010 – 2012 Final Year Real Estate Market Statistics For Milford Massachusetts
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 165 properties sold.
For the period of January to December 2010 there were 149 properties sold.
For the period of January to December in 2012 the average list price was $259,845 the average sale price was 252,034 the average market time was 97 days.
For the period of January to December in 2011 the average list price was $262,835 the average sale price was $254,209 and the average market time was 130 days.
For the period of January to December in 2010 the average list price was $281,934 the average sale price was $272,450 and the average time on the market was 87 days.
Current Homes For Sale May Inventory Levels
The are currently 58 homes on the market. The average list price of these homes is $313,712. The average days on the market is 107. Inventory levels have continued to be lower than they have been over the last few years as we enter June.
Milford MA Real Estate Market Analysis
In 2012 the Milford Real Estate market had a substantial increase in the amount of homes sold as compared to 2011. In fact it was close to a 20% gain in the number of sales! Homes priced properly generally went under contract in under 90 days. There was a downward trend in Real Estate values through out the first half of the year but stabilized as we moved toward the latter half of the year. This was due to inventory levels dropping as housing demand remained fluid. The average days on market decreased quite a bit over the prior year. The lower end of the market (under 300k) remained very strong with values holding firmer than in the upper ends of the Milford market.
Current home inventory levels started to decrease over the latter half of last year and have remained so as we head into June. Home inventory has dropped even further over the last month. With only 58 homes for sale the inventory of homes for sale in Milford has dropped to the lowest levels in many years! It is not unusual at all to have over 100 homes on the market at any given time. The fact there are only 58 homes for sale is an extreme shortage of housing. This is always a good sign for those considering to sell their home as supply and demand is always a factor with Real Estate values. The real estate market should remain strong throughout the Spring and into the Summer for sellers!
The real estate market for the year fared much better than last. In 2012 there were 203 sales for the year! In 2011 there were 165. This was about a 20% jump over the prior year for the number of sales. All indication are we could be near a market bottom.
The amount of transactions was down for May when compared to the same month last year with twelve less. The amount of homes that went under contract (thirty one) was exceptional. At some price points where inventory has been low there have been bidding wars with homes going on deposit almost immediately. The market as a whole has gotten a lot more active this Spring driven by a demand from buyer’s. This combined with the fact that inventory levels have remained low have caused increases in home values.
So far in 2013 there have been 62 sales. At this same point in time last year there were 72 home sales.
To learn more about Milford Massachusetts see the Milford real estate guide.
The above Milford Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.
Click the link to see all Milford MA homes for sale.