Sharon MA Real Estate Market Update January 2013
The average sales price for single family homes sold in Sharon MA in January 2013 was $533,136. Compared to December 2012 this appears to be an 8.3% increase. However, you have to know what the numbers reflect to get a clear picture of what's really happening in the market.
One of the homes that sold in January 2013 was 31 Livingston Road, a 4 bedroom, 5 1/2 bathroom home in 3,930 square feet with approximately 300 feet of frontage on Lake Massapoag. The house sold for $1,700,000.
Taking this into consideration, we can evaluate the higher average sales price for January 2013 more accurately. If this $1.7M property was not included in the list of homes sold in January, the averages sales price would have shown a 4.8% decrease from December to $468,310.
However, average sales prices have increased as we can see when we compare the average sales price in January 2012 ($371,038), to January 2013.
What is Available for Sale?
There are currently 56 homes for sale in Sharon MA. However, 15 already have accepted offers. They continue to be listed as "Active" with a note that they can be shown on back up. That means that if the accepted offer falls through, a back up offer could be presented to the sellers. That means there are only 41 homes that are currently "available"
It's a Sellers' Market in Sharon MA
You may have heard the terms "Sellers' Market" or "Buyers' Market". We look at how long it will take to sell the current inventory of homes if no new listings come on the market and market conditions do not change. This is also called "Absorption Rate".
Here's how we calculate Absorption rate.
First, we determine the rate at which homes are selling in a specific time period. For example, in the past 3 months (92 days) there have been 51 single family homes sold in Sharon. Divide 92 51 to get the rate at which homes sold in this period. 92 51=1.8 That means that fewer than 2 homes are selling every day in Sharon MA.
Second, we take the number of "Active" homes for sale, which as I mentioned above is currently 41 and multiply that by the rate at which homes are selling. 41 x 1.8 = 73.8 days. Now, convert this number to months: 73.8 30 days per month = 2.46 months. We can round up to 2.5 and say that the absorption rate in Sharon MA is 2.5 months.
A balanced market is when the absorption rate is typically between 5-7 months. Anything below that is considered a "Sellers' Market" and above that, a "Buyers' Market".
In a Sellers' Market, there is less inventory and more demand. As we head into the Spring market, this is an excellent time for Sellers to list their homes for sale. Buyers are eagerly looking to buy in Sharon MA. This means there will be competition for homes that are priced properly and in good condition.
If you want to sell your home in Sharon MA and would like to know the market value, call me for a Free Market Analysis. With my marketing plan and proper pricing I can get your home sold!
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