Southborough Massachusetts Real Estate Report October 2013
See what has gone on in the Southborough Real Estate market for October 2013 along with year over year comparisons. Learn why buying realty in Southborough MA is as popular as ever including information on town history, schools, demographics and more
Southborough MA Real Estate Activity For October 2013 vs October 2012
In October of 2013 there were 5 homes that closed within the month for Southborough MA Real Estate. This is an decrease of 2 unita, as there was 7 homes that closed in October of 2012.
The average list price for the homes that closed in October of 2012 was $373,320
The average list price for the homes that closed in October of 2013 was $819,320
The average sale price for the homes that closed in October of 2012 was $350,200
The average sale price for the homes that closed in October of 2013 was $840,819
The average market time for the homes that closed in October of 2012 was 74 days.
The average market time for the homes that closed in October of 2013 was 131 days.
Homes Under Contract For October 2013
4 homes went under agreement in the month of October. The average list price of the homes that went under agreement was $513,700. The average time on the market for these homes were 49 days. October was a slower month for homes going under contract, which is not all that unusual 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 October 2013 Home For Sale Inventory Levels
The are currently 40 homes on the market in Southborough MA. The average list price of these homes is $851,765. The average days on the market is 99. Inventory of homes for sale in Southborough has once again dropped from last month when there was 43 homes on the market.
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 throughout most of the year. In fact as we enter November the amount of homes for sale is at the lowest level for the entire year. Inventory levels had increased slightly in July and August but have started back on their downward trend over the past two months.
Inventory levels have not been this low in many years! It is amazing to think that there are only 40 homes for sale at the moment!! 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 and Summer for home buyers looking to move into Southborough and has remained that way as we are almost out of Fall and into the Winter season.
Throughout the year there have been a number of 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.
October was a down month for closed home sales. There were only seven homes that closed which is two less homes than October of last year. More than likely sales would have been 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 still 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 in 2013 has been considerably different than what it was last year.
There were only 4 homes that went under contract in October which is a poor showing. It is attributed to both a slow down for this time of year as well as a lack of homes for sale.
There have been 102 homes that have sold year to date. At this same point in time last year there were 101 home sales. The Southborough Real Estate market has remained remarkably consistent as far as the number of homes sold.
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.