Metrowest Daily News reports that house sales in Metrowest are increasing while sellers’ prices are going up. Meanwhile, they reported a drop in pricing in Southborough.
Columnist Dan Breault characterizes the drop as temporary:
In Southborough, the median home price in May was $445,000, down from $533,500 in May 2012. As a result, [month’s supply of inventory] has dropped about 82 percent to 1.2 as buyers are eager to capitalize on more affordable pricing in the area. . . so buyers interested in [Southborough and Sudbury] should act now to get better pricing before competition pushes home prices back up.
I did a quick search and found 54 properties on the market (plus 2 “contingent”) in Southborough as of Monday afternoon.
To read the full MWDN story, click here.
There are lies and statistics I suppose, but the MWDN article is using Median Sales Prices to determine price levels, which although common practice, is capable of false conclusions with a data set as small as Southborough. Prices in Southborough are up, not down, with current sales averaging $207/ sq foot, which is just about 9% higher since last May, a little more than a year. The falling inventory levels are in-line with every other town in the area. For those who are interested, you can read more detailed statistical tracking of Southborough here: http://www.homesellinginmass.net/2013/04/southborough-ma-home-sales-and-real.html. Best!
Matt Heisler