Norfolk MA Single Family Housing Market Report April 2016. According to MLSPIN the local MLS for Norfolk and the surrounding areas show 96 total single family homes on the market in one of the several categories. Active, Contingent, Under Agreement, Sold, Expired or Canceled are most of the categories. A normal market has 6 months of inventory available and this is determined by the Sold listings and the Active listings. There are 72 Active listings and only 7 sold. This is a bit over 10 months of listings making Norfolk a Buyer’s market at this point.
Single Family Active Listings: 72 Avg. Liv.Area SqFt: 3,072.51 Avg. List$: $747,974 Avg. List$/SqFt: $251 Avg. DOM: 129.47 Avg. DTO: 51.06
Single Family Under Agreement Listings: 14 Avg. Liv.Area SqFt: 2,371.50 Avg. List$: $540,351 Avg. List$/SqFt: $231 Avg. DOM: 53.64 Avg. DTO: 22.43
With 14 listings Under Agreement this means that next month when they go into the sold category the market will change, as it always does. If no more properties come on the market and 14 are sold then it becomes a different kind of market with less inventory to buy.
Single Family Sold Listings: 8 Avg. Liv.Area SqFt: 2,446.50 Avg. List$: $538,199 Avg. List$/SqFt: $219 Avg. DOM: 112.75 Avg. DTO: 85.88 Avg. Sale$: $528,075 Avg. Sale$/SqFt: $214
Single Family Canceled Listings: 2 Avg. Liv.Area SqFt: 2,475.50 Avg. List$: $594,950 Avg. List$/SqFt: $240 Avg. DOM: 46.50
As we look more closely at the Sold’s we see selling your home takes an average of 112 days. It takes almost 3 months to get an offer. Norfolk is a wonderful town with a rural feel. Located South of Boston and North of Providence with public transportation many people choose to raise their families in this more sedate setting. I am not a fan of price per square foot to average the price of homes because so many homes will have upgraded kitchens or something else that will make the home different than ones not updates. At an average of $214 per square foot for a sold listing this month you can easily determine what your house may get sold for in this market. This has been the last 30 days Norfolk MA Single Family Housing Market Report April 2016