Open House Weekend in Medway

Small town but when 13 homes are open for your viewing pleasure, it may be worth the trip to visit Medway today.

In particular, I hope you and/or your buyers will visit my two listings - 2 Elm Street from 12-2 and 10 Juniper Rd from 2-4pm

Elm

Pass this on to your buyers! I will have a list for all buyers who would like to start at my open house at noon!

Single Family Listings
MLS # Status Address Town Description DOM List Price

71200920 ACT 2 Elm Street U:A Medway, MA 6 room, 3 bed, 1.5 bath Colonialx23 25 $229,900
71200455 ACT 3 Summer Hill Road Medway, MA 5 room, 2 bed, 1.5 bath Ranchx25 26 $314,900
71195124 ACT 360 Village St Medway, MA 12 room, 5 bed, 2.5 bath Colonialx13 38 $345,000
71199163 ACT 125 Winthrop St Medway, MA 8 room, 4 bed, 2 bath Capex19 29 $389,900
71204906 ACT 10 Juniper Rd Medway, MA 8 room, 4 bed, 2.5 bath Colonialx14 17 $474,999
71169349 ACT 38 Hill Street Medway, MA 10 room, 4 bed, 3.5 bath Tudorx26 317 $567,900
Single Family Listings: 6 Average List Price: $387,100 Average Market Time: 75.33





Condominium Listings
MLS # Status Address Town Description DOM List Price

71200955 ACT 2 Elm Street U:A Medway, MA 6 room, 3 bed, 1.5 bath Half-Duplexx23 25 $229,900
71150395 ACT 21 Williamsburg Way U:0 Medway, MA 6 room, 3 bed, 2.5 bath Townhousex10 179 $379,900
71042473 ACT 3 Pine Ridge Drive U:2 Medway, MA 6 room, 2 bed, 2.5 bath Townhouse 401 $389,900
71042476 ACT 3 Pine Ridge Drive U:3 Medway, MA 6 room, 2 bed, 2.5 bath Townhousex2 401 $389,900
70864771 ACT 4 Pine Ridge Drive U:4 Medway, MA 8 room, 2 bed, 2.5 bath Townhousex13 814 $399,900
71042483 ACT 3 Pine Ridge Drive U:4 Medway, MA 8 room, 2 bed, 2.5 bath Townhousex3 401 $409,900
71183143 ACT 19 Williamsburg Way U:0 Medway, MA 8 room, 3 bed, 2.5 bath Townhousex3 71 $429,900
71183262 ACT 17 Williamsburg Way U:0 Medway, MA 9 room, 4 bed, 3 bath Townhousex2 70 $434,900

What a Real Estate Market Swing in Medway!

Well we’ve just closed on the first half of 2010. It’s time to assess how our real estate market faired against prior years. If you talked to a realtor this spring, you may have heard that it was a “hot” market. We saw the signs, we heard of the homes being sold but actually what does the real data show? I’m here to tell you it’s good news!

Average Market Time

The data is below if you want the detail – I’ve included data for this year and data from 2009 and 2008 (1st half only) . I decided to also include 2005, the height of the market, as a point of comparison.
It was a bit surprising to me that the average market time was up over last year. That was until I looked at the detail. Three homes sold in Medway in 2010 that had been on the market for 3-4 years! (priced incorrectly and followed the market down). Once I removed those three homes from the calculation, average market time for 2010 single family homes adjusted to 119 days! That’s a 12 % improvement in market time over 2009! In fact 31 of the homes in Medway sold within 60 days beating the average market time in 2005!!!

What was surprising to me was how much better the condo market is doing in town in 2010. Last year was a dead year for the condo market in Medway. This year homes are coming on the market and selling in record time. “Average market time” is the time from when a home is listed to when it goes under agreement. You can see for condos we’ve made great strides in that regard over the past 3 years.

Number of homes sold

We’ve increased the # of sales in town by 20% over last year and we’re over 92 % of where we were in 2005 at the height of the market! Homes are selling!

Avg List and Sold Price

I’ve included these numbers for your review but remember when comparing year to year it only gives you a feel for the price points that are selling. It is interesting to note that the average list/sold price in 2010 has gone up over 2009. That does not translate into homes appreciating necessarily. It is more likely the mix of homes that sold that caused that increase. However, when we are in an appreciating market, you will see avg list/ sold increasing year to year.

Summary
We had an awesome spring season. We saw homes selling in the first week of marketing, we saw multiple offers. Much of that may have been the result of the tax credit that was available to buyers thru April 30th. But right now we have some of the lowest mortgage rates we’ve seen in quite some time. That is continuing to spur the market on. If the time is right for you to sell, don’t delay. Buyers are ready and are buying!


If you'd like a market analysis done on your home, completely complimentary, just call. And if You would like to receive email updates on a quaterly basis on what's happening in the Medway market, just email me at mkramarz@remax.net


Click on the chart below to enlarge it

Medway SOLD statistics 2nd Quarter

Because all Real Estate is LOCAL ...

Let's look at the second quarter of 2008 as it relates to The Metrowest Market and Medway in particular.

As of July 30th , there are 83 single family homes on the market in Medway compared to 72 at the end of first quarter, so the inventory of single family homes is up from March 31 The homes range from $169k to $1.4 million. The average days on market for these homes is 177 days down from the 210 days on average in March

. In this second quarter of 2008 (through June 30th ) 42 homes have sold which is up from the 29 that sold in first quarter. The average market time dropped a few days down to 163 days from 167 in the first quarter with 7 homes selling in less than 30 days! . As I’ve noted before if a house is priced competitively, it will sell in a reasonable amount of time.

For more detail on the Medway Market or for detail on condos and multis in Medway, feel free to email me at

mkramarz@prudentialpage.com . I'd be glad to provide the same info for any other MetroWest town.