With September drawing to a close, we came to the end of the third quarter of 2011. The end of a quarter is a good time to look back and see how the real estate market performed both over the quarter and year to date. All data below was obtained from the MLS Property Information Network, Inc.
For the period of July 1, 2011 through September 30, 2011, there were 47 homes sold in Canton. Year to date through September 30, 2011, there have been 107 homes sold in Canton. The average number of days on the market for the entire three quarters was 115.
How does that compare to last year? For July 1, 2010 through September 30, 2010, there were 35 homes sold in Canton. For the first three quarters of 2010, there were a total of 114 homes sold in Canton. The average number of days on the market for that same period was 118.
While there were overall fewer home sales in Canton in the first three quarters of 2011 compared to 2010, the silver lining is that the third quarter of 2011 showed a gain over the second quarter of 2011, as well as a gain compaired to the same time period in 2010. Furthermore, 2011 showed a steady inrease of sales over each quarter. Also, remember that the Federal tax credit for home buyers was still in effect for transactions closed by the end of September, 2010. When you figure that in to the numbers, the number of homes sold year to year is not off all that much.
As for average sales price, that dropped slightly from 2010 to 2011. However, the tax credit could have impacted these numbers as well.
The good news in this is for home buyers looking to buy a home in Canton, the low prices combined with the still historic low interest rates make it a good time to buy. The last quarter will show us if home prices may be on the rebound. Furthermore, the numbers indicate that the real estate market in Canton is holding its own.
Stay tuned to see what the numbers show for the final quarter of 2011.
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.