Each year, the second quarter of the year is typically the busiest real estate quarter of the year in Hopedale, with the number of sales higher than any other quarter. This year was no exception, with seven condominium closings and eighteen single-family closings, totaling fifteen closings more than the previous three month period.
According to data submitted to the MLS Property Information Network, the database used by real estate professionals in Massachusetts, prices for single family homes in Q2 of 2017 rose to about $341K: 2.8% over the same quarter last year. This is was not surprising as analysts forecasted increases for 2017 that were not as dramatic as the large increases in 2016. It was in 2016 that Hopedale saw a whopping 10.6% bump in average price for the year over prior.
The most dramatic statistic seems to bolster the commonly held belief that homes are “flying off the market.” The number of days that a single-family home had been on the market before accepting an offer was only about 10 days in Q2, down significantly from 33 days in Q2 last year. The lack of inventory, with buyers far outnumbering sellers, is the driving factor for this sharp decline.
There were seven condominium sales in Q2 2017 in Hopedale compared to eight in the same time last year. Prices were significantly less this year, with the average price dipping below the $200K mark, down 12% to $198,500. However, this was most likely due to the size of many of the units being sold. The number of bedrooms went from an average of 2.6 in 2016 to only 2.1 in 2017. The “price per bedroom,” which is the net price divided by number of bedrooms, rose 10% in the same time period.
As of this printing, the Massachusetts Association of Realtors (MAR) had not released their Q2 data. The May 2017 monthly sales numbers have been finalized and look to have similar trends to the Hopedale sales data. Inventory was down statewide in May by over 30% compared to the prior year, which was the 63rd time in 64 months that MAR reported a year-over-year inventory decline. MAR did have some good news to report: for the first time in a year the Commonwealth saw an increase over prior year in the number of listings added to the market.
“Inventory may have reached a new low, but listings added to the market went up for the first time in over a year,” said MAR President Paul Yorkis. “This is a positive development, and a trend that must continue if we are to meet future housing demands.”
David Hodgdon is a real estate agent at Millennium Realty and proudly represents both buyers and sellers. He lives with his family in Hopedale, and is a member of the Massachusetts Association of Realtors. Dave welcomes your questions and comments, and can be reached at dave@davidhodgdon-realtor.com or 508-246-8311. Please feel free to contact him with specific questions about sales data or values of specific properties in Hopedale. Sales information according to data entered into MLS Property Information Network.
Issue Date:
August, 2017
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