Sharon MA Real Estate - 2016 Annual Review
How did the Sharon MA Real Estate Market perform in 2016?
There were 218 single family homes sold in Sharon MA in 2016, according to the multiple listing service, MLSPIN. This represented the second largest real estate market for Sharon. The largest was in 2013, with 247 single family homes sold.
This chart represents the Average Sales Prices and Number of Single Family Homes Sold in Sharon MA since 2000. The blue bars indicate the Average Sales Prices. The red lines shows the total number of homes sold in Sharon year-by-year.
Two key pieces of information we can see from this chart
First, if you bought your home in 2005, at the peak of the market, the 2016 Average Sales Prices in Sharon have increased 9% since that peak. This is a also a significant increase over the performance of home sales nationwide.
Second, Average Sales Prices have been climbing since 2008, with a slight 1.7% drop in 2016 from the Average Sales Price in 2015 ($559,490). This does not mean that the Sharon real estate market will continue to have decreasing Average Sales Prices.
A key factor that impacts sales are the market condition in the Sharon real estate market. Sharon continued to experience a Sellers' Market with an overall Market Absorbtion of 4.4 months.
Understanding Absorption Rate
Absorption Rate reflects market conditions such as supply and demand. In other words, are there more houses for sale than there are buyers looking for homes or not enough homes to meet buyer demand. For a more detailed explanation of Absorption Rate, you can click this link to read a previous post on How Long Will It Take to Sell Your Home.
The Conditions of a Local Market Also Vary Within Different Price Ranges
What this means is that while the Sharon real estate market in 2016 reflected an overall Sellers' Market, homes in different price ranges have their own "rate of sale". This is very important information for Sellers to understand when pricing their home for sale.
When you look at how homes sold from $300,000 to over $1,000,000 some of these price ranges have less inventory and stronger buyer demand than others. You might think the demand decreases as the price rises, but that is not the case. Several higher price ranges have stronger market demand than lower price ranges.
Pricing your home properly is key to getting it sold for the highest price possible in the shortest time.
If you are thinking of selling your home in the next 6 months, call Nina at 781-883-3764 for a complimentary market analysis of your home. This will help you understand your home's value in the current market and how I will get your home sold!