Homes For Sale in Worcester Market Report

Regular readers know, Worcester is one of my favorite reports. While many of the towns have too little inventory to draw conclusions by themselves, Worcester has plenty. It's almost always a the deciding factor in both "what's happening now" and "what's likely to happen soon". So! What does the data look like? Here we go.

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

 

What do we see? Well, we see some hallmarks that we have seen in other towns. Rising inventory (the dark line) - to more "normal/balanced" levels - and rising transaction activity (the orange line). And just as in some other reports, the vast majority of the sales have been in the last 3 months. That's helped keep the HSI's steady (the blue boxes)- Worcester's dropped only 2-but ultimately this sales pattern will put pressure on all the HSI's in the coming months as that trend reverses (which in all likelihood it will!). How about prices? Here:

 

 

Prices are up, but modestly. Worcester prices are at a record for my tracking. Prices rising is definitely good, but there is a big red flag in this report. Bank controlled inventory - short-sales and foreclosures - more than doubled in this report. In fact, about 60% of the increase in for sale listings is due to this jump in distressed inventory. It's too soon to know what this means - if anything - but it's not good for home sellers. Hopefully, it's the banks getting rid of the last of the distressed homes for sale that they have, and once it's gone, it won't come back. But we will see.

 

What should active home buyers do in Worcester?

Active home buyers won't see too many competitive bids. Still, you need to know what you want, where you want it, and you need to know the inventory. Some parts of Worcester are selling far faster and better than the HSI of 106 would indicate. It's a big city, it doesn't all follow the same pattern. If you need more details, ask!

 

Find Your Next Home or Check out the Competition!

 

 

 

What should potential home sellers do in Worcester?

Home sellers should see two elements in this report - record prices and low inventory. Want to move?  This could be your chance before the interest rate cycle (rising interest rates) starts throwing a monkey wrench in the works. With an average days on market near 100, buyers are making decision very quickly.  Get out there and see if you can sell!!

 

 

Worcester Recent Houses For Sale and Sold Market Statistics - Raw MLS Data

 

  • Worcester‘s “Home Seller Index” (HSI): 106 Last Report: 108
  • There are 373 homes listed as For Sale.
  • There have been 612 houses sold in the last 6 months, and 435 homes sold in the last 3 months in Worcester.
  • The Average number of Days on Market was 108 days for just SOLD homes.
  • There is an Average Market Time of 105 days of the Worcester homes For Sale (currently for sale).
  • The amount that was paid in Dollars per Square Foot averaged $123 (vs. $119)
  • There was an Average Sold Price of $190,324 for sold homes.
  • Worcester, MA, has 58 properties advertised as lender owned or foreclosure (typically foreclosure) .
  • There are 50 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.