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Your Town: Mid-Year Report of Westford Real Estate Market

Want to know how the Westford, Massachusetts real estate market is doing? In this Your Town report we’re looking at home sales in Westford for the first half of 2015 versus the first half of 2014, how the market is currently doing and what’s to come for the rest of the year. To prepare this we utilize numbers both from public records and MLSPIN. We are especially excited to be reporting on Westford since we now have an office in town.

As of June 30th a total of 112 homes sold in Westford at an average sale price of $404,215. (These numbers include single-family homes, condominiums, and one multi-family sale).

112 Sales is actually down about 26% from this same time period in 2014 when 152 homes were sold. However there was a lift in the overall average sale price which was $365,511 during this time period in 2014.

Breaking down the numbers:

  • Single-Family Homes: 90 single families sold in the first half of 2014 for an average price of $468,025 compared to 77 Single Family sales this year for an average price of $461,022. This represents a 14% decrease in single family sales.
  • Condominiums: 57 condos sold in 2014 for an average price of $329,703, compared to 34 Condos sales this year for an average price of $327,478. This represents a 40% decrease in condo sales which explains the slight dip of about 3% in the average condo price because prices tend to follow home sales.

At first glance it is tempting to say that the Westford market has really slowed down considerably since 2014. However upon further review it is clear that the majority of the decrease in sales occurred in the first four months of this year which is undoubtedly due to the excessive snow fall over the winter. Sales all over Massachusetts were only up 1% during this same time period due which is again due to the late start to the year.

Westford Right now:

As of today there are 78 Single family homes on the market compared to 55 a year. The average list price is $597,174 which is slightly less than it was last year at $603,180. The average price is lower due to more homes being for sale which gives buyers more to choose from. This decrease in the average price is actually not surprising considering the slowdown in sales. This makes for a great time to buy a home because prices are slightly lower and there are many more homes to choose from.

Condos are just the opposite. Right now there are 10 condos for sale compared to 25 last year on this date.

Rest of the year?

From January 1st to June 30th pending homes sales were almost identical at 177 for this year and 176 last year. Given the late start to the year we decided to compare each June since pending sales all over Massachusetts were way up as reported in our Mid-Year Report. The good news is Westford was consistent with the rest of the state in having a very active June. This is important because it is a great way to know what is to come with actual closed sales. There were 54 homes that went pending this June compared to 32 last June which represents a 40% increase. That is more than enough evidence to know that July and August home sales in Westford will very likely be way up. Although there is a lot of ground to make up by the end of the year to beat last year we feel that it may happen given the current activity among buyers. Time will tell but there is no doubt that Westford is a very desirable town.

Town Profile:

Westford is located in Middlesex county to the west of Lowell and north of Concord almost to the New Hampshire border. Just 35 miles from Boston, the location is directly off Routes 495 and 3. Another great benefit for those working in Boston is the frequent commuter rail service available in the neighboring towns of Littleton and Lowell. The population of Westford at the 2010 census was 21,951, and in 2013 Money Magazine named Westford the #11 ” Best Place to Live in America,” so the population has likely increased since that publication. Westford is home to more than 2,000 acres of conservation land, two public beaches, popular and historic Kimball Farm, and The Nashoba Valley Ski Area. Westford is also located in the I-495 Technology Corridor and is the chosen location of many high tech companies and other businesses. Westford is also home to the Nabnasset Lake Country Club and Butterbrook Golf Club. The town has a beautiful new state of the art library, a very active community center, and an excellent school system. With so much to offer in terms of natural beauty and convenience for commuters, it’s no wonder Westford is on everyone’s radar.

Sources: MLSPIN & Warren Group.