2009 Real Estate Market Report for Sturbridge Massachusetts

March 8, 2010:  2009 was an interesting year in the real estate market for Sturbridge, MA. The number of homes sold remained flat; however, there was a decrease in the average sale price, as expected. 

Single Family Homes Sold in Sturbridge in 2009

Single family home sales 2009:  80 homes sold with an average sale price of $246,988.
Single family home sales 2008:  80 homes sold with an average sale price of $300,324.

Does this mean that the average home value fell by 15%?  Not necessarily.  These numbers simply represent the average sale price of the homes that did sell.  In 2009, high-end homes sales were slow:  only 5 homes over $350,000 sold in 2009.

Condominiums Sold in Sturbridge in 2009

Condominium sales 2009:  11 condos sold with an average sale price of $185,591.
Condominium sales 2008:  18  condos sold with an average sale price of $199,433.

Again, fewer homes sold in this category in 2009 compared to 2008.  Average condo sale price in 2009 was about 7% lower than in 2008.  The sale of condo units over $200,000 was not seen until the 2nd half of 2009.

What's Happening Now in Sturbridge Real Estate?

We are seeing increased market activity in Sturbridge.  While only 10 single family homes have sold since Jan. 1, 2010, there are 12 single family homes under contract and another 9 with accepted offers but still taking back-up offers.  That is 21 homes with accepted offers - very good news indeed.

By the way the 10 homes that have sold this year had an average sale price of $327,000.  A nice uptick from 2009's average sale price.

The inventory on the lower end of the market is shrinking.  I'm seeing buyers having a more difficult time finding a house that is "just right."  They say that recovery starts at the bottom of the market...only time will tell if this is a micro market due to the tax credit or a true market recovery.

Stay tuned. 

Kathryn Acciari, REALTOR (R)
RE/MAX Professional Associates

(508) 982-0686