This past winter was one of the harshest ones that has hit the Northeast in years. Its impact has sent ripples around the local economy. Home sales definitely appear to have been affected. Read more about it in my Stoughton MA Home Sales Report - 1st Quarter 2015.
According to the MLS Property Information Network, a total of 31 Stoughton MA homes were sold during the first quarter of 2015 (January 1st to March 31st). That is 24.4% less than the first quarter of last year. It also marks the lowest total 1st quarter sales since 2011. Of course, that happens to be the last time we saw significant snowfall in our neck of the woods. Of the 31 homes that sold at the beginning of this year, one was a 3 bed/2 bath, 1195 square foot antique home that was in need of some serious TLC. It was purchased for $149,000. A 3 bed/2.5 bath, 3494 square foot Colonial in the prestigous Leif Estates neighborhood of Stoughton MA was purchased for $505,000. This happened to be $16,000 over the list price.
The average sale price of a Stoughton MA home in the first quarter of 2015 was $285,139. This was 2.3% less than the same time last year. The average days a Stoughton home spent on the market before receiving an offer increased from 47 in 2014 to 56 in 2015. The list price to sell price ratio remained exactly the same at 97%.
How does this affect the Stoughton MA Buyer? Lower prices are always music to a Buyer's ear. The weather may have played a significant part in that, though. Now that the weather is starting to heat up, competition in the real estate market will heat up as well. More Buyers are likely to hit the streets looking for a deal. Higher demand tends to yield higher prices. The Federal Reserve discussed the possibility of increasing interest rates as early as June. This is all dependent upon reports they receive about our economic stability at that time. Many financial experts had already predicted that we might see interest rates hit as high as 5% by the end of the year. If you are interested in trading in your old Stoughton MA home for something new, you may want to start looking now. Contact your Stoughton MA Buyer Broker to get started today!
*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.