I've shared my recent market reports for Canton, Stoughton and Milton. Here is a current market report from Nina Rogoff in Sharon MA. As Nina explains, Sharon's market is just as busy as the others.
I've had a number of happy buyers purchase homes in the Town of Sharon. Now is the time to buy before the interest rates rise any further.
Are you ready to buy a home in Sharon MA?
Real Estate Market Report for Sharon MA from January to May, 2013.
The local Sharon real estate market has been a Seller's Market this year like many other towns and cities in Massachusetts. Inventory is low, demand is high and homes in the lower price ranges ($300Ks and $400Ks) are selling quickly. Many sellers are getting multiple offers at, and above, list price on the first day the house is listed for sale.
It's been frustrating for buyers who have a pre-approval letter in hand, funds available for a downpayment, and often do not have to sell a home to buy a new one. They may be competing against numerous buyers who are all willing to offer over list price.
Sellers are scrutinizing offers and not only considering buyer contingencies, but how large the down payment is to try to give themselves more of a guarantee that the mortgage will be approved. A concern that some sellers face is whether their home will appraise for the purchase price.
Here's how the local Sharon real estate market has performed as of May 31, 2013.
There have been 78 homes sold since January 1 with an average sale price of $492,833. The lowest price was for a foreclosed ranch with 3 bedrooms and 1 bath (1,088 sq. ft) that sold for $165,000. The highest selling home so far this year was 31 Livingston Road; a 4 bedroom, 5 1/2 bath Colonial with 300' of lake frontage that sold for $1,700,000. The same time period in 2012 had 63 homes sold with an average sale price of $418,896.
The information in the chart above is taken from data provided by MLSPIN and is deemed to be reliable but does not include homes that have sold privately.
For sellers and buyers, the most important information has to do with the specific price range in which they are either selling or buying a home. Overall, the Sharon real estate market has 3 months of inventory currently available. This is called the Absorption Rate. It refers to how long it would take to sell the current inventory of homes if no additional homes came up for sale, However, for sellers and buyers, it is much more important to understand the Absorption Rate within a particular price range.
For example, homes price in the $300Ks are selling at a rate of 1 every 7 days, with an Absorption Rate of less than 1 month of inventory. Homes in the $400Ks are selling at a rate of 1 every 9 days, and the Absorption Rate is 1.5 months of inventory. These are the price ranges in which there is the biggest demand and the greatest number of sales in Sharon. Since January 1, 2013 there have been 21 homes sold in the $300Ks and 16 homes sold in the $400Ks. There are currently only 9 homes available in these two price ranges combined. This is an excellent time to sell your home, particularly if it is priced in this range between $300,000 and $499,999.
However, there are 13 homes for sale now that are in the $600Ks. It's important for sellers of homes in this price range to know that there is 11 months of inventory with 1 home selling every 25 days. So, while one house will sell in 25 days, the next house in this price range will sell in 50 days and the 3rd in 75 days, etc....all the way out to 325 days. Are you getting the right information and guidance to make sure that your house is the one that sells first? The longer your home sits on the market the lower the sale price, generally.
There are 51 homes on the market, and 59 under agreement. If you would like more specific information about the Absorption Rate of a particular price range, or if you are thinking of selling your home and would like a market analysis give me a call. I'm here to help and to get your home sold.
Your Hometown Realtor! I grew up in Sharon and live here now. As a local real estate agent I am paying attention to the trends and activity in the Sharon real estate market. I can help you understand how to price your home to sell and how to prepare it so that it will sell for the highest price possible. Call or text me at 781-883-3764.
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Christine Smith is an Attorney and Exclusive Buyer Agent with over 25 years of experience in the real estate field.
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