Westborough Massachusetts Real Estate Market October 2014
Do you want to see what has gone on in the Westborough Real Estate market for October, 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 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 October 2014 vs October 2013
In October of 2014 there were 18 homes that closed within the month for Westborough MA Real Estate. This is an increase of 1 unit, as there were 17 homes that closed in October of 2013.
The average list price for the homes that closed in October of 2013 was $408,011
The average list price for the homes that closed in October of 2014 was $468,006
The average sale price for the homes that closed in October of 2013 was $390,988
The average sale price for the homes that closed in October of 2014 was $454,154
The average market time for the homes that closed in October of 2013 was 104 days.
The average market time for the homes that closed in October of 2014 was 83 days.
Homes Under Contract For October 2014
11 homes went under agreement in the month of October. The average list price of the homes that went under agreement was $470,200. The average time on the market for these homes were 58 days. With 11 homes going under contract, October was a decent 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 October 2014 Homes For Sale Inventory Levels
The are currently 50 homes on the market. The average list price of these homes is $637,670. The average days on the market is 112. Inventory increased from last month with two more homes for sale.
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 experienced another excellent year so far. Homes that are priced correctly move in a respectable amount of time. Inventory has remained in a consistent range for most of the year. Over the last few months inventory has remained in a very tight range of 45 -55 homes available for purchase.
As we move into November there has been an unquestionable drop in the amount of showings. This is not all that unusual for this time of year as we are approaching what is traditionally the quietest time for market activity. I would expect the sales figures over the next few months to be less than what we have posted over the last few.
There are some pockets of the market that really favor sellers. For Westborough this is anything under $450,000.
The month of October was strong with 19 closed sales. It nearly was identical to last year when there were 18 sales.
Year to date sales vs last year
Year to date there have been 157 sales. At this same time in 2o13 there were 143. Westborough is another local town that is performing better than last year at this point in time.
The above Westborough Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.