Norfolk, MA real estate market report November 2015

Norfolk, MA real estate market report November 2015.  The MLS is showing a total of 89 properties either Active, Contingent, Under Agreement, Sold, Expired or Canceled in the last 30 days.  There are 68 Active listings and 7 Sold in the same period of time. This indicates it is a Buyers Market with almost 10 months of inventory available for purchase.  A normal real estate market has 6 months of inventory.

Single Family Active Listings: 68    Avg. Liv.Area SqFt: 3,062.60     Avg. List$: $726,742    Avg. List$/SqFt: $233     Avg. DOM: 122.65     Avg. DTO: 74.90.  Keep in mind these are averages on the market and the houses run from small to large and inexpensive to luxury.  These are large homes rivaling the types of sized homes you will see in a town like Newton.  In Newton the average price will be considerably more. You can buy more home in Norfolk for the same price.  Working in Providence and having a home in Norfolk, MA makes a great deal of sense from a tax point of view.

25-Stop-River-Norfolk-MA

Single Family Under Agreement Listings: 10    Avg. Liv.Area SqFt: 2,639.00     Avg. List$: $534,030    Avg. List$/SqFt: $205     Avg. DOM: 134.80     Avg. DTO: 63.30. Here we see a bit longer period of time on the market (DOM) than the Active listings. We see the house size is a bit smaller which makes sense.  These Under Agreement houses next month can be the Sold homes and if that is the case than our market is still a Buyer's Market, but it is closer to normal at a little over 8 months of inventory.

Single Family Sold Listings: 7    Avg. Liv.Area SqFt: 2,199.86     Avg. List$: $492,047    Avg. List$/SqFt: $218     Avg. DOM: 147.00     Avg. DTO: 110.43    Avg. Sale$: $485,647   Avg. Sale$/SqFt: $214.  Ok so here we are, the houses are smaller, sold faster and for less money. This is not to say that you have to discount your pricing it is just an indicator of what is going on, what is being purchase for how much and when.

Single Family Expired Listings: 2    Avg. Liv.Area SqFt: 1,961.50     Avg. List$: $402,400    Avg. List$/SqFt: $213     Avg. DOM: 130.00

Single Family Canceled Listings: 2    Avg. Liv.Area SqFt: 2,217.00     Avg. List$: $549,900    Avg. List$/SqFt: $248     Avg. DOM: 69.00.  I always include the Expired and Canceled listing in these market reports. It is important to know what has come off the market because it will be back on again.  This has been the Norfolk, MA real estate market report November 2015