Southborough Massachusetts Real Estate Report August 2013
See what has gone on in the Southborough Real Estate market for August 2013 along with year over year comparisons. Learn why buying real estate in Southborough MA is as popular as ever including information on town history, schools, demographics and more.
Southborough MA Real Estate Activity For August 2013 vs August 2012
In August of 2013 there were 18 homes that closed within the month for Southborough MA Real Estate. This is an decrease of 1 unit, as there was 19 homes that closed in August of 2012.
The average list price for the homes that closed in August of 2012 was $529,168
The average list price for the homes that closed in August of 2013 was $759,890
The average sale price for the homes that closed in August of 2012 was $517,968
The average sale price for the homes that closed in August of 2013 was $749,105
The average market time for the homes that closed in August of 2012 was 75 days.
The average market time for the homes that closed in August of 2013 was 45 days.
Homes Under Contract For August 2013
7 homes went under agreement in the month of August. The average list price of the homes that went under agreement was $670,629. The average time on the market for these homes were 68 days. August was a decent month for homes going under contract, especially given the time of year and lack of homes for sale.
January 2010 – 2012 Final Year Real Estate Market Statistics For Southboro Massachusetts
In Southboro MA for the period of January to December of 2012 there were 116 properties sold.
In Southboro MA for the period of January to December of 2011 there were 105 properties sold.
In Southboro MA for the period of January to December 2010 there were 149 properties sold.
In Southboro MA for the period of January to December in 2012 the average list price was $548,546 the average sale price was $527,170 the average market time was 127 days.
In Southboro MA for the period of January to December in 2011 the average list price was $562,879 the average sale price was $540,857 and the average market time was 142 days.
In Southboro MA for the period of January to December in 2010 the average list price was $712,199 the average sale price was $660,382 and the average time on the market was 136 days.
Current August 2013 Home For Sale Inventory Levels
The are currently 45 homes on the market in Southborough MA. The average list price of these homes is $802,118. The average days on the market is 878.
Southboro MA Real Estate Market Analysis
In 2012 the Southborough Real Estate market had an increase in the amount of homes sold as compared to 2011. The increase was moderate however, in comparison to some of the other surrounding area towns like Hopkinton and Ashland, which saw greater gains in the number of homes sold year over year. Homes priced properly generally went under contract in under 90 days.
There was still a downward trend in Real Estate values in the first part of the past year. Values however, really started to firm in the second and third quarters as home inventory levels dropped. The upper end of the market still showed weakness with a slight decline in values. The average days on dropped as compared to the previous year. The lower end of the market (under 500k) remained strong with values holding firmer than in the upper ends of the Southboro market.
For the year ending 2012 there were 116 sales. In 2011 there were 105 sales. As you can see there was about a 10 percent increase year over year in the amount of home sales. While 10 percent is not bad, there were much healthier increases in other local Metrowest towns.
So far 2013 has shaped up to be a completely different year than last. Inventory levels started to drop in the latter half of last year and have remained very low as we enter September. Inventory levels increased for the second month in a row but ever so slightly from last month with just four additional homes for sale.
Inventory levels have not been this low in many years!! Lower home inventory is always a good sign for those considering to sell their home as supply and demand plays a big factor with Real Estate values. It was an extremely competitive Spring for home buyers looking to move into Southborough and has remained that way as we head out of Summer and into the Fall. There have been many homes hitting the market that have received multiple offers with selling prices going over asking. It does look like things could cool just a bit and become what would be considered more normal as far as time to sell a property.
August was just an average month for closed home sales. There were only eleven homes that closed which is seven less homes that what happened in August of last year. It is probably a given that sales would have been even better if there were additional Southborough homes for sale. With inventory levels remaining tight the amount of sales have been lower in a number of area towns.
In certain price points homes are selling very quickly but not at the frenzied pass we saw in the Spring. The real estate market certainly favors seller’s who are realistic in their home pricing at the moment. The market is a far cry from what it was last year! There were 7 homes that went under contract in August which is down slightly from what would be considered normal. This was mostly due to the constraints of low inventory.
There have been 88 homes that have sold year to date. At this same point in time last year there were also 88 home sales.
The above Southborough Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.
Click the link to see all Southborough Massachusetts homes for sale.