Mid-Year Real Estate Market Report -- Hopkinton 2009

By
Real Estate Broker/Owner with STAR REALTY Hopkinton

Click below to view the video (about 7 minutes) discussing sales volume for single-family homes in Hopkinton, MA for the first half of 2009. Slides in the video are also included below for your reference.

 

 

Some of the raw data:

* 55 single-family homes were sold in the first six months of the year, down from 63 at this same point in time last year.
* Average DOM (days on market) for those sales was 126, also down from 151 days last year.
* The median sale price was $445,000, down significantly from mid-2008 when it stood at $562,000.

Below is the History of Sales Volume slide shown in the video. We have fewer than half the sales of homes in the first six months of 2009 than we had during the same period in 2000.

Chart:  Sales Volume, Median Price, Days on Market

 

Below is the slide presenting inventory supply at this point in 2009 as compared to last year at the end of June. Some experts define a market in balance as one with a six month supply of inventory. The nearly nine-month supply we currently have would be deemed a buyer's market.

Inventory Supply

In conclusion, sellers must be aware that the inventory supply will continue to exert downward pressure on prices.  Macro-economic conditions such as unemployment and mortgage rates are still uncertain, hence sellers should guard against the overconfidence that recent multi-offer situations may have encouraged. 

If you are considering buying or selling and are in need of expert advice in the Hopkinton real estate market, please contact us at Star Realty Hopkinton, 508-275-9155.

 

 

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