Southborough Massachusetts Real Estate Report February 2014
Want to see what has gone on in the Southborough Real Estate market for February along with year over year comparisons? Take a look below for complete details on the Southborough Real Estate market. While you are here take a look at the Realtors guide to Southborough MA Real Estate to learn why Southborough is a popular choice with home buyers, including information on town history, schools, demographics and more.
Southborough MA Real Estate Activity For February 2014 vs February 2013
In February of 2014 there was 1 home that closed within the month for Southborough MA Real Estate. This is an decrease of 6 units, as there was 7 homes that closed in February of 2013.
The average list price for the homes that closed in February of 2013 was $774,100
The average list price for the homes that closed in February of 2014 was $220,000
The average sale price for the homes that closed in February of 2013 was $757,093
The average sale price for the homes that closed in February of 2014 was $125,000
The average market time for the homes that closed in February of 2013 was 295 days.
The average market time for the homes that closed in February of 2014 was 195 days.
Homes Under Contract For February 2014
7 homes went under agreement in the month of February. The average list price of the homes that went under agreement was $576,201. The average time on the market for these homes were 80 days. February was a pretty good month for homes going under contract, especially in a low inventory environment.
January 2011 – 2013 Final Year Real Estate Market Statistics For Southboro Massachusetts
In Southborough MA for the period of January to December of 2012 there were 119 properties sold.
In Southborough MA for the period of January to December of 2012 there were 116 properties sold.
In Southborough MA for the period of January to December 2011 there were 105 properties sold.
In Southborough MA for the period of January to December in 2012 the average list price was $634,407 the average sale price was $626,155 the average market time was 113 days.
In Southborough MA for the period of January to December in 2011 the average list price was $548,546 the average sale price was $527,170 and the average market time was 127 days.
In Southborough 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 time on the market was 142 days.
Current February 2014 Home For Sale Inventory Levels
The are currently 31 homes for sale in Southborough MA. The average list price of these homes is $945,442. The average days on the market is 116. Inventory of homes for sale in Southborough has been holding steady around 30 homes for sale which is at historic lows. Inventory has been hovering at the lowest levels I can remember in my twenty seven years in the real estate business.
Southboro MA Real Estate Market Analysis
The 2013 real estate market
In 2013 the Southborough Real Estate market only had a slight increase in the amount of homes sold as compared to 2012 but that does not begin to describe the difference in the market. 2013 was a year that will be remembered for the fact that it was the first year in a very long time that we actually saw appreciation in home values for a very long time. Through out the first half of 2013 the market was absolutely sizzling with homes selling in an incredibly short period of time. There were in fact a number of occasions where homes would be selling in the first week, sometimes over asking prices with multiple bids. The real estate market was nothing like we had seen since 2005.
The change is the market was due to a few factors including pent up demand combined with low inventory of homes for sale with record low interest rates. In simple terms it was all about supply and demand.
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.
in 2013 there were 119 homes sold. In 2012 Southborough had 116 sales.
The 2014 real estate market
As we head into March the amount of homes for sale is not only at the lowest levels for the past year but also the last couple of decades.
At the moment with only 31 homes for sale the market is set up to completely favor home sellers. Moving forward the market is shaping up to be very similar to what it was last year at this time. There is no question that sellers are going to be in the drivers seat once again this Spring. Buyers will have to jump when they see a home they like.
February was an exceptionally slow month for closed home sales. There was only one home that closed which is six less than February of last year.
Seven homes however went under contract in February which is a decent amount of activity considering how few homes are available for purchase. Seasonally we have also not hit the most robust time of the year to sell a home. Expect this to change very soon!
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 MA homes for sale.