Medfield Real Estate Market Report

The Medfield real estate market has continued to gain momentum during May. Home sales have increased since April which is great news. There are even more homes on the market which offer buyers more options. This pronounced surge in inventory will benefit buyers by offering more selection. Take advantage of the market conditions as both buyers and sellers – homes are selling and buyers are buying!

There were twelve single family homes sold this past month. Currently, 46 homes remain on the market for sale and more than half of those homes are under agreement, waiting to close. Compared to 2012’s statistics, more than double the homes in Medfield for sale are under agreement this year. This means that there are more buyers out there and homes are selling fast.

The following listings represent the highs and lows of the transactions that occurred during May 2013. Analyzing the averages provides a valuable overview of the market during this period. The range of homes sold this past month include everything from a  2 bedroom 2 full bath listed for $365,000 which sold for $352,500 to a 4 bedroom 2 full and 1 half bath listed for $1,045,000 which  sold for $992,000. The average listing price of a single family home sold in Medfield during May was $593,154 while the average sale price was $581,792. That is a remarkable 2% differential, which reveals that homes are being priced to sell!  The exceptionally small gap between asking price and sale price is dependent on the home itself, as these numbers reflect the market averages. These statistics, however, validate that homes are being priced properly for quick sale in the current market conditions.

The average days on market for single family homes in Medfield this past month was incredibly low, at only 59 days! Even better news, 9 of the 12 homes, or 75%, of the properties that sold this past month in May, sold in less than 59 days. Statistics from May 2012 reveal that homes sat on the market for nearly double that time on average. This supports the facts that the market has heated up and regained crucial momentum.

As this report discloses, on average, homes are coming on and off the market relatively quickly. Multiple offers are happening, but that does not mean you cannot find what you are looking for, as there is still a wide variety of homes available. Buyers and sellers in today’s market have smartened up and are playing by a new set of rules that will help facilitate quick sales. Sellers understand the market conditions and what their home is valued at, resulting in proper pricing.  This is leading to buyers taking homes off the market swiftly. Utilize your agent’s knowledge regarding the homes currently available in the area to make a well-informed offer on that dream home of yours.