Westborough Massachusetts Real Estate Market July 2014
Do you want to see what has gone on in the Westborough Real Estate market for July, 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 what’s to love about Westborough 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 July 2014 vs July 2013
In July of 2014 there were 25 homes that closed within the month for Westborough MA Real Estate. This is a increase of 12 units, as there were 13 homes that closed in July of 2013.
The average list price for the homes that closed in July of 2013 was $454,029
The average list price for the homes that closed in July of 2014 was $485,768
The average sale price for the homes that closed in July of 2013 was $449,769
The average sale price for the homes that closed in July of 2014 was $476,940
The average market time for the homes that closed in July of 2013 was 45 days.
The average market time for the homes that closed in July of 2014 was 82 days.
Homes Under Contract For July 2014
13 homes went under agreement in the month of July. The average list price of the homes that went under agreement was $477,685. The average time on the market for these homes were 67 days. With 13 homes going under contract, July was a fair 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 July 2014 Homes For Sale Inventory Levels
The are currently 62 homes on the market. The average list price of these homes is $653,621. The average days on the market is 84. Inventory rose again from last month with nine additional homes for sale. Inventory has risen quite a bit in the last couple months.
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 July the market has been doing really well as the amount of home sales year to date is significantly better than last year. One of the reasons sales have gone up is a significant increase in the amount of homes available for purchase. This has allowed buyers a decent selection of homes to choose from. Moving forward it will be interesting to see if inventory continues to increase. Right now the market has been in balance but a significant increase could have an effect on values.
The market has been favoring sellers because of how low the inventory has been. For first quarter of the year inventory has hovered around 35-40 homes for sale. With over 60 homes for sale we have seen a large rise already.
The month of July was exceptional with 25 closed sales. The amount of closed sales for June was nearly double for the same time period last year when there was only 13 sales.
Year to date sales vs last year
The amount of sales this year compared to last is impressive as Westborough is up quite a bit. Year to date there have been 80 sales. At this same time in 2o13 there were 54.
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 Mass homes For Sale.