Worcester Housing Market Statistics Overview
For as long as I've been tracking Worcester, there's been a huge overhang of inventory. So, this is a special day. For the first time the Sold numbers are ahead of the actives. Now, this is a seasonal low point for actives, but still, the numbers paint a remarkable picture of a healing real estate market in Worcester. A Hot Selling Index score of 77 is hardly red hot, but it indicates that a market where sellers are gaining a little more leverage is starting to take shape. In most markets, it would indicate a NEUTRAL market. Buyers: There's still good deals in Worcester, but it won't be as easy today as it was two months ago (or four months ago), but there are values to be had. As always, be aware that Worcester is actually a collection of a dozen or so "sub-markets", and if you'd like information on the part of town that you're looking in, just let me know, we'll narrow it down a bit. Sellers! Thinking about selling? This is the best real estate market in Worcester in five years. Why not see if you can move?
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In the not so good news category, the bank affected housing stock is up in both categories, foreclosures and short-sales. They are up just slightly, but now total over 150 houses, or 30% of the market. That's a ton of houses that are going to hang around and put pressure on prices, so the real test will be to see if that starts clearing up. If it does, Worcester will be in-line for price appreciation. 2012 should be very interesting!!
Worcester Housing Market Statistics - Raw MLS Data
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The Real Estate Market in Worcester is Improving, and that's NO BULL! |
- There are 487 homes (vs. 636 in the last Worcester Home Sales Report) listed as For Sale.
- There have been 529 houses sold (vs. 531) in the last 6 months, and 289 homes sold in the last 3 months.
- There was an Average Market Time of 148 days for just SOLD homes.
- There is an Average Market Time of 185 days (vs. 160) of the homes For Sale.
- The Dollars paid per Square Foot in Worcester is $112
- There was an Average Sold Price of $164,238 for sold homes.
- Worcester has 46 properties (vs. 39) advertised as lender owned (typically foreclosure) .
- Worcester has 107 properties (vs. 99) advertised as short sales required by lender .
- Worcester “Hot Seller Index”: 77 Last Report: 74
*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.
