Medford, Massachusetts - 2009 Year in Review - Real Estate

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Medford, Massachusetts - 2009 Year in Review - Real Estate

Picture of the "Gingerbread House" i...

Welcome to 2010, it'll take a few days to get used to writing 2010 for me. We've had an eventful year in real estate. We started off a bit slow & sluggish but with the Federal First Time Homebuyer's Tax Credit we saw a real uptick in activity during the final months of 2009. Fortunately Medford has a large inventory of homes that were in the price range for the tax credit. Foreclosures were less of an issue here than they were in other communities but we saw our share of short-sales, once again less than some surrounding communities.

For 2009 there were 484 properties sold in Medford, Massachusetts (single family, multi-family, condominium). The breakdown is as follows:

Single Family Listings: 205     
Average List Price: $359,051 *     
Average Sale Price: $349,964     
Average Market Time: 71.26 
   * Auction listings are not included this total

Condominium Listings: 185     
Average List Price: $299,991    
Average Sale Price: $287,508     
Average Market Time: 105.75     
Average List Price per Square Foot: $250

Multi-Family Listings: 94     
Average List Price: $410,002 *     
Average Sale Price: $398,155     
Average Market Time: 98.23 
   * Auction listings are not included this total

Source: MLS-PIN 

Issues to keep track of for 2010 will be financing restrictions for some lending programs & how they will relate to current and projected inventory of properties for sale. Examples of this will be the difficulty in getting financing for condo conversions of 2,3,4 family properties, increased down payments & higher credit scores required for buyers as well as increases in property taxes being evaluated by the city. Fortunately Medford has close proximity to Boston and easy access to outlying suburbs as well as great public transportation. With the expansion & extension of the homebuyer tax credit & trade-up credit demand for properties in the city has remained strong. 


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