Real Estate Trends – Bedford, Massachusetts #2

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, MA in Middlesex County

 Bedford MA Flag - Bedford Massachusetts Real Estate

It has been a long time since we have looked at Bedford, MA.  It was the 3rd market report we did back in August 2014 (Over 200 since then!). 

Market Trends in Bedford, MA – April 2015 and 2016:

The Bedford, MA market has fallen off significantly since last year.   The average prices are down and the median prices were down quite a bit more.  The days on market were down a lot however.  Inventory was up a little pretty flat with 8 sales in April of 2015 up to 9 in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Bedford, MA the average listing price in April 2015 was $826,325.  This was down to $770,944 in April 2016.  This gives a modest decrease of 6.70% year over year. 

Looking at the median prices we see that they were lower in both years.  For April of 2015 the median listing price for Bedford, MA was $808,950 and in April 2016 it was $689,000 which now gives an even larger decrease of 14.83%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Bedford, MA in April of 2015 was $800,484 and in April 2016 that was down to $758,778.  That gives another modest decrease of 5.21%, and slightly smaller than the average list price. 

We see a different pattern than we did for the median list price.  In this case it was still lower in 2016 but was actually slightly higher in 2015.  For April of 2015 the median sales price for Bedford, MA was $812,500 and in April 2016 it was $665,000 giving another very large decrease of 18.15%. 

Prices are down definitely down for Bedford, MA in April.  The averages and the medians give a different level of change with it only being a much smaller 5-7% drop while the medians are saying it is much more dramatic being more like 15-18%.  Median prices are the more preferred method for evaluating real estate pricing data so that is where we will put most of the weight, and since sales are more important than listing prices we would put prices most likely down most likely at the top of the range right around 18%.

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 property to sell in the current market.  For Bedford, MA the average days on market in April of 2015 were 138.38 and the average days on market for April 2016 were 79.00 for a large 42.91% decrease.

Bedford, Massachusetts Summary:

The Bedford, Massachusetts real estate market is down a bit since last year.  The average prices were down a bit while the median prices were down a lot more.  The days on market were down a lot though, which is a nice consolation for current home sellers it is not enough to compensate for the price drops when determining that the market is down.

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

 

Do you need to sell your Bedford, Massachusetts 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 MA Flag via Wikipedia)

 

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