Despite the median price of a single-family home in Westford, Massachusetts declining more than 15 percent in March, the median price was up 12.4 percent through the first three months of the year, according to data compiled by the Massachusetts Association of Realtors (MAR).
The median price of a single-family home increased to $429,300 in Q1 2014 from $382,000 during the same period in 2013. In March, the median price in Westford, MA declined to $325,000 from $384,600 in March 2013. During the first quarter, all single-family homes sales combined sold for an average 95.1 percent of the original list price. This number does not account for any possible seller concessions.
There were just seven single-family homes sold in March compared to 14 homes sold in March 2013, a 50 percent decline. Home sales in the first quarter were flat, down just one to 34 sales. Pending sales in the first quarter declined 25 percent, so single-family home sales may be under pressure over the coming months.
Low inventory certainly is having an impact in the Westford real estate market. The number of homes on the market has plummeted 66.7 percent, from 81 available single-family homes in March 2013 to only 27 in March 2014. The number of homes for sale translates into just 1.2 months of supply compared to 4.1 months in March 2013, nearly a 70 percent decline.
The inventory situation isn't likely to improve over the next few months in Westford. New listings in March declined 51.6 percent and 51.3 percent during the first quarter. There were 80 new listings during the first three months of 2013, but only 39 new listings in Q1 2014.
Condominium sales increased from four to five sales in March 2014 and from 16 to 19 sales in the first quarter. The median price of a Westford condo declined nearly 10 percent in March and 20.5 percent in the first quarter. The median condo price in Q1 2013 was $369,950 before declining to $294,000 during the same period in 2014. During the first quarter, all condominium sales combined sold for an average 98.4 percent of the original list price.
The number of condos on the market declined 40 percent in March, down to 27 from 45 available condominiums in March 2013. As of March 31, 2014, there was 3.3 months supply of condo inventory available, a 46.8 percent decrease from the 6.3 months supply in March 2013.
There were seven new condo listings in March, down 30 percent from 10 new listings in March 2013. New listings declined 39 percent in the first quarter to 25 from 41 new listings during Q1 2013.
During the first quarter, single-family homes, on average, remained on the market 44.4 percent fewer days. For condos, the average number of days on the market increased 6.5 percent.