The Worcester Homes For Sale Market Report
I love all the data in the Worcester report. Really gives a good understanding of where we are in Central Mass. When the market starts to get soft - it'll show up in Worcester first I'll bet. But that's not what we see here.
Can’t see the chart? You can find it Here .
What we do see is a record for 6 month home sale transactions. 867 shatters the record just set in the last report at 743. Despite all the transactions, the number of homes for sale has stabilized in the low 400s - well above the lows in the 200's and 300's. What that probably means is that Worcester has hit a point price-wise where a large number of people can sell - where they couldn't before. Reluctant landlords, people who were looking to move years ago but couldn't - they've heard and seen prices are better, and so there is this wave of property coming on. The question is - will it keep coming on? Or will the home sale purchases keep pace or start to push home sale inventory even lower? My guess is the latter - at these prices, I think sales volume will continue to be above average, and eventually we will see fewer homes coming on.
What should active home buyers do in Worcester?
Prices are still fair - they haven't moved much - in fact they've come down a bit, as the rise in homes for sale has taken some of the air out of the price balloon. In some neighborhoods, choices are thin, but not so thin you can't find something.
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What should potential home sellers do in Worcester?
Home sellers, I think, should wait to see what happens this winter on the homes for sale front. I think there's going to be a price rise in the near term - a significant one. If you have to move, I wouldn't put it off, but it wouldn't surprise me if home prices were 5-8% higher by the end of the spring market. The average sale is about $200,000, so 8% is about $16,000 - a good return for a few months. It's not a given, but if inventories tighten, we're going to see some moves.
Worcester Houses For Sale and Sold Market Statistics - MLS Data
- Worcester‘s “Home Seller Index” (HSI): 113 Last Report:110
- There are 415 homes listed as For Sale.
- There have been 867 houses sold in the last 6 months, and 540 homes sold in the last 3 months in Worcester.
- The Average number of Days on Market was 53 days for just SOLD homes.
- There is an Average Market Time of 114 days of the Worcester homes For Sale (currently for sale).
- The amount that was paid in Dollars per Square Foot averaged $137 (vs.140 in the last report)
- Current sellers are looking for $ 138 /sq foot
- There was an Average Sold Price of $208,151 for sold homes.
- Worcester , MA, has 23 properties advertised as lender owned or foreclosure (typically foreclosure) .
- There are 26 properties advertised as a short-sale is going to be needed by the lender.
All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends.
*That means you won’t find it anywhere else. Take that, Case-Schilling!.
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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.
*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.