The Worcester Homes For Sale Market Report

 

You want evidence of a housing recovery? I have it in the Worcester report.

 

Historically, Real Estate Markets have been intensely local. In fact, there have been precious few moments in our history where the entire real estate market in the country declined at the same time. Of course, one of those was in this decade, but it should be noted that such large correlations were rare. One of the things which I try to emphasize, and demonstrate here on the blog, is that the market can vary quite a bit just from town to town at any one point in time, and that buyers and sellers can use that information to their advantage.

 

Which brings me to the point: Worcester, due to it's size, scope, and the amount of "bad" loans that were written at the very peak of the market, has consistently been one of the worst markets in Metrowest/Central mass for sellers. It was so bad, that there were times I doubted that I would really see "demand" in the numbers. But, over the last few reports, I noted that their seemed to be a change brewing, and folks, it's here. Let's look.

 

 

Can't see the chart? Click here

 

For illustrative purposes, I'm showing data much back than I have on the other reports, this goes all the way back to November of 2010. It doesn't look too bad back that far, until you remember all those numbers were "juiced" with the home stimulus tax break which we're going to pay for over the coming decades. It's worth noting too, (for you policy buffs) that it worked (people bought houses), until the stimulus ended (and then they stopped). And then things went back to where they were (actually they were worse than they would have been, IMHO,) showing that these fiscal benefits don't have a prolonged effect unless the market mentality is ready for them. (It's feasible the skyrocketing job losses killed whatever recovery momentum was achieved by the stimulus, since most people were freaking out and freaked-out people don't buy houses).

Find Your Next Home or Check out the Competition!

 

Anywho, look at that houses sold line climb!!    Bottoming out at 357, it's climbed through 640 homes sold in this report. That increase in purchasing has steadily eaten away at the homes on the market, As the homes for sale in Worcester have fallen from almost 700 to just over 500 at the moment. If you want to know what a housing recovery or bottom looks like graphically, this is it!

 

More proof is in the $/sq foot numbers, showing buyers are paying more for real estate in Worcester. It's climbed to $111, just one shy of the top ($112) since I've been tracking, up from a low of $108. Although prices have a long way to climb to get back to the top, the bottom has come and gone. Worcester is no longer a declining market, in fact with an HSI of 90, it is a SELLERS MARKET.

 

 

 

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

 

  • There are 503 homes listed as For Sale.
  • There have been 641 houses sold in the last 6 months, and 381 homes sold in the last 3 months.
  • The Average number of Days on Market was 151 days for just SOLD homes.
  • There is an Average Market Time of 139 days of the homes For Sale.
  • The Dollars paid per Square Foot in Worcester is $111 (vs. $107 )
  • There was an Average Sold Price of $173521 for sold homes.
  • Worcester has 40 properties (vs. 44) advertised as lender owned/foreclosure (typically foreclosure) .
  • Worcester has 98 properties (vs. 113) advertised as a short-sale is going to be needed by lender .
  • Worcester “Hot Seller Index” (HSI): 90 Last Report: 78

 

 

*All statistics are for Single Family Houses and based on data in MLS.

 

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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.

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*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.