The Trend in Home Sales in Norwell MA - Improving, or...?
Home prices in Norwell on average are falling! Home prices have fallen 5.4% since July of 2009.
The current average listing price of homes for sale in Norwell MA is $723,370, down 2.9% from a month ago. Compare this to the current median sales price of $482,500 - where half of sales are above this amount and half below it.
Prices of 3 and 4 bedroom homes are down from year ago levels. 3 bedroom homes are down just 0.7% while 4 bedroom homes are down 15.3%. Below is a chart of the trend of median prices of homes for sale in Norwell MA over the past 5 years through July 2010:
Although cyclical, the number of sales for all homes have been increasing over the past year:
So what does all this mean? Well, if you're looking for a 4 bedroom home in Norwell, you can probably find a bargain. Still, lowball offers won't cut it in a market like this.
However, if you're looking for a 3 bedroom home in Norwell, you better not mess around too much. While prices are down slightly, sales of these homes are increasing. Sellers aren't in control of the market either, so both buyers & sellers should be reasonable when negotiating.
You can still buy a home with no money down with a VA Loan. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. With a MassHousing loan, you can purchase a home with as little as 3.0% down. When you're ready to buy a home, find out how much house you can afford to buy in Norwell or in the surrounding area.
Be sure to contact me, Lew Corcoran, toll free at 1-800-941-5616, when you're looking to get pre-approved for a purchase of your next home in Norwell or in the surrounding area. Otherwise you may end up frustrated, disappointed and, unfortunately, perhaps misled.