With a hot January sales month and a cooler February, Stoughton MA home sales finished off the first quarter of 2014 on a high. Total homes sold were the highest they've been for the last five years and the average sales price was the highest it's been since 2010.
According to the MLS Property Information Network, a total of 41 homes were sold from January 1, 2014 to March 31, 2014. That's a 5% increase over the same time last year. This also represents the highest total Stoughton MA homes sold in the first quarter since 2006, when 44 were sold. Homes sold ranged from a 3 bed/1 bath 1197 square foot Cape-style home for $80,000 to a 3 bed/2.5 bath 2447 square foot custom built contemporary Colonial that sold for $450,000. The average sales price for a Stoughton MA home sold in the first quarter of 2014 was $291,828, a 10.5% increase over the same time last year.
Stoughton MA home buyers will be happy to hear this. The average days on market (DOM) decreased dramatically (24.3%): from 103 in 2013 to just 78 in 2014. That means that buyers will waited almost a whole month less this year than they did last year to close on their Stoughton MA dream home. The list price to sale price ratio increased slightly (from 96% in 2013 to 97% in 2014), with some homes selling for more than the asking price.
What does this mean for the Stoughton MA home buyer? Home prices have been steadily increasing over the past three years. If you are interested in purchasing a property for yourself, there's no time like the present. Be prepared to put your best offer forward, though. Sellers are clearly interested in selling, but they will only consider serious offers. When you're ready to dip your toe into the Stoughton MA home buying pool, contact your Stoughton MA Buyer Broker.
*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.