The Hopkinton Homes For Sale Market Report

A funny thing happened on the way to the Spring Home Market.

 

Buyers held their collective ground on price increases.

 

This is a the latest in a series that shows home prices actually falling in the early spring, despite monstrously tight home buying conditions. Home sellers - as optimistic as ever  - are getting the message that reaching for prices won't work, and are cutting prices.  What's going on?

Can’t see the chart? You can find it Here .

There are several things, but they all revolve around one central element:

Home prices in many communities have advanced as far as they can, at least for the moment. There simply aren't enough buyers at certain price points for valuations to keep going up.

 

Think of it this way, at each price point, the number of buyers gets smaller. Let's say there's 100 buyers for every house at $300, 000. At $400,000, there's 80 buyers. At 600,000 there's just 50 buyers, and at 800,000 there's just 20 buyers. Home values have pushed out of reach of the number of buyers that can afford them, or, if you like, home prices have advanced past the point where most buyers are willing to purchase.

 

There are lots of buyers out there - lots - but there's not enough of them to keep pushing prices up. They are more budget conscious than ever.

What should active home buyers do in Hopkinton?

Let's look further at this economic disparity - because it plays into what you should do as a home buyer. In Hopkinton, there are just 15 homes under 500,000. There are 35 above 800 - almost half the market total of 81. If you look at the HSI, things look like they've worsened for home sellers, but that is only true above 800 or so. At that level, as a home buyer, you have your pick of choices, and plenty of motivated sellers. Under 500? Not so much. Those homes are moving fast, and the forecast is that they will continue to do so.

 

Find Your Next Home or Check out the Competition!

 

What should potential home sellers do in Hopkinton?

KNOW YOU MARKET! Not just the town wide statistics, but your micro-market, as I like to call it. Not every home in Hopkinton will be easy to sell - and many are not selling. The average days on market for the active homes above 800 in Hopkinton is 250 days. Now that number is muddled a bit with new construction, but you are certainly no where near the average sale at under 60. Luxury home owners need to price right, and get their home ready to go from the beginning.

 

Hopkinton Houses For Sale and Sold Market Statistics - MLS Data

 

  • The Hopkinton “Home Seller Index” (HSI): 131 Last Report: 156
  • There are 81 homes actively listed as For Sale for Home Buyers.
  • In the last 6 months, there have been 154 houses sold, and 108 homes sold in the last 3 months in Hopkinton.
  • The Average number of Days on Market was 159 days for recently SOLD homes.
  • There is an Average Market Time of 143 days of the Hopkinton homes For Sale (currently for sale).
  • The amount that was paid by Home buyers in Dollars per Square Foot averaged $218 (vs. $220   in the last report)
  • Current home sellers are looking for $241 /sq. foot
  • There was an Average Sold Price of $642,856 .
  • Hopkinton , MA, has 0 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 0 properties advertised as a short-sale is going to be needed by the lender.

 

 

All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends.

*That means you won’t find it anywhere else. Take that, Case-Schilling!.

 

 

 

Don’t Go Just Yet! More Information for you…

About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.