Sudbury Housing Market Contrary to National …

Once again as national news reporters continue to talk about huge numbers of unsold housing inventories and prices dropping, the number of homes on the market in Sudbury MA is down by 28%! And, median and average sale prices for the month of January were up!

There are currently 89 single-family homes available for sale in Sudbury compared with 124 one year ago and of the 89, eight have accepted offers with contingencies waiting to clear so really there are 81. Lower inventory generally leads to higher asking prices, and this is what’s going on in Sudbury. The median list price is $845,000 up from $699,950 on 2/18/07; the average list price is $995,507 up from $699,950 last year at this time. Average time on the market is almost exactly the same 199 days, last year it was 2007.

While the number of closed sales of single-family homes in Sudbury during January 2008 was the exactly the same as during January 20007 – eleven sales, the median and average sale price was up! The January 2008 median was $625,000 compared with $562,500 for the previous year; and the average sale price was $818,500 up from $657,773 for January 2007. There are currently eleven sales pending.

Even with this good news for homeowners, proper pricing is still very important. Homes that are incorrectly priced to not sell in any market and as is evidenced by the fact that during the past three months there have been 62 price adjustments on 41 properties. The average adjustment was -4.47%. Just as all real estate is local , pricing is based on the location, condition, and size of each individual home and every property does not appreciate at exactly the same rate. This is why listing with an experienced broker/agent who has been in the homes in an area is so necessary.

For buyers who would like to enjoy home-ownership in Sudbury, it looks like it’s time to get moving. Falling inventory puts upward pressure on price so smart buyers are out there! To find out what homes are available in Sudbury and the towns west of Boston, visit SudburyHomeSales.com or call Marilyn Messenger at 508-596-3501 for personal real estate services.

Data source: MLSPIN (Multiple Listing Service Property Information Network.)