Welcome to the Sudbury MA real estate market conditions report for May 2010.
Although the overall supply of single family homes for sale in Sudbury is less than last year at this time – 140 homes compared with 149, there are some prices ranges that have increased inventory. The price-range with the largest increase is $700,000 to $799,999 – 21 homes on the market up from 14 last year at this time; next is one million to $1,499,000 – there are 36 compared with 30 on 5/10/09; so good opportunities for buyers in those price rangesl especially for luxury home buyers.
19 of the "active" listings have accepted offers and are being shown until contingencies are met. There are also 19 homes with sales pending. Four of the “accepted offers” were after the May 1 tax break deadline – so there is life in the Sudbury real estate market after the tax break expired.
Current list prices for single family homes range from $199,000 to $3,195,000. Both median and average list prices are down from last year at this time, and are also less than one month ago - the median is $874,000 vs. $885,000; the average is $1,000,014 vs. $1,000,445 last year. The average list price for homes with accepted offers is $808,226. The average list price for homes with sales pending is $781,821; note accepted offers are generally more recent than pending sales. The average days on the market is up – 160, last year it was 163 days.
April 2010 closed sales were up from April 2009 - there were 14 closed sales compared to 10 during April 2009. Median and average sale prices were lower; the April 2010 median was $597,250 and the average was $694,714; the April 2009 median was $832,000 and the average was $1,119,050. These decreases do not mean that every house value has dropped; it just means that there was higher demand in the lower price ranges that most likely as a result of the tax credit which had an $800,000 limit.
Year to date as of 4/30, there have been 38 closed sales, up from 32 for the first four months of 2009. The median sale price of $605,000 is up approximately $21,000; while the average sale price of $698,855 is down by approximately $21,000.
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Data Source: MLSPIN (Multiple Listing Service Property Information Network)