Medway is a microcosm of MetroWest Boston in a lot of ways and the month of August gives us a feel for the market in Medway and the MetroWest Boston Home Sale market.
Thirteen homes sold in Medway in August, 10 single family homes, 2 condos and 1 multi. This is an improvement over 2009 where 10 homes sold of which 2 were condos.
Lets look at how long it takes to market a home in 2010 verses 2009, for that we use "Days on Market or DOM" which is the # of days it takes to sell a home from the day it goes on the market to the day an offer is accepted. In 2009, the days on market was 142 days. In 2010 days on market for single family homes was 156 days. But when you look at the detail, four of the ten single family homes took quite a while to sell. In all four cases, they were unique homes, from a foreclosure, to a Victorian, to one with a challenging lot. The other 6 sold on average within 78 days. I would submit that that's the true average days on market in Medway for a typical home.
What about value? To look at a single month and determine if there is still a spiral down on depreciation or a possibly a slight appreciation, is not really valid. I will pass on the statistics though for both years. For single family homes, the average sale price in Aug 2009 was $398k verses $375k in Aug 2010. Remember we're only using a small time frame and 10 or 11 homes, but it does give you a flavor.
If you'd like to learn more about YTD figures 2009 verses 2010 for Medway,Ma , visit my site and request the information - www.keytoMetroWest.com (It's right under the clock on the home page). Call me if you would like more info on Medway Homes for Sale.
I'm always available for any questions.
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