The Southborough Homes For Sale Market Report

When we look at Southborough, everything looks pretty rosy, except for one statistic. Prices. Prices have plummeted from $218 to $200 a square foot. Whenever I see a data anomaly like that, I ask myself first: Does that make sense?

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

Let's remember the data set in Southborough is on the smaller side. When we look at all the other metrics, Velocity (how fast homes are selling) is up, Volume is up (home many homes are selling) and home inventory is down (just 44 on the market). Those are all positives, so it's no wonder that the HSI is up - at 132.

 

So what gives with prices? Well, there were some really low sales on a per/square foot basis, as distressed homes sold in the last batch of data. Within a small data set, if there are a larger number of them then typical (like 5 or 8), it could pull down the average per/sq foot price. Falling prices doesn't really seem to make sense with the current data set as a whole, but you can bet we'll be watching next cycle to see if there's a strong rebound, which we would expect.

What should active home buyers do in Southborough?

The distressed sales may mean that investors are moving in to rehab the houses. Overall, that's positive. But for buyers, it may make the fixer-upper a bit pricey. The other metrics show a fast moving market for homes priced right, and there's little inventory to choose from, so buyers still need to be aggressive in moving out there when they see something they like.

 

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What should potential home sellers do in Southborough?

Home sellers should sit tight for now, as we're in the tail end of the season. With some mixed data in the set, probably makes sense to see the broader trend line before making a decision.

 

 

 

 

Southborough Houses For Sale and Sold Market Statistics - Raw MLS Data

 

  • Southborough's “Home Seller Index” (HSI): 132 Last Report: 110
  • There are 44 homes listed as For Sale.
  • There have been 88 houses sold in the last 6 months, and 49 homes sold in the last 3 months in Southborough.

    Home prices appear to be falling fast,

    but the other data suggests that it could be a red herring.
  • The Average number of Days on Market was 54 days for just SOLD homes.
  • There is an Average Market Time of 131 days of the Southborough homes For Sale (currently for sale).
  • The amount that was paid in Dollars per Square Foot averaged $200 (vs. $218 )
  • Current sellers are looking for 221 $/sq. foot
  • There was an Average Sold Price of $60,6065 for sold homes.
  • Southborough, MA, has 1 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 statistics 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!).

 

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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.