The Worcester Homes For Sale Market Report

 

This is officially the first report since MLS has gotten rid of the active flag, so we're going to see some jumps in the reports. Can't be helped people! Good news is once we get through all the reports, they are going to "normalize" and will be more accurate then they have been in the past. So bear with me!

 

Worcester, of course, is always one of my favorite reports, because it is so interesting. It stays interesting in May. Here's the chart:

 

 

 

First, let's think about the sales pace. Almost 700 sales in six months, almost 450 sales in the past three months. Holy Moley. Those are obviously, both records, and the sales rate has pushed the number of homes for sale down to a paltry 339. Also a record. With things moving so fast, I would have expected prices to move up - but they have not. They have held steady. Not sure how long that trend can continue (hint: NOT LONG). Either the buyers are going to have to start paying more or they are going to be looking at rentals. Sellers are firmly - firmly - in control in most section of Worcester. (Disclaimer: Worcester is a complex town with many mini-markets, not all markets move in tandem, e-mail me for specifics, etc, etc, etc.) But the overall trend is up, up up. The Worcester HSI bust through the old record of 90, and posts a Hopkinton like 115. WOW. I'll say it again: WOW.

Worcester homes are still cheap-but

prices are going to be going up.  You

heard it here first.

 

 

Here's another shocker. There are only 13 foreclosures. In September there were 40, a number that has been constant for well over a year. Short-sales are down from well over 100+ to just 29. You're looking at a 75% reduction in bank-impacted inventory.

Find Your Next Home or Check out the Competition!

 

OK, it's time to say it. There is no shadow inventory. All you shadow inventory folks who were convinced there would be millions of foreclosures coming to the market, it's time to say "OOPS". You were wrong, wrong, wrong.  It's not here, it's not going to happen, it's all a myth. Banks went the short-sale route and very quietly have dumped their non-performing assets (read: homes where people were not paying their mortgages) - and they are running out of troubled inventory. At least as far as Mass is concerned, that's the story.

 

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

 

  • There are 339 homes listed as For Sale in Worcester.
  • There have been 695 houses sold in the last 6 months, and 449 homes sold in the last 3 months.
  • The Average number of Days on Market was 127 days for just SOLD homes.
  • There is an Average Market Time of 128 days of the homes For Sale (currently for sale).
  • The amount that was paid in Dollars per Square Foot averaged $112 (vs. $113 )
  • There was an Average Sold Price of $175,398 for sold homes.
  • Worcester has 13 properties (vs. 22 in the last report) advertised as lender owned/foreclosure (typically foreclosure) .
  • Worcester has 29 properties advertised as a short-sale is going to be needed by lender .
  • Worcester “Home Seller Index” (HSI): 115  Last Report:90

 

 

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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.