Southborough Housing Market Statistics Overview
One step forward, one step back for Southborough Home Sellers, as the market has ground to a virtual halt this fall. Buyers are passing on what's available, which isn't much, and grabbing homes in other towns. Southborough has seen the seasonal pull back in homes on the market, but there's almost no pendings, and all the other numbers are moving down and likely will continue on that pace.
How do I know? Well I don't - but if you look at the last 3 months sales number - the most recent statistic of sales - it's dropped from 51 to 28. That's a soft number that combined with the lack of pending home sales will keep the Hot Seller Index soft until April, unless things change dramatically. You can see that sellers are suffering - actives time on market is up sharply, from 151 (which is very good) to 192, which at six months is definitely not so good. What does it mean? I'll bet 50% of the properties that stay on will do a price change in January, as Sellers move down to meet the market. Smart buyers will anticipate those price changes, and negotiate their offers before the seller make them and advertise their new willingness to sell.
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Why is Southborough in such a rut, when we're seeing other towns move along crisply this fall? Well, Southborough is such a small town that it's hard even for good agents to get the pricing right. If you're not selling a lot of property in Southborough over a long period of time, you're likely guessing a bit when you do your CMA review. Many properties have hidden benefits or negatives that make it difficult to extrapolate the price to your property. At any rate, if it's priced wrong, in this market, you'll sit, and you only get one chance to list it at the right price. And, Southborough sellers are still getting a good premium, but they can't push it too far. Since we've been reporting Sq/Foot Sales, Southborough is third, behind only Medfield and Natick. That shows good demand for the town, but there's a limit to what the market will pay.
As a side note, this is my 400th post here at the blog. It's been rewarding for me to see how the traffic has grown, and I hope to hear from my audience how I can make the blog even better!
Southborough Housing Market Statistics - Raw MLS Data
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More Buyers would be a Welcome Present in Southborough |
- There are 57 homes listed as For Sale (vs. 75 in the last Southborough Real Estate Report.
- There have been 71 houses sold (vs. 77) in the last 6 months, and 28 homes sold (vs. 51) in the last 3 months.
- There was an Average Market Time of 130 days (vs. 134) for just SOLD homes.
- There is an Average Market Time of 198 days (vs. 155) of the homes For Sale.
- The Dollars paid per Square Foot in Southborough is $192
- There was an Average Sold Price of $532,785 for sold homes.
- Southborough has 3 properties (vs. 1) advertised as lender owned (typically foreclosure) .
- Southborough has 2 properties (vs. 4) advertised as short sales required by lender .
- Southborough “Hot Seller Index”: 77 Last Report: 82
*All statistics are for Single Family Houses and based on data in MLS.
Read my Explanation for Massachusetts Home Data Reports.
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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.
Do Good Things Today! Matt Heisler
*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.
