January is traditionally a slow time in the Canton MA real estate market. Besides 2013, home sales rarely reach the double digit level during the first month of the calendar year. Last month was no exception.
In January 2014, a total of six homes were sold in Canton MA. That's just half of the previous year. However, as you can see, last year was an anomaly we haven't seen since 2007, when a record 13 homes were sold during the month of January. The homes sold in January 2014 ranged from a 2 bed/1 bath 813 sq ft Bungalow for $198,000 up to a 4 bed/2.5 bath 2622 sq ft Colonial for $660,000. These six homes created an average sales price of $412,583, a 20.4% decrease over January 2013.
The average days a Canton MA home spent on the market before it sold lessened considerably over the previous year (from 111 days in January 2013 to just 51 days in January 2014). The home that sold for the most money ($660,000) actually took the least amount of time to sell (31 days). The average ratio for list price to sale price increased from 96% in 2013 to 97% in 2014. This means that homes are selling slightly closer to the list price than last year.
Canton MA home prices remain at extremely affordable levels. So, if you're interested in buying one, now is the time to act! Interest rates and buyer demand are expected to increase throughout the year. When you're ready to start looking, contact your Canton MA Buyer Broker right away.
*All data used in this blog post is courtesy of the MLS Property Information Network, Inc. Homes sold outside of the MLS are not included in those numbers.