We have all been hearing a lot about the real estate market, mostly bad news, some good news and a lot of hype. So what is really going on in Medfield, our local market? Well, here are the facts. We looked at the real numbers; volume, median and average pricing and length of time to sell, and present them here for you.
The first graph below depicts how long it is taking for homes to sell in Medfield. The Blue bar is 2006 information and the purple bar is 2007. Let's take the catagories represented one by one and discuss their significance.
Average days on market & Median days on market:
As you can see from the graph it is taking about 17% longer now to sell a house than it did in 2006, and both the average and median days on market are exactly the same. This is significant if you keep in mind that prices have dropped between 8% - 10% in Medfield from their highs. So not only should you plan on it taking longer to sell but need to keep in mind that pricing is king. If you plan to sell you need to make sure your home is the most attractive one of its class both in terms of price and appearance. Well priced homes are selling better in the beginning of 2008, we recently put a nice home under agreement in 3 days!
Number of sales:
Although it is taking longer to sell a home in 2007, 16% more homes sold than in 2006. This is significant because it shows that demand remains strong for good homes at fair prices. The early data for 2008 suggest that demand will remain steady, let's hope!
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