Each quarter I prepare a summary of the sales data in the
town, this data provides a longer term, and seasonal view of what the market is doing.
For a better understanding of how this relates to your specific
interests please give me a call at 781-771-7216.
First a review of where we came from. For Bedford, Ma. the Real Estate market volume peaked in 2004, and the prices peaked in 2005 at an annual median price of $530,000. Prices had shown only a 2% pullback through 2007. In 2007 140 homes sold so the volume had rebounded after two down years. In 2009 volume again dropped off with only 75 sales, and the median price was off from 2008's high at $505,000. The graph below shows the numbers for the last 10 years. The line is for the median price and the bars for the numbers of homes sold.
There is a seasonal volume effect in the Bedford market with Q1 (Jan, Feb, Mar) and Q4 (Oct, Nov, Dec) being market lows. This seasonality should be taken into account when looking at any monthly data. After a slow start in Q1 2010 with volume and prices low, Q2 showed a very good surge, supported by the tax incentive buyers. The graph below shows the Quarterly numbers for the last 4 years.
The line is for the median price and the bars for the numbers of homes
sold.
The median sales prices continue to hold up and the low inventory has kept this stable.The mortgage rates remain at historic lows, and general stability in local employment. We can expect the balance of 2010 to slow down, but I expect prices to remain stable.
What this means for homeowners in the near term is that there is good demand for Bedford homes, and homes can be sold at reasonable prices. Homeowners who purchased more than 5-10 years ago should still have good equity, those having purchased or re-financed recently unfortunately will likely not see significant price appreciation for another year or more.
For a monthly view of the market click here for the Bedford Monthly Report, or call Mike at 781-771-7216 for a detailed review of how the market can affect your goals.
