Medford, Massachusetts July 2009 Market Report

Over the last few months there has been a real uptick in sales in and around Medford. Inventories are low in the lower price ranges for properties that are not bank owned or short sales.

Because of the lack of regular sale properties prices in the lower ranges are trending up if the current demand continues.

Single Family Sold Listings: 24
Average List Price: $355,757
Average Sale Price: $354,619
Average Market Time: 87.29

Condominium Sold Listings: 13
Average List Price: $290,223
Average Sale Price: $266,060
Average Market Time: 98.00

Multi-Family Sold Listings: 8
Average List Price: $403,200
Average Sale Price: $379,063
Average Market Time: 104.88

Financing continues to be a closely monitored issue with appraisals and lack of recent comparable properties for regular sales. Buyers & sellers will need to pay special attention to mortgage contingencies over the next several months for buyers wishing to use the Federal $8,000 tax credit with the deadline approaching and the new mortgage disclosure rules & potential appraisal backlog as well as mortgage processing delays.