Westborough Massachusetts Real Estate Market February 2014
Want to see what has gone on in the Westborough Real Estate market for February along with year over year comparisons? Take a look below for complete details on the Westborough Real Estate market. While you are here take a look at the Realtors guide to Westborough MA Real Estate to learn why Westborough is a popular choice with home buyers, including information on town history, schools, demographics and more.
Real Estate Activity For February 2014 vs February 2013
In February of 2014 there were 4 homes that closed within the month for Westborough MA Real Estate. This is the same amount of units, as there were 4 homes that closed in February of 2013.
The Average list price for the homes that closed in February of 2013 was $446,200
The Average list price for the homes that closed in February of 2014 was $468,725
The Average sale price for the homes that closed in February of 2013 was $431,500
The Average sale price for the homes that closed in February of 2014 was $457,125
The Average Market time for the homes that closed in February of 2013 was 70 days.
The Average Market time for the homes that closed in February of 2014 was 91 days.
Homes Under Contract For February 2014
7 homes went under agreement in the month of February. The average list price of the homes that went under agreement was $528,943. The average time on the market for these homes were 244 days. With 7 homes going under contract, this would be considered an average month for pending sales. We are however in a slower time of the year for real estate sales. This will change very soon!
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 February 2014 Homes For Sale Inventory Levels
The are currently 28 homes on the market. The average list price of these homes is $608,364. The average days on the market is 93. Inventory increased from last month by six more homes for sale. With only 28 homes for sale inventory in town is the lowest I can remember in my 27 year real estate career servicing Westborough Real Estate.
Westboro 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 February inventory levels are at record lows. For most of last year there were 55 to 65 homes for sale, which is actually not a significant amount of homes for sale historically in Westborough. Inventory has steadily decreased over the last few months which has led to an absurdly low amount of homes available for purchase.
Lower inventory is always a good sign for those considering to sell their home as supply and demand is always a factor with Real Estate values. Given the extreme lack of available housing it would be surprising if the real estate market does not turn out very similar to last year. I expect home sellers are going to be in the drivers seat once again. The only thing that will be a little different is we do not have the record low interest rates for mortgages anymore. They are however still very attractive so I don’t expect that to be much of an issue. Prices have also gone up.
The month of February was pretty slow with only 4 closed sales. The amount of closed sales in February is usually not expected to be great. In fact the number of homes sales mirrored last year.
The above Westboro 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 MA Homes For Sale.