Sudbury Real Estate - Home Sales Up in 2007

The Sudbury MA real estate market is still doing better than what most of the headlines are saying. The good news for homeowners/sellers is that the number of homes sold Sudbury during 2007 increased by 17.6%!

The not so good news is that prices were down, but not substantially when compared with other investments during 2007. The median sale price was down by 2.5% - $657,750 compared with $675,000 in 2006; and the average sale price was down by 5.43% - $764,087 compared with $808,005 in 2006.

In addition to lower sale prices it took 27% longer to sell - the average time on market was 171 days up from 134 in 2006. The important fact is that houses were selling and people who wanted or needed to were able to move on!

Even as the year ended with sales in other areas of the economy, the number of homes sold in Sudbury during December was up over 2006 sales. There were 16 homes sold in December 2007 compared only 10 in December 2006. Prices were down though and much more than for the year as a whole.

The median sale price was $545,000 vs. $851,000 in December 2006; and the average sale price was $627,531 vs. $820,850 the previous December. However, time on market was down a bit - 150 days from 155 days - most likely a result of lower inventory and adjusted asking prices.

Current inventory is down 32.7% from last year at this time - there are 78 single-family homes on the market compared with 116 on 1/14/06 and time on the market is also down again - 204 days from 216 last year.

List prices for single-family homes in Sudbury range from $299,000 to $2,999,000. The median list price is $699.900 down from $774,950; the average price is $958,917 also down from last year when it was $933,872.

Although total inventory is down, there are still some excellent opportunities in every price range but with fewer homes on the market, buyers who would like to enjoy home-ownership in Sudbury should get moving. Less inventory will eventually put 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 www.SudburyHomeSales.com or call Marilyn Messenger at 508-596-3501 for personal real estate services.

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