While i like to do a monthly review of the real estate market, I also like to look at overall trends at the end of a quarter or at the end of the year. Let's see what Canton's real estate market looked like in 2013.
There were a total of 184 homes sold in Canton during 2013. This is the highest amount on record since 2004, when 189 homes were sold. In fact, the amount of homes sold in Canton continues its steady climb, with the year ending 5% higher than in 2012. See the attached chart for year over year sales.
The average sale price for a Canton home increased 12% since 2012, when the average was $435,924. Homes sold in Canton during 2013 ranged from a 2 bed/1 bath 912 square foot Cape-style home that sold for $121,000 all the way up to a 5 bed/4.5 bath 4691 square foot Colonial that sold for $1,270,000. The average days on market has decreased from last year as well. Days on the market went from 119 in 2012 to 89 in 2013.
Will the market hold for 2014? It's difficult to say. The biggest problem right now in Canton's real estate market is lack of inventory. There are too few homes on the market right now. So if January's numbers are low, it's not due to lack of buyers, it is due to lack of Sellers.
If you're considering selling your home, now is definitely a good time - especially for well-priced homes in good condition and in good locations. If you're considering buying - rates are still relatively low so that is good news. The bad news is the lack of choices in the market. If you see something you like, move quickly before someone else does.
*All data used in this blog post has been provided by the MLS Property Information Network, Inc.
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.