Northbridge Massachusetts Real Estate Report October 2013
Learn what is going on in the Northbridge Real Estate market for October 2013 and why buyers are choosing realty in Northbridge MA including data on schools, town history, demographics and more.
Northbridge Real Estate Activity For October 2013 vs October 2012
In October of 2013 there were 12 homes that closed within the month for Northbridge MA Real Estate. This is an increase of 2 units, as there were 10 homes that closed in October of 2012.
The average list price for the homes that closed in October of 2012 was $363,520
The average list price for the homes that closed in October of 2013 was $331,517
The average sale price for the homes that closed in October of 2012 was $293,300
The average sale price for the homes that closed in October of 2013 was $317,475
The average market time for the homes that closed in October of 2012 was 147 days.
The average market time for the homes that closed in October of 2013 was 148 days.
Homes Under Contract For October 2013
6 homes went under agreement in the month of October. The average list price of the homes that went under agreement was $289,450. The average time on the market for these homes were 109 days. October was a little bit slower month for homes going under contract when compared to previous months. This is to be expected as we have entered what traditionally is a slower time of 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 October 2013 Home For Sale Inventory Levels
The are currently 71 homes on the market in Northbridge MA. The average list price of these homes is $341,974. The average days on the market is 111. Inventory increased from last month which is a change from what we have seen in previous months when inventory was dropping each month. There was an increase of eleven home 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 November. There are now only 71 homes for sale in town. While inventory levels have been down in many towns in the area, Northbridge has seen a substantial drop that is much larger than some of the other surrounding towns. There was however one of the largest bumps in inventory we have seen over the past month.
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 was when The Northbridge Real Estate market really started to firm, coinciding with the continued drop is housing stock. This trend continued throughout the Spring market and now as we are almost through the Fall selling season and into Winter inventory has remained consistently low. 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 Spring.
So far in 2013 there have been 131 home sales. In 2012 at this same point in time last year there were only 91 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 somewhat and we could see sales happening far less quickly than what we experienced in the Spring and Summer months. This however is not all that unusual 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.
Click the link to see all Northbridge Massachusetts homes for sale.