Westborough Massachusetts Real Estate Market August 2014
Do you want to see what has gone on in the Westborough Real Estate market for August, along with year over year comparisons? Take a look below for complete details on the Westborough Real Estate market. While you are here taking a look at the report see real estate found in Westborough MA to learn why Westborough is a popular choice with home buyers, including information on town history, schools, demographics and more.
Real Estate Activity For August 2014 vs August 2013
In August of 2014 there were 18 homes that closed within the month for Westborough MA Real Estate. This is a decrease of 6 units, as there were 24 homes that closed in August of 2013.
The average list price for the homes that closed in August of 2013 was $556,103
The average list price for the homes that closed in August of 2014 was $551,500
The average sale price for the homes that closed in August of 2013 was $549,092
The average sale price for the homes that closed in August of 2014 was $536,717
The average market time for the homes that closed in August of 2013 was 44 days.
The average market time for the homes that closed in August of 2014 was 53 days.
Homes Under Contract For August 2014
12 homes went under agreement in the month of August. The average list price of the homes that went under agreement was $384,717. The average time on the market for these homes were 81 days. With 12 homes going under contract, August was a decent month for homes going under contract.
January 2011 – 2013 Final Year Real Estate Market Statistics For Westborough Massachusetts
For the period of January to December of 2013 there were 168 properties sold.
For the period of January to December of 2012 there were 154 properties sold.
For the period of January to December 2011 there were 140 properties sold.
For the period of January to December in 2012 the average list price was $463,787 the average sale price was $456,715 the average market time was 85 days.
For the period of January to December in 2011 the average list price was $448,406 the average sale price was $431,969, and the average market time was 124 days.
For the period of January to December in 2011 the average list price was $469,826 the average sale price was $452,803 and the average time on the market was 101 days.
Current August 2014 Homes For Sale Inventory Levels
The are currently 53 homes on the market. The average list price of these homes is $687,803. The average days on the market is 113. Inventory decreased from last month with nine less homes for sale. The previous couple of months inventory had been on the rise so this was good to see from a sellers perspective.
Westborough MA Real Estate Market Analysis
Analysis of the 2013 real estate market
In 2013 the Westborough Real Estate market was completely different than in years past. Like many of the surrounding local communities Westborough saw a complete turnaround in the real estate market. The market shifted from a buyers market to a full fledged sellers market!
The market actually changed around this time last year when inventory had decreased significantly from the levels of years past. There was however pent up buyer demand which spurred home value. In was the perfect environment to see the market swing back to a sellers market. There were record low interest rates, buyer demand and little housing available.
When the Spring market hit last year there was a buying frenzy. As soon as a property hit the market it would be gone in under a couple of weeks if it was priced correctly. Often times sellers were fielding multiple offers on their property and eventually selling for over asking price. Not since 2005 had we seen a market this robust.
As we progressed further into the year the market become more balanced. Home were selling at a steady pace but nothing like the Spring. For the year Westborough ended the year with a pretty significant uptick in market values. Home were also selling much faster and closer to asking prices.
For 2013 Westborough ended the year with 168 sales. Last year there were 154 sales.
2014 real estate analysis
As we move into September the market this year has not been all that much different than last. There was a larger gap in the amount of homes sold prior to the last few months but the gap has closed. Inventory had been on the rise but this month cleared quite a few homes off the market.
The market has been favoring sellers because of how low the inventory has been. There are still some price pockets in the market where inventory remains very low and buyers need to move quickly when they find something they like..
The month of August was good with 18 closed sales but did not keep up with the pace of last year when there were 24 sales.
Year to date sales vs last year
The amount of sales this year compared to last has started to come together. Up until a couple of months ago Westborough has been way ahead of last years pace. Year to date there have been 119 sales. At this same time in 2o13 there were 104.
The above Westborough Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.
Click the link to see all Westborough Mass homes For Sale.