Sturbridge MA 2016 Year-End Real Estate Report
What happened in the Sturbridge real estate market in 2016?
Today I share with you the year-end market statistics for single family homes sold in 2016. In the data chart below, you will see that in 2016:
- 155 single family homes were sold
- Median sale price was $282,000
- Average sale price was $292,522
- Average days on market were 108
- Ratio of sale price to list price was 98%
How do Sturbridge home sales in 2016 compare to 2015?
As you can see, the single family home market in Sturbridge is on an upswing. The total number of home sales increased by 37; and average sale price rose almost 8%. Days on market have shortened. The data easily show that more homes sold in 2016, and at a faster pace and higher price than in 2015.
As of this writing (February 7, 2017), there are 25 single family homes active on the Sturbridge market. Another 19 homes have accepted offers. With approximately 13 homes selling per month, there is just under two months' worth of inventory on the market. This will change as spring approaches, but I foresee a strong Sellers' Market for Sturbridge in 2017. This means there will be more buyers than homes available. It does not mean that sellers will be able to name their price.
My advice for sellers: Present a clean, uncluttered, and well-maintained home that is priced within a reasonable market value, and you will have a successful home sale. Even though I predict a sellers' market, you will have to price your home at a point that fits market trends. Buyers are fussy, so even in a sellers' market the homes that need repair will be passed by. Lastly, keep in mind, the home will also have to meet lender appraisal. In 2015, I saw many, many homes where the sale price had to be adjusted downward due to a lower appraised value.
My advice for buyers: Have your mortgage pre-approval letter in-hand (or proof of funds if you are paying cash) before you start viewing homes. When you find the property that suits your needs, you will need to act quickly. Be prepared for bidding wars and don't lose the house by trying to negotiate on small maintenance issues that turn up on home inspection.
Do you need additional information about the Sturbridge real estate market,
or that of the surrounding towns? Please contact me. I am happy to help guide you!
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Kathryn Acciari, Brand Ambassador
Century 21 Real Estate LLC
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