Northborough Home Sales Jump in 2013

Home prices rise while condo prices drop; around Massachusetts, home sales dropped in 2013.

Real estate news. Credit: Patch
Real estate news. Credit: Patch

Home sales in Northborough in 2013 jumped more than 25 percent when compared to 2012, according to data released by The Warren Group on Jan. 30.

The number of single-family homes went from 135 in 2012 to 169 in 2013. Prices also rose about 5 percent, to a median of $356,000. Condo sales also rose by about 6 percent for the year with prices dropping by 3 percent to $320,000.

For December, home sales dropped by three when compared to November but the median price rose up to $338,000. Only one condo was sold in December, for $328,000.

Throughout Massachusetts, home sales dropped by less than 1 percent in December 2013 compared to the previous year. That was the second consecutive month home sales decreased and the fewest home sales since April 2013, according to The Warren Group.

Overall, Massachusetts saw a nearly 5 percent increase from the previous year and the fourth quarter increased by 4.5 percent over the fourth quarter of 2012.

"Low inventory combined with increasing interest rates have slowed the market at the end of 2013," said The Warren Group CEO Timothy M. Warren Jr. "Sales and prices set a torrid pace in the third quarter of 2013 and through October. Now the market is taking a breather."

The median price of a single-family home rose from $300,000 in December 2012 to $311,125 in December 2013. That’s the 15th straight month of year-over-year increases in median price of a single-family home. Massachusetts saw a 10 percent increase for the entire year of 2013 compared to the previous year.

“The year ended with buyer demand still strong,” said 2014 Massachusetts Association of Realtors President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “While interest rates are expected to rise, we’re hopeful the increases will be modest and spread over time as purchase power diminishes when rates get higher.”

Throughout 2013, Realtors lamented the lack of homes for sale, but they’re hopeful that increased sale prices will drive more homeowners to put their homes on the market.

“While 2013 will be remembered for a lack of homes for sale, price increases have improved overall home equity, which should help push sellers into the market in 2014,” said Ruffini.

Les Masterson of Patch assisted with this story.


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