Real Estate Trends – Bedford, New Hampshire

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the market in Bedford, NH in Hillsborough County

 Bedford NH Town Seal - Bedford New Hampshire Real Estate

“Bedford” is the first town that we have done the namesake for in both MA and NH.  A few others have had one of the other but this is the first with both as we profiled Bedford, MA a while back.

Market Trends in Bedford, NH – October 2014 and 2015:

The Bedford, NH market has fallen off significantly since last year.   Both of the average prices were down.  The median prices were down as well.  The days on market however are down a little bit.  Inventory was down somewhat with 25 sales in October of 2014 and 20 in October 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Bedford, NH the average listing price in October 2014 was $518,252.  This was down to $379,570 in October 2015.  This gives a huge decrease of 26.76% year over year. 

Checking out the median prices as well, we see that they are quite a bit lower than the averages in both years.  For October of 2014 the median listing price in Bedford, NH was $469,500 and in October 2015 it was $367,450 giving a little bit smaller decrease of 21.74%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Bedford, NH in October of 2014 was $512,205 and in October 2015 that was down to $372,917.  That gives a slightly larger decrease of 27.19%, compared to the average listing price.

We see the same basic pattern with the median sale prices as we did for the listing prices.  For October of 2014 the median sales price for Bedford, NH was $455,000 and in October 2015 it was $365,000 giving another significantly large decrease of 19.78%.  While still quite high it is the lowest of the metrics we examined here.

The prices for the Bedford, NH real estate market are definitely down a lot this month from last year.  All the indicators say prices are down close to 20% or more.  The median prices are more commonly used in these types of analyses so more weight is given to those.  Since these were down less than the averages it is fair to conclude that they are down more in the 20-22% range indicated by those rather than the 27% drops suggested by the averages.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Bedford, NH the average days on market in October of 2014 were 78.36 and the average days on market for October 2015 were 43.80 for a small 12.10% decrease.

Bedford, New Hampshire Summary:

The Bedford, New Hampshire real estate market is down quite a lot since last year.  The average prices are down around 27% and even though the median prices were down less they were still down by around 20%.  However, the days on market were down a small amount which can be a small consolation for sellers and a weak counter argument against there being a fall in the market.  

In summary if you are looking to sell a house in Bedford, NH now you should expect to get a lot less for it than you would have gotten last year.  However you can also expect it to take less time to sell compared to last year too.    

 

Do you need to sell your Bedford, New Hampshire house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Bedford NH Town Seal via Wikipedia)

 

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