The Worcester Homes For Sale Market Report
Worcester home sales report, as usual, provides lots of data, a bit of a puzzle, and a warning to home buyers.
Home prices are the only statistic moving in a down direction -
but will reverse this spring.
Can’t see the chart? You can find it Here .
The price chart shows us that there has been a seasonal pullback in prices. What was the cause? Too many houses? Not enough buyers? Well, that's the puzzle, because neither of those was the case.
The number of homes for sale plummeted, and the number of transactions accelerated. This drove the HSI to a new record, 140, and with the numbers of homes for sale at lows (under 250!), it is only a matter of time before home prices march higher. Indeed, part of the pull back could be that buyers are purchasing homes in less desirable areas, or in poorer condition, as the cream of the crop isn't available. This thinning out of the mid-grade levels of property sets the stage for rapid price increases.
What should active home buyers do in Worcester ?
Strike early this spring, because by late spring early summer, I expect prices to be much higher - perhaps as much as 5%.
Find Your Next Home or Check out the Competition!
What should potential home sellers do in Worcester ?
Know your local market! With competition thinning out in many areas, you have chances to push prices up. Even if you've been frustrated in the recent past, re-list. Prices are headed up, and buyers can't be as picky as they were even a year ago.
Worcester Houses For Sale and Sold Market Statistics - MLS Data
- The Worcester “Home Seller Index” (HSI): 146 Last Report:113
- There are 223 homes actively listed as For Sale for Home Buyers.
- In the last 6 months, there have been 737 houses sold, and 438 homes sold in the last 3 months in Worcester.
The Worcester Housing Market
hasn't been this good for sellers
in a very long time.
- The Average number of Days on Market was 65 days for recently SOLD homes.
- There is an Average Market Time of 123 days of the Worcester MA homes For Sale (currently for sale).
- The amount that was paid by Home buyers in Dollars per Square Foot averaged 133 (vs.137 in the last report)
- Current home sellers are looking for $ 139 /sq foot
- There was an Average Sold Price of $202,229.
- Worcester , MA, has 30 properties advertised as lender owned or foreclosure (typically foreclosure) .
- There are 21 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!.
Don’t Go Just Yet! More Information for you…
- Should I be pre-approved or pre-qualified for a home before I start looking seriously?
- What should I know about forced hot water heating systems in a home?
- Investors need to be smart about avoiding capital gains - here’s some tips to do that.
- TRID is here. What is it and what do I need to know?
- Updated summary report on the most expensive towns in Metrowest.
- Cleaning up? Here’s a cool list to stay organized all year long!
- How Do I buy a short sale house that is still owned by the seller?
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.