2015 Sharon MA Real Estate Market Review and a Look Ahead at 2016
Remember this time last year when we were in the middle of Winter Storm Juno? That blizzard dumped over 2 feet of snow on us and put a damper on the real estate market that lasted until the snow melted.
By that time, the inventory of homes for sale in Sharon MA was very low and buyer demand was high. This resulted in multiple bids and sale prices often rising above asking price.
The Sharon MA real estate market ended 2015 with the highest ever average sale price of $559,490 for single family homes. This represented a 5% increase from 2014.
In 2015, home prices in Sharon MA ranged from as low as $155,000 for 11 Station Street (the former Girl Scout House) to $1,305,000 for the 4,394 sq. ft. home at 10 Terrapin Lane with 5 bedrooms and 3 1/2 bathrooms.
A total of 192 single family homes sold in Sharon MA in 2015 (as per MLS), an increase of 2% from 2014. The largest number of single family homes sold in Sharon MA was in 2013 with 247 sold.
Here's a chart which shows the number of single family homes sold in 2015 in Sharon MA by price range.
Consumer confidence rose in 2015 with lower unemployment, a rebounding local economy and continued low interest rates. This created a steadily growing housing market throughout much of New England. Looking ahead, the real estate market for 2016 in Sharon continues to looks healthy based on these factors.
As in past years, interest rates will continue to be an important factor to watch in 2016. While the Federal Reserve has committed to raising rates slowly so as not to derail the strengthening economy, interest rates are still at historic lows at under 4%. Rates are projected to rise during the year but according to a report from Trulia Chief Economist, Selma Hepp, Americans would need to see mortgage rates exceed 6% to discourage them from purchasing a home.
The National Association of REALTORS® is projecting a 5% increase in sales across the U.S. In Sharon MA, the average sales price for single family homes has increased steadily since 2008, rising almost 33% in that time.
Buyer demand is anticipated to be strong, but a key to a healthy real estate market in Sharon MA is the level of available inventory. Inventory shortages have caused bidding wars and have priced some perspective buyers out of the market.
If you are thinking about selling your home I would be happy to provide you with a market analysis of your home. Please call me at 781-883-3764 so we can set up a convenient time to talk further.
All the best!