Real Estate Trends – Bedford, New Hampshire #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, NH in Hillsborough County

 Bedford NH Town Hall - Bedford New Hampshire Real Estate

We first looked at Bedford, NH back last November, seeing price drops of 20% or more.    

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

The Bedford, NH market has fallen off significantly since last year.   The average prices are down substantially and the median prices were down by a similar amount.  The days on market were also up by a lot as well.  Inventory was up a little pretty stable with 15 sales in April of 2015 up to 17 in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Bedford, NH the average listing price in April 2015 was $562,067.  This was down to $432,129 in April 2016.  This gives a huge decrease of 23.12% 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, NH was $479,900 and in April 2016 it was $374,900 which now gives a slightly smaller decrease of 21.88%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Bedford, NH in April of 2015 was $555,109 and in April 2016 that was down to $420,796.  That gives another massive decrease of 24.20%, and slightly larger than the average list price. 

We see the same pattern as we did for the median list price.  For April of 2015 the median sales price for Bedford, NH was $489,000 and in April 2016 it was $363,300 giving another very large decrease of 25.71%. 

Prices are down definitely down substantially for Bedford, NH this month.  The averages and the medians are all down well over 20%.  Overall not a huge range being roughly 22-26%.  However we do see that sales are both down more than their listing counterparts and the median sale price is down the most.  Therefore we would say that prices are down at the top of that range in the neighborhood of 24-26%, and most like at the top of that as well.  This is actually down even more than the huge decreases we saw last time for Bedford, NH

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, NH the average days on market in April of 2015 were 38.33 and the average days on market for April 2016 were 88.76 for a huge 132% increase.

Bedford, New Hampshire Summary:

The Bedford, New Hampshire real estate market is down a tremendous amount since last year.  The average prices and the median prices were all down well over 20%.  The days on market were up a lot as well further showing a much weaker market.

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

 

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 hall by Magicpiano via Wikipedia)

 

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