Milford Massachusetts Real Estate Market May 2014
Would you like to see what has gone on in the Milford Real Estate market for May along with year over year comparisons? Check out our reporting of the Milford MA market below. While you are here also take a look at the Real Estate guide to Milford Massachusetts where you will see why the town is a popular choice for home buyers including information on town history, schools, demographics and more.
Milford MA Real Estate Activity For May 2014 vs May 2013
In May of 2014 there were 20 homes that closed within the month for Milford MA Real Estate. This is an increase of 5 units, as there were 15 homes that closed in May of 2013.
The average list price for the homes that closed in May of 2013 was $291,166
The average list price for the homes that closed in May of 2014 was $285,636
The average sale price for the homes that closed in May of 2013 was $285,100
The average sale price for the homes that closed in May of 2014 was $279,127
The average market time for the homes that closed in May of 2013 was 75 days.
The average market time for the homes that closed in May of 2014 was 86 days.
Homes Under Contract For May 2014
20 homes went under agreement in the month of May. The average list price of the homes that went under agreement was $300,860. The average time on the market for these homes were 46 days. The market activity has picked up considerably from previous months which is to be expected for this time of year.
January 2011 – 2013 Final Year Real Estate Market Statistics For Milford Massachusetts
For the period of January to December of 2013 there were 211 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 165 properties sold.
For the period of January to December in 2012 the average list price was $286,724 the average sale price was 278,100 the average market time was 84 days.
For the period of January to December in 2012 the average list price was $259,845 the average sale price was $252,034 and 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 time on the market was 130 days.
Current Homes For Sale May Inventory Levels
The are currently 36 homes on the market. The average list price of these homes is $316,769. The average days on the market is 80. Inventory of homes for sale continues to remain low. There are nine fewer homes for sale than there were last month. This is typically the time of year when inventory increases but that has not been the case so far this year.
Milford MA Real Estate Market Analysis
2013 Milford Real Estate Analysis
In 2013 the Milford Real Estate market had a small increase in the amount of homes sold as compared to 2012. While the amount of homes that sold in the calender year was not that much different the strength of the market was certainly there. Not only were home selling much quicker but there was a pretty sizable gain in home values.
Most of the strength in the market occurred in the first couple quarters of the year. The Spring market last year was very favorable with home that were priced accurately selling very quickly. In a number of cases there were actually homes selling over asking prices with multiple bids. Like many of the other towns in the area, the Milford real estate market saw a complete turn around from previous years.
The market over the latter half of the year become more balanced with home taking longer to sell than the frenzied pace of the Spring. As we head into the early stages of 2014 the market is still characterized by a very low number of homes for sale. This bodes well for those who are thinking of selling in Milford.
Current home inventory levels were low throughout most of 2o13. As we head into February not much has changed with the number of properties for sale in the 50’s. From a historic perspective that is an incredibly low number as Milford for many years had over a hundred homes for sale at any given time.
Low inventory is always a good sign for those considering to sell their home as supply and demand is always a factor with Real Estate values. Looking ahead we are in a similar position as last year at this time when inventory was low. Unless the economy becomes much weaker we could be looking at a similar scenario to last year when home sales were exceptionally strong in the Spring.
For 2013 Milford finished the year with 211 sales. The year before there were 203 home sales.
Current 2014 Milford Real Estate Analysis
The amount of transactions for May was quite a bit better than May of last year with twenty vs fifteen homes sold. The amount of homes that went under agreement (twenty) was also excellent especially considering that inventory levels have remained flat. Even though this is expected to change over the next few months I expect sales to match the increase in home being put up for sale.
The market continues to favor sellers in Milford with the amount of homes for sale remaining exceptionally low. If you are a buyer in search of a home and find something you like make sure you jump on it as it will not last! The real estate market right now is following almost the identical pattern it did last year in Milford. Some of the surrounding communities are showing less sales but that is not the case here.
Sales year to date vs last year
There have been 70 sales so far this year though May. At this same point in time last year there were 63.
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 Massachusetts homes for sale.