Southborough Massachusetts Real Estate Report October 2014
Do you want to see what has gone on in the Southborough Real Estate market for October 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 real estate in Southborough Mass to learn why the town is a popular choice with home buyers, including information on town history, schools, demographics and more.
Southborough MA Real Estate Activity For October 2014 vs October 2013
In October of 2014 there was 7 homes that closed within the month for Southborough MA Real Estate. This is the same amount units, as there was 7 homes that closed in October of 2013.
The average list price for the homes that closed in October of 2013 was $819,214
The average list price for the homes that closed in October of 2014 was $529,671
The average sale price for the homes that closed in October of 2013 was $840,914
The average sale price for the homes that closed in October of 2014 was $520,986
The average market time for the homes that closed in October of 2013 was 131 days.
The average market time for the homes that closed in October of 2014 was 51 days.
Homes Under Contract For October 2014
12 homes went under agreement in the month of October. The average list price of the homes that went under agreement was $715,775. The average time on the market for these homes were 87 days. October was an excellent month for homes going to 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 October 2014 Home For Sale Inventory Levels
The are currently 51 homes for sale in Southborough MA. The average list price of these homes is $780,071. The average days on the market is 122. Inventory of homes for sale in Southborough in October decreased by five homes for sale. Inventory has stayed in a fairly tight range over most of the year. Last month it had increased so seeing the drop again is always good for sellers.
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 November the amount of homes for sale had been in a very consistent range in the 40’s. The amount of homes for sale however has been on the rise and was into the 50’s until this past month when it dropped by almost a half dozen homes.
Sales have remained down by quite a bit when compared to last year. Southborough is one of the few towns where sales are off by such a large margin. This is due in large part by a lack of homes coming on the market, not some underlying problem with the town. It was nice to see the pending sales numbers come in so strong which will help the end of the year sales figures.
Southborough is considered one of the blue chip communities in the Metrowest area so it is unusual to see sales lagging so much. It is one of the few towns where the amount of sales this year vs last is down by a significant margin.
Southborough remains a very popular destination town for buyers but hard to get into in the lower end of the market.
October was a very average month with only 7 homes that sold. This was similar to last year when there were also 7 sales as well.
Pending sales were very good twelve homes going under contract.
Sales statistics last year vs this year
Year to date there have been 79 sales. At the same point in time last year there were 102.
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 Mass homes for sale.