Southborough Massachusetts Real Estate Report May 2014
Do you want to see what has gone on in the Southborough Real Estate market for May 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 Real Estate guide to Southborough Massachusetts 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 May 2014 vs May 2013
In May of 2014 there was 9 homes that closed within the month for Southborough MA Real Estate. This is an decrease of 8 unit, as there was 17 homes that closed in May of 2013.
The average list price for the homes that closed in May of 2013 was $498,242
The average list price for the homes that closed in May of 2014 was $686,078
The average sale price for the homes that closed in May of 2013 was $488,741
The average sale price for the homes that closed in May of 2014 was $684,322
The average market time for the homes that closed in May of 2013 was 115 days.
The average market time for the homes that closed in May of 2014 was 128 days.
Homes Under Contract For May 2014
11 homes went under agreement in the month of May. The average list price of the homes that went under agreement was $798,136. The average time on the market for these homes were 73 days. May was a pretty good month for homes going under contract.
January 2011 – 2013 Final Year Real Estate Market Statistics For Southborough 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 May 2014 Home For Sale Inventory Levels
The are currently 51 homes for sale in Southborough MA. The average list price of these homes is $871,264. The average days on the market is 95. Inventory of homes for sale in Southborough in May rose for the second consecutive month. This month there were 7 new homes added to the home for sale inventory. Inventory bears watching as it is no longer in record low territory as it has been.
Southborough 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 June the amount of homes for sale has risen to the point of being almost normal historically. With 51 homes for sale buyers at least have something to choose from in some price points.
Sales so far this year are down from the pace from last year. This has been the case is some but not all area communities. I expect inventory to remain fairly steady over the next few months with homes entering the market meeting demand from buyers. Southborough remains a very popular destination town for buyers. In some price points buyers do need to act quickly as there is not much inventory available.
May was an average month for closed home sales. Although if you compare it to last year at this time it would be considered a down month. There were seventeen homes that closed last year at this time.
Eleven homes however went under contract in May which is decent.
Sales statistics last year vs this year
Year to date there have been 28 sales. At the same point in time last year there were 44.
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 homes for sale.