Mendon, MA is located in Worcester County and was Incorporated as a town in 1667. Mendon was originally settled by Nipmucs, and has a rich history that includes everything from early settlements to early violence that erupted as part of King Phillips' War all the way to being the location of Aerosmith's first gig. With attractions such as the Southwick Zoo and the Mendon Drive-in, Mendon is a great place to live.
The real estate market is in transition in Mendon, as in much of Massachusetts. While the numbers show no decrease in the volume of single family real estate transactions in the first half of 2008 (17 properties) vs the first half of 2007(17 properties), it is clear that Mendon is suffering the effects of the market downturn.
The first half of 2007 had a much higher average sales price of $463,676.00, selling in an average of 211 days on the market vs the first half of 2008 where the average sale price is down to $417,900.00, and the average days on the market is up to 245 days.
Additionally, For the period between July 1, 2008 an September 30, 2008, there were 11 properties that sold for an average price of $426,045 in an average of 165 days.
Analysis of these conditions make it clear that it is a stronger buyers environment for those people who are in the market for their first home, or those looking to upgrade to a larger home, and investors.
Buyers and Upgraders will have the ability to capitalize on low interest rates, potentially gaining significant equity when the market rebounds. Those looking to upgrade will need to be sure to analyze the sale of their current home in order to maximize any potential long term gain and minimize short term losses.
It is not a good market to downsize unless a financially imperative situation exists. In a bad financial situation, it is important to take the first steps immediately and mitigate your losses and damage to your credit, exploring avenues such as short sales.
A Short Sale is when the lender agrees to settle the loan for less than you owe. The benefit of a Short Sale is that they stay on your credit report for less time than a foreclosure and have a much less damaging effect.
Data for this article is based on MLS Data for single family homes only. Please feel free to contact me for condo or investment property details.
In summary, the market climate in Mendon, MA has created an excellent opportunity for buyers and upgraders to look for home.