Westborough Massachusetts Real Estate Market January 2014
Want to see what has gone on in the Westborough Real Estate market for January 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 January 2014 vs January 2013
In January of 2014 there were 10 homes that closed within the month for Westborough MA Real Estate. This is an increase of 3 units, as there were 7 homes that closed in January of 2013.
The Average list price for the homes that closed in January of 2013 was $411,729
The Average list price for the homes that closed in January of 2014 was $410,050
The Average sale price for the homes that closed in January of 2013 was $393,574
The Average sale price for the homes that closed in January of 2014 was $382,946
The Average Market time for the homes that closed in January of 2013 was 103 days.
The Average Market time for the homes that closed in January of 2014 was 106 days.
Homes Under Contract For January 2014
2 homes went under agreement in the month of January. The average list price of the homes that went under agreement was $421,250. The average time on the market for these homes were 10 days. With only 2 homes going under contract, this would be considered a dismal month for pending sales, even though we are in a slower time of the year for real estate sales.
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 January 2014 Homes For Sale Inventory Levels
The are currently 22 homes on the market. The average list price of these homes is $675,377. The average days on the market is 130. Inventory was pretty much unchanged from last month as there is only one more additional home for sale. Available homes for sale are hovering at the lowest levels I have seen in my twenty seven years in the business covering 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.
2014 real estate analysis
As we move into January inventory levels are at record lows. For most of the year there were 55 to 65 homes for sale, however the amount of properties that have gone under agreement has been steady while not much new property has become available. This has lead to a state of incredibly low inventory with only 22 homes for sale!
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.We are set up at the moment to have a very similar Spring as we did last year. The only factor that is a little different is we are not at the record low interest rates for mortgages anymore. Prices have also gone up. These two factors will more than likely knock a portion of the first time buyers out of the opportunity to own their first home. Only time will tell!
The month of January was pretty decent with 10 closed sales. The amount of closed sales in January is almost always one of the lower volume months in the year. With ten sales Westborough did better than January of last year when there were 7 sales.
For 2013 Westborough ended the year with 168 sales. Last year there were 154 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 Homes For Sale.