Town Real Estate Market Slightly Improving

Westborough Patch wanted to know how our local real estate market was holding up, so we caught up with two area realtors to get a snapshot of how numbers compared in 2011 over 2010.

Kathy Wilfert, a realtor with Coldwell Banker reported, “Westborough is a desirable town to reside in; it has excellent amenities and schools. We have buyers who look for Westborough, specifically.”

Wilfert also pointed out that “people are looking, being judicious, and taking their time. Since buyers are well-educated, when the right property comes along, they don’t hesitate.”

“Westborough is up slightly,” Wilfert said, citing the following statistics from MLS (Multiple Listing Service) for the time period of Jan. 1, 2010 through Aug. 1, 2010 compared to Jan. 1, 2011 through Aug. 1, 2011:

• The average sale price increased from an average of $387,288 in 2010 to an average of $415,966 in 2011.
• The average list price is also up in 2011, from $406,662 in 2010 to $431,993 2011.
• Houses are coming off the market a little quicker. The average number of days on the market in 2010 was 123 while 2011 has seen that number drop to 115 days.
• In 2010, the number of listings (houses for sale) was 216 compared to 226 in 2011.
• In 2010, the number of properties sold was 94 compared to 99 in 2011.
• The numbers show that there are certain price points that have more activity. For example, 64 of the 99 houses sold so far in 2011 were in the range of $300,000 to $700,000, with $300,000 to $450,000 listings having the most activity in both 2010 and 2011.
• Compared to some neighboring communities such as Grafton and Northborough, the inventory in Westborough is low.
• Another indicator of an upswing in the market is the sale price to original list price. In 2010, houses sold for 91 percent of the original list price while so far in 2011, houses are selling for 93 percent of the original list price.

Rob Smith, a realtor with RE/MAX Prestige, also provided Patch with information about the local real estate market. Smith said that he has personally been twice as busy this year compared to last year.

“Westborough certainly appears to be moving in the right direction. Prices are strong, days on the market are down, and units sold are very good. Inventory rates, job stability, and the overall economic climate are all factors in Westborough and Metro-West.”

Smith remained optimistic for the rest of 2011. “We expect to see these numbers continue for the remainder of this year.”