Recent statistical data shows that Worcester County MA real estate and home values have fared substantially better than many regions of the U.S. market due to the resiliency of the regional economic base, as well as overall desirability of the area.
Online PR News – 22-July-2011 – – The Worcester County MA real estate and housing market has remained among the nation's most stable, despite the recent Global recession. The region's relatively strong economic base, coupled by the overall desirability of the area for families and businesses, alike, has resulted in consistent long term growth. The East Coast real estate market, including Worcester County and Central Massachusetts, was recently highlighted by Realtor.com as one of the Top Ten markets poised for early recovery.
There are a number of factors contributing to the relative stability of Worcester real estate and Worcester homes for sale values. The economy of Massachusetts has outpaced the rest of the nation, and improved slightly from last month's gains. Employment generally has remained steady, and indications are that employment growth is beginning on an upward trend. The State's economic activity index shows a 3.8% increase over the past 12 months (compared with a 2.9% national average).
Worcester County benefits from a fairly diverse economic base. The area boasts a greater share of educational and health services economic activity than the national average. Meanwhile, and, significantly, the area's construction sector is below the national average, as a ratio of overall economic and employment activity.
Although the Current Median Home Price (2011 Q1) for Worcester, MA was $198,800 compared to an overall U.S. market Median Home Price of $157,933, the "price-to-income ratio" is below the historical average, and is considered affordable (with an average Monthly Mortgage Payment to Income Ratio of 17.5% 22.0%) compared to most markets.
Demand for homes in Worcester County is high, with the median age of inventory running 30 days below the national trend of 160 days. Reduced new construction, and a lower share of subprime loans than the average market, should help maintain the strength of the area Worcester County Realty property values.
Worcester, MA is a 5-time winner of the All-America City Award. The All-America City Award recognizes exemplary grassroots community problem solving and is awarded to communities of all sizes that collaboratively tackle challenges and achieve results. The All-America City Award is given by the National Civic League annually to ten cities in the United States.
The population of Worcester County has grown consistently since the earliest Census records in 1790 - further evidence of the desirability and vitality of the area.
For More Information - Please Contact Pat McQuaid
Pat McQuaid has been recognized as being in the top 20% of agents in regards to total sales for Keller Williams Realty Greater Worcester. He is a 2010 & 2011 member of the Agent Leadership Council, and is chairman of the Finance & Core Services committees at Keller Williams realty.
Pat McQuaid is Owner of Worcester County Realty and is a member of the National, Massachusetts and Worcester Board of Realtors.
WorcesterCountyRealty.com works with both buyers and sellers on short sales through its affiliate WorcesterCountyShortSales.com.