Westborough MA Real Estate Market Report March 2014

Westborough Massachusetts Real Estate Market March 2014

Want to see what has gone on in the Westborough Real Estate market for March, 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 to learn why Westborough is a popular choice with home buyers, including information on town history, schools, demographics and more.

Westboro MA Real Estate

 

 

 

 

 

Real Estate Activity For March 2014 vs March 2013

In March of 2014 there were 8 homes that closed within the month for Westborough MA Real Estate. This is the same amount of units, as there were 8 homes that closed in March of 2013.

The Average list price for the homes that closed in March of 2013 was $351,075

The Average list price for the homes that closed in March of 2014 was $431,063

The Average sale price for the homes that closed in March of 2013 was $341,538

The Average sale price for the homes that closed in March of 2014 was $419,938

The Average Market time for the homes that closed in March of 2013 was 130 days.

The Average Market time for the homes that closed in March of 2014 was 99 days.

Homes Under Contract For March 2014

10 homes went under agreement in the month of March. The average list price of the homes that went under agreement was $597,380. The average time on the market for these homes were 108 days. With 10 homes going under contract, March was a decent month for homes going under contract. We are now entering what will be a much busier selling season!

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 March 2014 Homes For Sale Inventory Levels

The are currently 39 homes on the market. The average list price of these homes is $594,282. The average days on the market is 149. Inventory increased from last month with eleven more homes for sale. Even though inventory rose quite a bit from last month, 39 homes for sale is still a very low inventory for Westborough.

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 March inventory levels have risen a bit off of their record low numbers. 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.  As we enter the busy Spring selling season the environment right now is very similar to last Spring when the market favored sellers. We have low inventory along with attractive interest rates. Market values have increased and interest rates are up a bit but not so much that it should have a dramatic effect on the market.

The month of March was average with 8 closed sales. The amount of closed sales for March was right on par with what occurred last March when there were also 8 sales.

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 Properties For Sale.

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