Wednesday, August 28, 2013

Sudbury Real Estate Update - Home Prices Up Again!


July Closed Sales: There were 33 closed single-family home sales during July in Sudbury
Happy Homeowners Sudbury - www.sudburyhomesales.com
compared with 26 in July 2012. The median sale price was $745,000 was up 5.7% from $705,000 in July 2012.

Keep in mind that it takes approximately 30 to 60 days to close a sale. The buying decisions for properties that closed in July were made in April and May at the peak of the Spring market. Summer is a different market.

 Year-to-date (through 7/31): Prices for the first seven months of 2013 are up over the same period last year in Sudbury. The median price of $686,000 is up 6.8%% from last year. There were 146 homes sold; only one less than last year. The average time on the market for Y-T-D 2013 is 103 days; 30.3% less than in 2012.

New listings in July: More single-family homes that came on the market in July 2013 than in July 2012; 22 new listings up from 14. Of the 22, 7 that are fully active; 2 have an accepted offer with contingencies waiting to clear, 11 are under agreement, one has already closed, and one of the listings has been withdrawn.
Current: As in most places, there are fewer homes on the market than last year at this time (8/28); there are 71 single-family homes for sale compared with 109 on 8/28/2012. List prices in Sudbury range from $327,000 for a 7 split-entry style house with 3 bedrooms and 1 bathroom to $2,775,000 for a luxury estate with 15 rooms, 5 bedrooms, 5 full bathrooms, 3 car garage, a media room and a swimming pool located at the end of a cul-de-sac at Liberty Estates in North Sudbury. See the listings at www.SudburyHomeSales.com

The current median list price in Sudbury is $904,900; last year on 8/28 the median list price in Sudbury was $750,000. As in Wayland, the price range with the most choices is one million to 1.499 million – there are 18 for sale. The average time on the market for these properties is 247 days; some of these sellers may be ready to make a deal and buyer, you have less competition - everything is on sale in August and September!
Condominiums (townhouses and garden-apartment style): There were 2 closed sales of condominiums in Sudbury during July; there was 1 in July 2012. The median sale price in July 2013 was $771,999, up 8% over July 2012. Year-to-date (as of 7/31/2013) condominium sales were up 75% from last year and the median sale price was .6% higher.

Current: there are 15 units for sale in Sudbury compared with 14 last year at this time. Prices range from $219,900 to $849,000; the median price is $719,900, up from $647,450. The majority of townhouses for sale in Sudbury are new construction. Tip for buyers: you are entitled to have your own buyer agent/broker represent you when you buy new construction, you do not have to go directly to the builder’s agent. In order to have a agent working on your behalf, you must have your agent accompany you to your first visit to the site even if it’s just drive through to look around. Call 508-596-3501 to find out more.

What's it mean to you? Price is the key even in a hot market. Homes sellers who price their houses correctly are getting offers, multiple offers in some cases, and are selling quickly, sometimes for over asking; while those who were overly optimistic and went on the market too high are taking longer.
People who are serious about buying are prepared and acting quickly, especially any who’ve already missed out on a house they wanted. Being prepared is more important than ever, however, it is still important to think things through and not to make costly mistakes like waiving the home inspection or offering more than you can comfortably afford. Contact me if you want an experienced buyer agent/broker to navigate you through the process. My clients have been able to get the house they want without over-paying.

For people who own a home and are not planning to move anytime soon, higher sale prices mean more equity in your property. Maybe you've been trying to refinance or take out an equity line to do some updates but your house wouldn't appraise. Mortgage interest rates are still historically low and this may be your window of opportunity. This is also a good time to consider a vacation home or income property. Prices are going up everywhere so why wait?

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About the author: Marilyn Messenger has been representing home buyers and sellers in Sudbury and the towns west of Boston for 20 years. She combines personal attention with mobile technology, marketing and project management systems to maximize efficiency and minimize stress for her buyer and seller clients.

Messenger is a licensed real broker, Certified Residential Specialist (less that 4% or Realtors have achieved the CRS designation), and an Accredited Buyer Representative. She is also a member of the Institute for Luxury Homes Marketing and has served on several professional boards and committees. 
Connect with Marilyn Messenger on Google+
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