Westborough Massachusetts Real Estate Market November 2014
Do you want to see what has gone on in the Westborough Real Estate market for November, along with year over year comparisons? Take a look below for complete details on the Westborough Real Estate market. While you are here make sure you see the Realtors guide to Westborough Mass 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 November 2014 vs November 2013
In November of 2014 there were 11 homes that closed within the month for Westborough MA Real Estate. This is an decrease of 2 units, as there were 13 homes that closed in November of 2013.
The average list price for the homes that closed in November of 2013 was $379,531
The average list price for the homes that closed in November of 2014 was $478,416
The average sale price for the homes that closed in November of 2013 was $368,859
The average sale price for the homes that closed in November of 2014 was $449,403
The average market time for the homes that closed in November of 2013 was 78 days.
The average market time for the homes that closed in November of 2014 was 60 days.
Homes Under Contract For November 2014
6 homes went under agreement in the month of November. The average list price of the homes that went under agreement was $431,100. The average time on the market for these homes were 71 days. With only 6 homes going under contract, November was a slow month for pending sales activity.
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 November 2014 Homes For Sale Inventory Levels
The are currently 29 homes on the market. The average list price of these homes is $721,752. The average days on the market is 135. Inventory decreased tremendously when last month when their were 50 homes for sale. While some of the drop was due to sales activity and a lack of homes coming on the market it was attributable to some people taking their homes off the market for winter.
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
The real estate market in Westborough has continued to hum along at an excellent pace. Homes that are priced correctly move in a respectable amount of time. Inventory has remained in a fairly tight range for most of the year where there was anywhere from 45 to 60 homes available for sale. Historically this is considered a low inventory level for Westborough.
As we move into December there has been a noticeable decrease in showing activity across the board in all price points. This is not alarming and is very common for this time of year. Typically from November to February will be the slowest time period for real estate activity. The amount of sales is almost certain to decline as we wind down the year and enter the Christmas to New Years time frame.
With inventory being so low and probably not changing all that much the spring market should be vibrant.
The month of November was decent for this time of year with 11 closed sales. It nearly was similar to last year when there were 13 sales.
Year to date sales vs last year
Year to date there have been 169 sales. At this same time in 2o13 there were 157. Westborough continues to outpace the amount of sales from last year. It is one of only a select few towns in the area where the amount of sales is up around ten percent better than last year.
The above Westborough Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.