Southborough MA Real Estate Market Report May 2013

Southborough Massachusetts Real Estate Report May 2013

Southboro MA Real Estate

 

 

 

 

 

Southborough MA Real Estate Activity For May 2013 vs May 2012

In May of 2013 there were 17 homes that closed within the month for Southborough MA Real Estate. This is an increase of 4 unit, as there was 13 homes that closed in May of 2012.

The average list price for the homes that closed in May of 2012 was $577,878

The average list price for the homes that closed in May of 2013 was $498,242

The average sale price for the homes that closed in May of 2012 was $535,769

The average sale price for the homes that closed in May of 2013 was $488,741

The average market time for the homes that closed in May of 2012 was 112 days.

The average market time for the homes that closed in May of 2013 was 115 days.

Homes Under Contract For May 2013

32 homes went under agreement in the month of May. The average list price of the homes that went under agreement was $648,407. The average time on the market for these homes were 106 days. May was an outstanding month for homes going under contract.

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 Mat 2013 Home For Sale Inventory Levels

The are currently 37 homes on the market in Southborough MA. The average list price of these homes is $841,035. The average days on the market is 75.

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.

2013 has been a completely different story so far. Inventory levels started to drop in the latter half of last year and have continued to do so as we enter June. Inventory levels dropped again last month with a drop of ten homes for sale. These are the lowest levels inventory levels I have seen in many years! they have been for as long as I can remember. 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 has been an extremely competitive Spring for home buyers looking to move into Southborough. There have been many homes hitting the market that have received multiple offers with selling prices going over asking.

May was a good month for closed home sales. There were seventeen homes that closed which is four more homes than the same month last year. There is no question sales would have been even better if there were more homes for sale. With inventory levels remaining so low it has kept the amount of sales down. In certain price points in the market right now homes are selling as quickly as they are coming on the market.  There is no question we have moved out of a buyer’s market and into one that favors seller’s. There were 32 homes that went under contract in May which is a absolutely incredible!

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.

There have been 44 homes that have sold year to date. At this same point in time last year there were 34 home sales.

To learn more about Southborough Massachusetts see the Southborough real estate guide.

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.

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