Northbridge Massachusetts Real Estate Report November 2013
Want to learn what is going on in the Northbridge Real Estate market for November 2013 and why buyers are choosing realty in Northbridge including data on schools, town history, demographics and more? See all you need to know about Northbridge Real Estate here.
Northbridge Real Estate Activity For November 2013 vs November 2012
In November of 2013 there were 7 homes that closed within the month for Northbridge MA Real Estate. This is an decrease of 8 units, as there were 7 homes that closed in November of 2012.
The average list price for the homes that closed in November of 2012 was $305,853
The average list price for the homes that closed in November of 2013 was $309,500
The average sale price for the homes that closed in November of 2012 was $298,193
The average sale price for the homes that closed in November of 2013 was $306,497
The average market time for the homes that closed in November of 2012 was 116 days.
The average market time for the homes that closed in November of 2013 was 147 days.
Homes Under Contract For November 2013
3 homes went under agreement in the month of November. The average list price of the homes that went under agreement was $275,600. The average time on the market for these homes were 73 days. November was very disappointing month for homes going under contract when compared to previous months. This is not all that unusual as we have entered what traditionally is a slower time of year for Real Estate sales. It is less than expected however even being in a slower time of the year for real estate sales.
January 2010 – 2012 Final Year Real Estate Market Statistics For Northbridge Massachusetts
For the period of January to December of 2012 there were 120 properties sold.
For the period of January to December of 2011 there were 89 properties sold.
For the period of January to December 2010 there were 90 properties sold.
For the period of January to December in 2012 the average list price was $299,841 the average sale price was $286,407 the average market time was 127 days.
For the period of January to December in 2011 the average list price was $270,662 the average sale price was $260,852 and the average market time was 169 days.
For the period of January to December in 2010 the average list price was $292,115 the average sale price was $281,847 and the average time on the market was 120 days.
Current November 2013 Home For Sale Inventory Levels
The are currently 75 homes on the market in Northbridge MA. The average list price of these homes is $345,094. The average days on the market is 132. Inventory increased again from last month which is the second month in a row with the amount of homes for sale going up. For most of the year inventory was dropping from month to month. There was an increase of four homes for sale from last month.
Northbridge MA Real Estate Market Analysis
In 2012 the Northbridge Real Estate market had a decent increase in the amount of homes sold as compared to 2011. In fact there was over a 20 percent jump in the amount of sales. Homes took a bit longer to sell in Northbridge compared to some of the other surrounding area towns going East. There was still a downward trend in Real Estate values through out the year the first half of the year but the weakness occurred mostly in the upper end of the market (over 400k). The average days on market decreased substantially from the previous year. Homes under 300k tended to move a lot quicker than higher priced property.
For 2012 there were 120 real estate sales. For 2011 there were only 89 sales. This obviously a very healthy gain in sales volume for the year. All signs point to the fact we may be near a market bottom.
Current home inventory levels have remained low since the fall of 2012 and have remained that way for much of the year as we head into December. Currently there are 75 homes for sale in town. While inventory levels have been down in many towns in the area, Northbridge experienced one of the largest drops year over year. Inventory over the last few months however has started to climb which bears watching. This has not been the pattern in other town where inventory has still been dropping.
Lower inventory is a good sign for those considering to sell their home as supply and demand is always a factor with Real Estate values. The lower inventory levels are having a positive effect on both the time it is taking for homes to go under contract, as well as the firming of market values.
The latter half of 2012 like many other towns, was when The Northbridge Real Estate market really started to firm, coinciding with the continued drop is housing stock. This trend continued throughout most of the year. It does appear however, at this time that the market activity for new buyers entering the market has dropped substantially and homes are not selling nearly as quickly as they were in the first three quarters of the year.
So far in 2013 there have been 138 home sales. In 2012 at this same point in time last year there were only 10 sales. Northbridge has had a much stronger year when talking about the sheer volume of sales when compared to last year.
While most of the area towns are experiencing an increase in the market value of homes, most towns have not seen as much of a rise in the number of homes sold due to the lack of inventory.
While the entire Spring was exceptionally strong, the latter half of the year has not kept up the same pace . There are signs that the market is cooling which we all expect for this time of year.
The above Northbridge Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.
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