Medford MA Real Estate Market In 2009 and 2008

Here’s a look back at Medford home sales in 2009 and 2008 followed by the monthly numbers for December 2009. Information is for sales of properties listed on the MLS, the Multiple Listing System.

There was a slight uptick in total properties sold in Medford in 2009. But there’s more behind those numbers.

During 2009 the number of single family homes sold decreased by 9%.  This was not a matter of poor single family sales – in fact, singles sold for 98% of asking price on average in 2009, versus 96% of list price in 2008.  The reason there were fewer sales (and the reason why sellers were able to get offers closer to their asking price) was that fewer single family houses were put on the market. That is quite evident when the numbers of single families that failed to sell during a listing period are compared – 152 in 2008 and only 83 in 2009.

Medford homeowners thinking of putting their home on the market should consider listing their home soon.   The spring market promises to be early this yearbecause the homebuyer credit requires that the buyer have a property under agreement by April 30, 2010.  Inventory going into the new year is waaay down from the year before – 38% fewer properties were on the market on Dec. 31st, 2009 than one year before.  Less competition means it will be easier to sell your home.

The increase  in the number of Medford properties sold this year was largely a result of a sizable increase in numbers of condos sold – condos sales increased by 25% over 2008 sales.  When I saw that large an increase I took a closer look, wondering if it was a matter of new condo projects selling. That doesn’t seem to be the case – there were condos in new projects selling in 2008 and in 2009 and the numbers sold are fairly close.  It seems that resale condos made up the increase instead.

At the same time, the median price of condos sold in 2009 fell by $20,000 or close to 7%.  That may be in part a function of the mix of condos on the market since resale units usually sell for lower prices than the newly built condos.

In fact, the median price fell in all categories – single family houses, condos and multi-family houses.  But at the same time, average days on market fell in all categories.  It’s seemed for a while now that sellers have adjusted their expectations to current market conditions – pricing for today’s market and as a result, more sales are coming together.  Thinking this will be the year you’ll become a homeowner? – it’s a great time to buy – realistic asking prices, low interest rates, and a homebuyer credit that puts cash in your pocket!

Medford Real Estate Year In Review

Total properties sold in Medford:

• In 2009: 485 (+1.9%)
• In 2008: 476

Average days on market:

• 2009: 90 (-19.65%)
• 2008: 112

Total value of real estate sales:

• 2009: $162,742,034 (-4.9%)
• 2008: $171,111,513

Properties sold for:

• 2009: An average of 97% of asking price and a median price of $325,000 (-5.8%)
• 2008: An average of 96% of asking price and a median price of $345,000

Medford Single Family Sales

• 2009: 204 (-8.93%)
• 2008: 224

Price range for single family homes:

• 2009: $105,000 to $753,800
• 2008: $130,000 to $842,275

Median price of single family houses sold:

• 2009: $340,000 (-4.63%)
• 2008: $356,500

On average, single families:

• In 2009: were on the market 71 days & sold for 98% of asking price
• In 2008: were on the market 90 days & sold for 96% of asking price

Medford Condo Sales

• 2009: 187 (+25.51%)
• 2008: 149

Price range for condos:

• 2009: $105,000 to $592,500
• 2008: $162,000 to $640,000

Median price of condominiums sold:

• 2009: $275,000 (-6.78%)
• 2008: $295,000

On average, Medford condos:

• In 2009: were on the market 105 days and sold for 96% of list price
• In 2008: were on the market 146 days and sold for 96% of list price

Medford Multi-Family Sales

• 2009: 94 (-8.74%)
• 2008: 103

Price range for multi-family properties:

• 2009: $245,000 to $632,500
• 2008: $265,000 to $638,000

Median price of multi-family houses sold:

• 2009: $382,000 (-.78%)
• 2008: $385,000

On average, Medford multi-families:

• In 2009: were on the market 98 days and sold for 98% of list price
• In 2008: were on the market 108 days and sold for 95% of list price

 

Here’s are the last monthly real estate report for 2009 – Medford Mass real estate sales in December 2009:

Homes On the Market in Medford MA

On December 31, 2009:

• 103 Medford homes were on the market
• Priced between $169,900 to $894,000.
• Average days on market – 141

Medford Mass Homes Sold – December 2009

• 35 properties sold in Medford in December
• Median sales price – $340,000
• Average days on market – 88 
• Homes sold for an average of 98% of the list price

17 single family homes sold in December

• Sale prices: $217,000 to $601,600
• Median sales price for a single family home was $369,900
• Houses were on the market an average of 60 days 
• Singles sold for an average of 98% of asking price

9 condos sold in Medford in December

• Sales prices:  $177,400 – $370,000
• Median condo sales price:  $255,000 
• Condominiums sold for an average of 97% of the asking price
• Average days on market:  130

9 multi-family house sold in December in Medford MA

• Priced between $245,000 and $600,000
• Median sales price – $365,000
• Multi-families sold for an average of 98% of asking price 
• Average days on market was 98

Total value of Medford MA homes sold in November was $12,287,270.

Also see: 

Medford MA Real Estate Sales in November 2009

 

SEARCH FOR PROPERTIES FOR SALE IN MEDFORD MASS

 

Information about homes sold in Medford MA in December 2009 was based on data from MLSpin

Categories: Real Estate Market Info
Tags: Medford

This entry was posted on Saturday, January 16th, 2010 at 10:08 pm and is filed under Real Estate Market Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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