Sunday, January 11, 2009

Sudbury MA Real Estate - January 2009

While 2008 home sales in Sudbury MA were down by 23% from 2007, there were 157 buyers in 2008 who now own a home in Sudbury. Did they buy at the bottom? Well, prices were lower than the previous year – the 2008 median sale price was $600,000 compared with $673,750; the average sale price in 2008 was $697,258 compared with $774,798. The price-range with the most sales was $500,000 to $599,900; there were 25 sales. The overall average time it took to sell a house was 161 days and varied by price-range.

Today’s market in Sudbury: There are currently 78 single family homes for sale; last year at this time there were 78; when I started in real estate in 1993 there were 180 homes for sale in Sudbury! The price range with the most is $1,000,000 to $1,499,900: 15; next is $700,000 to $799,900 – 12 compared with only 2 one year ago. The average time on the market for homes in the seven hundred range is 215 days – maybe some of these should be listed in the six hundred range… sellers need to adjust their thinking to the reality of the market. There are also nine homes with sales pending; and 4 that have accepted offers with contingencies waiting to clear.

Most of us have learned by now that we can’t time markets and that by the time the media reports that it’s a good time to do something, it’s too late for the average person and we’ll mostly likely be buying high again! If you need a home, you need it; it’s not a function of the market, but of your life. A home is not like any other financial vehicle or consumer item. “Home is where the heart is”; a place to live, spend time with the people we care about, curl up with a good book, watch a movie, collect our thoughts, getting away from the craziness… Here, in the U. S., it’s an integral part of our well-being. Even though some people made mistakes by taking risks they shouldn’t have or by not fully understanding what they were doing, over time, nothing compares with the accomplishment of home-ownership. It’s not only financial; it’s emotional and physical too; it’s where life happens! Let’s keep moving in 2009!

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