February market numbers have arrived. We’ve compiled and analyzed the data for your Worcester Market Report. Data in the report is based on the most recent information in the Regional Multiple Listing Service. Questions? Reach out to our staff at the Worcester branch, 508-434-4002
The median price of homes continues to rise, with some markets, such as Seattle, seeing meteoric jumps. Nationally home prices are projected to increase by 4.8% by January 2019. Worcester’s median prices are showing similar jumps, and according to recent real estate data, the median sales price for Worcester homes in February 2018 was $249,900, a increase of 18% over February 2017. The numbers we’re seeing both nationally and locally indicate a strong market, despite the recent rise in mortgage interest rates.
Reflecting the national market, Worcester is showing a strong seller’s advantage, with inventory low, thus putting upward pricing pressure on the homes currently for sale. As of the end of February active listings were at an all-time low. With inventory down, pricing pressure goes up, and Worcester is no exception. Despite the market favoring the seller, buyers are still seeking homes and competition is robust.
U.S. foreclosure activity as of February 2018 was .05%. Worcester, however, is slightly higher than the national average, at .06%, and Worceester County slightly higher still, at .07%. This is slightly higher than the national average. According to RealtyTrac, at the end of February 2018, the number of properties in some stage of foreclosure in Worcester was 433.
We specialize in the marketing and liquidation of REO assets, and we are ready for one or a list of yours. We have local experts on our team to move tasks through the process efficiently and on-time. Let’s talk today!