2012 has come to an end. Here's a look at the 2012 year in real estate in Canton.
In 2012, there were a total of 176 single family homes sold in Canton. The lowest priced home sold for $185,000.00 and the highest priced home sold for $1.2 million.* The average sales price for single family homes in Canton for 2012 was $435,924. The first chart shows the breakdown of sales for each price range.
So, how does that compare to single family home sales in Canton MA over past years?
Well, 2012 brought good news and bad news to the Canton real estate market. First the good news. Number of sales of single family homes in Canton were up over 2011, which saw 127 homes sold. In fact, 2012 saw the highest number of single family home sales over the past five years, as shown on the second chart attached.
The bad news is more in terms of - you guessed it - prices. The average sales price for 2012 was down from 2011 which saw an average sales price of $478,642. In fact, the average sales price was the lowest in the past five years as shown on the third chart attached.
However, there are a couple of things to consider about prices. Average sales price is goverened largely by which types of homes happen to come on the market in any given year. Also, remember 2009 and 2010 saw a first time home buyer tax credit which may have artifically inflated prices.
What does this all mean for current buyers and sellers?
For sellers who have owned their homes for a while and have equity in their homes, it is a good time to sell. Inventory is very low, making well-priced homes in good condition sell quickly. Buyers are out there looking. For buyers, current prices and low interest rates still make it a good time to buy.
For both buyers and sellers, Canton remains an attractive place to buy a home with its well-regarded public school system, numerous recreational amenities, commuter rail service to Boston and proximity to all major highways.
*All data is courtesy of MLS Property Information Network, Inc. Homes sold outside of the MLS are not included in these numbers.
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.