October 2017 Real Estate Market Report Sharon MA
The Sharon MA Real Estate Market started October 2017 with 47 Single Family Homes For Sale. During the course of the month, 18 homes were sold with an Average Sales Price of $581,321 and an Average Days to Offer of 71.7.
An additional 12 houses were listed as “Contingent” pending home inspections or signing of the Purchase & Sale Agreement or “Under Agreement” and are just waiting for the closing date. Eight of these will close in November and 3 in December. The Average List Price for the Contingent and Under Agreement homes is $577,840 with an Average Days to Offer of 37.3.
HOW DID 3 BEDROOM HOMES SELL IN OCTOBER 2017?
It’s a strong Sellers’ Market for 3 bedroom homes for sale in Sharon MA which are selling at a rate of 1 every 2.4 days. Of the 18 Single Family Homes Sold in Sharon in October, nine were 3-bedroom homes. Average List Price: $480,450, Average Sales Price: $461,459. Four of these homes sold above List Price. When homes are properly priced below their market value in a Sellers’ Market they generate more buyer interest and generally, multiple offers. Three of the other 3-bedroom homes were priced above their market value and had to lower their List Price before receiving offers.
On the lower priced end were 3, Ranch-style homes with 1 bathroom, ranging from 1,039 sq. ft. to 1,368 sq. ft. without garages. Two did not have central A/C. These three Ranch-style homes sold for an Average Sales Price of $356,479. The six remaining 3-bedroom houses were an assortment of housing styles and had a higher Average Sales Price of $513,950 with more square footage, 2 1/2 or more bathrooms and central A/C.
FOUR BEDROOM HOMES SOLD
There were 7, 4 bedroom homes sold in October, all with garages and central A/C. Average List Price: $760,541, Average Sales Price: $738,093. Even in a Sellers’ Market if your house of overpriced, you’ll have to lower the price to receive an offer. That’s what happened to six of these homes. As a result, they took longer to sale and had an Average Days to Offer of 127.6 days compared to an Average Days to Offer of 43 days for the 3-bedroom homes. (The 3, smaller Ranch-style homes flew off the market even faster with an Average Days to Offer of 14 days!).
HOMES ON THE MARKET AS OF NOV 7
There are 48 Single Family homes currently on the market according to the Multiple Listing Service (MLSPIN). The majority are 3- and 4-bedroom homes.
With an Absorption Rate (Click for an Explanation) of 1.4 months, 3 bedroom homes are continuing to be very much in demand. Currently there are 18, 3-bedroom homes with an Average List Price of $484,833. Interesting to note, that 3 of these homes are 3-bedroom, 1 bath Ranch-style homes with an Average List Price of $389,900 and Average Days on Market of 29.7. That’s already twice as long as similar homes that sold in October. What do you think may have to happen to get these homes sold?
MILLION DOLLAR HOMES
Of the 21, 4 bedroom homes on the market, eight are priced between $1Million to $1,899,000 Million with an Average List Price of $1,444,790 and an Average Days on Market of 300. Only two of these homes has reduced its Original List Price, 5 have not reduced their Original List Prices, and 3 new construction homes which were first listed for sale in February 2016 have increased their List Price $200,000 to $400,000. The Absorption Rate (Click for an explanation) for homes over $1M in Sharon is 12 months. This is NOT a Sellers’ Market. Homes in Sharon over $1M have been selling at a rate of ONLY ONE every 36 days. With 10 on the market, pricing these homes properly will determine which one will sell this month and which will sell next November, 2018!
WHAT DO THE 4 BEDROOM HOMES HAVE IN COMMON?
Of the remaining 4-bedroom homes currently for sale in Sharon MA under $1M, 10 have lowered their prices, but one of those was only by $1.00! The Average List Price: $664,354, Average Days on Market: 96.5 days.
Although the particular details (size, features, condition, etc.) of the 4-bedroom homes currently for sale under $1M are different from those 4-bedroom homes sold in October, they have one thing in common…they have all had to lower their Original List Price. If your house is not priced properly from the time you list it for sale that means it will take longer to sell your home and quite possibly for less money than if it had been priced within market value from the beginning. Don’t make this mistake!
When you are ready to sell your home call me, Nina Rogoff, at 781-883-3764, for a Market Analysis of your home. I will help you understand the market value of your home in the current market so we can price and market your home to sell for the highest price possible.