Real Estate Trends for Worcester County

Real Estate Trends for Worcester County

Aug. 31, 2010:  Worcester County, Massachusetts

There have been several stories in the press lately about the dismal picture of real estate:  Sales are down significantly from 2009 rates, inventory is high, nothing is moving, it's the worst market in decades, etc etc.  I thought I'd take a look at sales in Worcester County over the past several years, just to see how things are trending. 

Below is a history of sales for the month of July in Worcester County for each year shown, 1999 to 2010.  This data was pulled from the Multiple Listing Service Property Information Network in Massachusetts.

Year          # Sold

Here is how it looks graphically:

It does look like a grim picture, doesn't it?  There were only 403 single family homes sold in July 2010; indeed, this year does show as having the slowest July home sales compared to the 11 previous years.

The factors that contribute to this type of market are several.  Unemployment is high, the foreclosure rate is high, lenders are being more conservative, the government tax break incentive ended prior to July 1, and our country's economic status is turbulent.  Add a good dose of fear, and we find that home buyers are being cautious about making a home purchase.

My advice?  If you reallly want to own a home, this is a terrific time to buy - the best buying market in decades.  If you need to sell, be prepared to compete.  And whether you are buying or selling, hire the services of a real estate agent, home inspector, lender, insurance agent, and attorney to guide you through process.

What other real estate questions can I answer for you?

Submitted by Kathryn Acciari, REALTOR
RE/MAX Professional Associates - Sturbridge, MA
(508) 982-0686
kathrynacciari@remax.net