Earlier this month, I wrote a blog post on Stoughton Patch looking back at the 2012 Stoughton real estate market. A reader asked me if I could write about market trends over the past ten years. Having bought her house approximately 10 years ago, she wanted to know where the market stood now in relation to when she purchased her home.
So, by request, here are the Stoughton's Ten Year Real Estate Market Trends.
2012 was not that far off from 2002. In 2012, there were 200 single family homes sold in Stoughton*. In 2002, that number was 220. In 2002, the average sales price for a single family home in Stoughton was $296,529. We're not quite back there yet - in 2012 the average price was $271,640.
The first chart attached shows average sales prices from 2002 through 2012 for single family home sales in Stoughton. You can see the increase in prices, followed by the drop off. Prices have stabilized but have not yet started to really head back up. At least they are not continuing on a downward trend.
In terms of number of homes sold, the second chart attached shows total single family home sales in Stoughton over the past ten years. You can see the trends pretty well match the price trends from above. However, while average price is holding steady, total number of sales is increasing. Prices should follow.
While I can only look at average prices in a market report, the outlook for any particular home depends on many things - such as size of house, condition, location and inventory.
The one thing to keep in mind is that right now inventory is low. As of January 22, 2013, there are only 49 single family homes listed as active in the MLS for Stoughton. Ten of those have accepted offers but are waiting out contingencie before being marked as under agreement. That essentially leaves only 39 single family homes currently for sale. Time will tell how that inventory will affect single family home prices in Stoughton.
A well-maintained home in good condition that has a favorable location and that is priced right should sell quickly in this market. Buyers are out looking but there is not a variety of homes to choose from.
The only way to know how your particular home will fare in this market is to have an experienced local REALTOR do a comparative market analysis (CMA) for you. As an exclusive buyers agent, I do not handle listings. However, I would be happy to refer any homeowner to a local agent who can do a free, no-obligation CMA. Feel free to email me.
*All data taken from MLS Property Information Network, Inc. Homes sold outside of the MLS are not included in this data.
About the Author: Christine Smith is a Realtor, Buyer's Agent, Attorney, social media fan, parent and Canton resident. She writes about real estate and events in the Canton area on her blog – Canton MA Events and Real Estate.