Tuesday, July 28, 2009

Stow MA Real Estate - Closed Sales Up in June!

Here is what's going on in the Stow MA real estate market: There are fewer single-family homes on the market - 52 compared with 64 last year at this time; and both median and average list prices are up from last year at this time. The median is $619,900 compared with $599,900 last year; the average is $597,666 compared with $609,015. Current list prices for single-family homes in Stow range from $199,900 to $1,295,000; 3 bedroom homes range from $299,000 to $409,000; 4 bedroom homes start at $445,000; and new homes with 8 rooms, 4 bedrooms, and 2.5 baths start at $549,000.

There were 21 closed sales for the first half of 2009, seven of which closed during June compared with 21 closed sales during the first half of 2008, with only one closed sale during June. The median sale price y-t-d was approximately $90k less than last year, the average was only about 10k less; however, it is worth noting that time on the market decreased by 53% - only 181 days compared with 278 in 2008. Sellers who really wanted to move forward accepted the reality of the market and were able to achieve their goals.Lower prices and lower interest rates are both good for buyers, however, fewer choices give sellers a bit of an edge and will eventually put upward pressure on price.

For now, I would say were still a ways from being a balanced market since most buyers look at more than one town and are likely to MORE
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