Overview of the Southborough Housing Market

The last Southborough Home Sales Report provided some solid predictions that came through this month. It was noted that the HSI would probably rebound to an 80 when some of the pendings came through, and look at that: we've rebounded to 80. If I do a similar analysis, we'd see an HSI of 89 in Southborough at the moment, as it is showing 17 pendings. Also note this is the second report in a row (following Shrewsbury) to see a rise in the $/sq foot, with a large jump of $8 in just about 7 weeks. That means we're likely to see all the reports from this point forward showing increases in prices at least until the Spring market is over - those closings will be in August. So if you think prices have moved up, they have. The market has been very good for sellers, and tough on buyers - too many of whom are not reading this blog!! Will things soften a bit? Maybe. But I expect inventory to remain tight throughout the year. Buyers will need to be flexible, patient, and ready to pounce through June, July, August and September.

 

 

Once again, we see foreclosures for sale down, and short-sales available up. As noted in the last report, this is an interesting trend, which may provide some data to support the theory that banks are more open to - and seeking - short-sales instead of foreclosures in this area (which is really a no-brainer for the banks, but that's another story). Keep an eye on this ratio going forward as we look for the trend to continue across the metrowest.

 

Southborough Real Estate For Sale and Sold Market Statistics - Raw MLS Data

 

The Memorial Day Data is showing strong demand and still limited supply.  Prices have begun to show evidence of increases.

 

• There are 77 homes listed (vs. 56 in the last Southborough Home Sales Report) as For Sale.
• There have been 62 houses sold (vs 47) in the last 6 months, and 45 homes sold (vs. 20) in the last 3 months.
• There was an Average Market Time of 136 days for just SOLD homes.
• There is an Average Market Time of 128 days (vs. 208) of the homes For Sale.
• The Dollars paid per Square Foot in Southborough, MA is $190 (vs. $182)
• There was an Average Sold Price of $514,508 for sold homes.
• Southborough, MA has 0 properties (vs. 1) advertised as lender owned/foreclosure (typically foreclosure) .
• Southborough, MA has 4 properties (vs. 3) advertised as a shortsale is going to be needed by lender 
• Southborough, MA “Hot Seller Index” (HSI): 80 Last Report: 65

 

 

*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.