Westborough Massachusetts Real Estate Market October 2013
See what has gone on in the Westborough Real Estate market for October 2013 along with year over year comparisons. Learn why buying realty in Westborough MA is a popular choice of many home buyers relocating into the Metrowest area.
Westborough MA Real Estate Activity For October 2013 vs October 2012
In October of 2013 there were 16 homes that closed within the month for Westborough MA Real Estate. This is an increase of 8 units, as there were 16 homes that closed in October of 2012.
The Average list price for the homes that closed in October of 2012 was $404,063
The Average list price for the homes that closed in October of 2013 was $414,143
The Average sale price for the homes that closed in October of 2012 was $393,113
The Average sale price for the homes that closed in October of 2013 was $396,488
The Average Market time for the homes that closed in October of 2012 was 57 days.
The Average Market time for the homes that closed in October of 2013 was 104 days.
Homes Under Contract For October 2013
8 homes went under agreement in the month of October. The average list price of the homes that went under agreement was $446,063. The average time on the market for these homes were 122 days. With 8 homes going under contract, this would be considered an average month for pending sales. Homes in the lower half of the market are selling as fast as they hit the market right now with such low inventory. There are however not that many properties entering the market at this time which has kept inventory consistently low. The amount of homes going pending could have been even greater if there were more homes in price points where there is still pent up buyer demand.
January 2010 – 2012 Final Year Real Estate Market Statistics For Westboro Massachusetts
For the period of January to December of 2012 there were 154 properties sold.
For the period of January to December of 2011 there were 140 properties sold.
For the period of January to December 2010 there were 149 properties sold.
For the period of January to December in 2012 the average list price was $448,406 the average sale price was $431,969 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 market time was 101 days.
For the period of January to December in 2010 the average list price was $476,256 the average sale price was $453,802 and the average time on the market was 120 days.
Current October 2013 Homes For Sale Inventory Levels
The are currently 44 homes on the market. The average list price of these homes is $557,359. The average days on the market is 95. Inventory once again dropped from last month and is now hovering around the low for the year.
Westboro MA Real Estate Market Analysis
In 2012 the Westboro Real Estate market had an increase in the amount of homes sold as compared to 2011 although by a much smaller margin than some of the other towns in the immediate area. This is kind of surprising as Westborough is generally ahead of the curve comparably speaking. Homes priced properly generally moved in a reasonable amount of time but the average days on market were up slightly from the previous year. There was still a downward trend in Real Estate values through out the year but the weakness occurred mostly in the upper end of the market (over 600k). The lower end of the market (under 400k) remained strong with values holding firmer than the more expensive homes in town.
Total Westborough real estate sales for 2012 were better than they were in 2011. In 2012 there were a total of 154 closings. In 2011 there were 140 sales. This is about a 10 percent increase over last year. Interestingly enough this was on the lower end of total sales increases when compared to other surrounding towns.
Current home inventory levels started to drop towards the latter half of last year and have remained very low throughout the entire year. As we move into November the market has remained very consistent. Inventory levels have hovered around 55-65 homes for sale for the past few months however the amount of homes for sale has dropped even further over the past month with there only being 44 homes available.
The amount of buyer’s have certainly kept pace with the existing inventory. In fact there have only been a few more homes sold this year than last due to the fact that not nearly as many people have put their homes up for sale. This has caused home values to increase across the board in all price points.
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. The month of October was very good with 16 closed sales. October is typically a month where you will see less sales. With sixteen sales Westborough doubled the amount from last year at this time.
Year to date there have been 141 home sales. At this same point in time last year there were 138 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.