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Woburn Single Family Homes: January Market Update

Woburn Single Family Homes: January Market Update

01/2012 01/2013 Change Number of  homes Sold 20 8 60% Average List Price  $  352,130  $  397,989 13% Average Sale Price  $ 337,490  $ 392,769 16% Median Sale Price  $  315,750 $   359,975 14% Average DOM* 104 99 -4% Average SP/ LP* 99% 96% 3% Average SP/OP* 95% 90% -5% Lowest Price $225,000 $260,000 Highest Price $585,000 $582,00

* SP=Selling Price  |LP= Listing Price |OP=Original Price | DOM= Days on the market

 What is Available for Sale? 

 

Woburn Single family homes statistics, January 2013

 

As of January 31, 2013, 48  single family homes were for sale in Woburn, MA.However, 15 already have accepted offers. They continue to be listed as “Active” with a note that they can be shown on back up. That means that if the accepted offer falls through, a backup offer could be presented to the sellers. That means there are only 41 homes that are currently “available”

It’s a Sellers’ Market in Woburn, MA
You may have heard the terms “Sellers’ Market” or “Buyers’ Market”. We look at how long it will take to sell the current inventory of homes if no new listings come on the market and market conditions do not change. This is also called “Absorption Rate“.

How Absorption rate calculated.
Determine the number of homes sold in a defined area over a specific period of time, say 12 months.
Divide the number of homes sold by the number of months of the period   (you will get the number of homes sold per month)
Divide the rate into the number of current listings
265 homes sold in 2012
265/12 = 22.08
48/22.08 = 2.17
Conclusion- it will take 2.17 months to sell the 48 listings currently on the market inWoburn, MA. An Absorption Rate of approximately 6 months is considered to be  a balanced market. Anything below 5 month is considered to be a seller’s market..
In a Sellers’ Market, there is less inventory and more demand. So it is a great time for sellers to be proactive and take advantage of the situation.  If you are looking to list your  home,  please feel free to check my website for a FREE home market analysis.

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