What's Up With Metrowest Massachusetts Real Estate?

By
Real Estate Agent with RE/MAX Executive Realty 91362

 

Every month those of you that read my blog know I like to put together my local Real Estate reports in a number of towns around the Metrowest area including Hopkinton, Holliston, and Ashland Massachusetts.

After working on my reports over the last few days I saw something that came as somewhat of a mild surprise. Sales in the month of November were up substantially year over year as compared to 2008!

The figures below were certainly nothing to sneeze at! In fact this was one of the largest jumps I have seen in comparing a month of sales in 2009 v.s the same month in 2008.

 

 

 

Here is a quick look at the three towns mentioned above:

               # of sales November 2008      # of sales November 2009
Hopkinton                     8                                           13

Holliston                       2                                            15


Ashland
                       5                                            20   
                     

* These figures only include single family homes and not condominiums or multi-family sales. Information taken from MLS pin.                                                                                                                                  

While I expected the numbers to be better than last year it really blew me away by just how large a margin home sales have increased. Year to date there have been 138 homes sold in Hopkinton. At the same point in time last year there were 121 homes sold. In Holliston it is 116 homes sold v.s 99 at this point last year and in Ashland it is 121 to 111.

So what are the contributing factors to the improvement in sales? I would venture to guess it is number of things including the 1st time buyers tax credit, a continued low interest rate environment, and lastly more realistic pricing on the part of many home sellers.

While the luxury home market is still suffering, home values in the rest of the market have really started to stabilize. While I am cautiously optimistic, these indicators show we have probably seen the worst of the great Real Estate correction.

Since the peak of the Real Estate market in the Spring of 2005, the last four years have been marked by unrealistic pricing, bloated inventories, short sales, foreclosures and much longer days on the market. Could we be seeing signs that these trends are behind us?

It is quite possible the light at the end of the tunnel is finally here! Here is a toast to a great 2010.

______________________________________________________________________________________________________

About the Author: The above Real Estate information on the Metrowest Real Estate market was provided by BillRE/MAX Executive Realty Metrowest Massachusetts Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356.

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise!

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

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Bill Gassett is a thirty-two year veteran to the real estate industry. He enjoys providing helpful information to buyers, sellers and fellow real estate agents to make sound decisions. His work has been featured on RIS Media, National Association of Realtors, Inman News, Placester, RESAAS, Credit Sesame and others.

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Rainer
209,593
Dennis Duvernay Broker/Owner
Hillview Realty - Northbridge, MA

Bill the 3 things you mentioned are for sure helping out....one more to add is that buyers are probably being better educated by us(realtors). Here is to a great 2010...Cheers!

Dec 03, 2009 12:30 AM #5
Rainmaker
1,061,043
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Craig - Thanks...putting together my monthly Real Estate reports is a lot of work but it is worth the time investment.

Dennis - Agreed and there are some Realtors who have finally realized how to price homes in a market that is moving:)

Dec 03, 2009 12:38 AM #6
Rainmaker
1,317,651
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Bill ~  I love good news early in the day.  We are seeing some similar trends in So. NH as well.  I am cautiously optimistic that these trends will continue into the spring market.  I am still struggling (and my buyers) with over-priced home.  One has been on and off the market for 4 years... it is a broker/owner... sometimes they are the worst....

Dec 03, 2009 12:52 AM #7
Rainmaker
1,061,043
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Joan I would absolutley agree with you about a Realtor pricing their own home:) It seems they are no better at seperating themselves from the emotional side of ownership that anyone else.

Dec 03, 2009 12:56 AM #8
Rainer
295,550
Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

This is great news - and with the credit extension through th Spring might be just as strong --- that means people considering better list that home ASAP!!!!

Dec 03, 2009 01:29 AM #9
Rainmaker
509,831
Alexander- Slocum
Premiere Property Group, LLC - Vancouver Washington - Vancouver, WA
Realty Team- Vancouver WA Real Estate

Hello Bill, that's a great wrap-up to your monthly reports.  I think in your area and other areas across the nation that the positive factors are lining up to make purchasing a home both an easier and better decision than it had been six months ago.  Best of success on finishing out 2009 and having a great 2010!  John

Dec 03, 2009 01:42 AM #10
Rainmaker
1,061,043
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Steve & John - Thanks for your comments on my Real Estate report. Things going forward certainly do look more encouraging. I am looking forward to another great year in Real Estate for 2010!

Dec 03, 2009 01:51 AM #11
Rainmaker
1,171,825
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

That certainly is a huge jump for the better.  I hope it is the beginning of a terrific 2010. 

Dec 03, 2009 08:35 AM #12
Ambassador
3,888,901
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bill you are right the increase in sales is huge.  Hopefully this will not be a fluke and this trend will continue.

Dec 03, 2009 12:18 PM #13
Rainmaker
432,699
Jen Bowman
Keller Williams on the Water - Holmes Beach, FL
Realtor - Anna Maria Island & Bradenton FL

Bill, I will toast to that! I think the market is improving too. This has been a better year for me than the last 2. I am excited for 2010!

Dec 04, 2009 12:13 AM #14
Ambassador
4,104,895
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Bill - that's impressive, and encouraging to see. It mirrors what we are seeing in some areas here as well, and what has been reported on a county level. Hope it continues.

Jeff

Dec 04, 2009 12:42 AM #15
Rainmaker
2,802,630
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Bill, I see your beautiful listings and more then fair prices and I'm not at all surprised people love working with you.  I know you've made MANY new homeowners thrilled this year and I expect you to continue to find people the perfect property at the perfect price for them!  It will be a wonderful 2010.

Dec 04, 2009 07:55 AM #16
Ambassador
551,997
Julie Dumaine-Russell
RE/MAX Alliance - Branford, CT

Bill - This is great news for the Holliston, Hopkinton and Ashland areas.  I'm noticing the same trend as I'm preparing my market reports for this month too.  Our rise in sales in some areas however is due primarily to the large number of bank owned and short sale listings.

Dec 04, 2009 01:08 PM #17
Rainmaker
1,061,043
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Going forward the trends for Real Estate look postive in the Metrowest Massachusetts area. I am excited for a fantastic 2010!

Dec 04, 2009 11:10 PM #18
Rainmaker
262,033
Mara Hawks
First Realty Auburn - Auburn, AL
Inactive-2012 REALTOR - Homes for Sale Auburn Real Estate, AL

hey Bill, that's the news we love to hear...a positive trend of families getting IN to homes. And I think your neighborliness and outreach is a contributing factor in the growth...yeah..."I'll live where he's living" LOL!

I know you'll continue to bring the best to your market in 2010. Cheers!

Dec 04, 2009 11:54 PM #19
Ambassador
771,901
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Bill - A toast indeed !  It is great that you are on the front-line sharing that data.  It is great to see !  I think 2010 will be a good year indeed although we will probably see a seasonal slowdown now through February.  But with the tax credit extended that second round of buyers should be out in full force Feb through April.  In addition, confidence is starting to creep back in.

Dec 05, 2009 12:32 AM #20
Rainmaker
363,351
Susie Blackmon
Ocala, FL
Ocala, Horses, Western Wear, Horse Farms, Marketing

Hope the news stays good and gets even better for you in 2010 Bill.

Dec 06, 2009 12:34 AM #21
Rainmaker
1,080,029
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Bill, our market is up 28% over last year. The high end market is still soft, but under $300,000 is very brisk. In our immediate area, about 20% of all listings are short sales or REOs but closer to 30% are Contract Pending. interesting times but it does look like market stabilization may be at hand.

Dec 09, 2009 03:52 PM #22
Rainmaker
1,061,043
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Chris - I think you are on the money. I bet the Spring market here in the Metrowest area will be very strong.

Dec 09, 2009 11:00 PM #23
Rainer
21,753
Kevin Cottrell
Austin Real Estate Today - Austin, TX

Can you say Home Buyer Tax Credit - we saw a similar trend in St Louis Market as well.  December was to say the least ugly and definitely a hangover. 

Jan 20, 2010 09:55 PM #24
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