The Trend in Home Sales in New Bedford MA - Improving, or...?

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Real Estate Agent with Zip Realty MA License# 9518264

The Trend in Home Sales in New Bedford MA - Improving, or...?

Home prices in New Bedford on average are falling - but just slightly - and appear to be stabilizing! Home prices have fallen 1.0% since July of 2009.

The current average listing price of homes for sale in New Bedford MA is $206,854, down just 1.1% from a month ago. Compare this to the current median sales price of $158,424 - where half of sales are above this amount and half below it.

2 and 3 bedroom homes are selling for less while prices of 4 bedroom homes are increasing. Prices of 2 bedroom homes are down 2.3% while prices of 3 bedroom homes are down 4.0% from year ago levels. However, 4 bedroom homes are up 16.3%. Below is a chart of the trend of median prices of homes for sale in New Bedford MA over the past 5 years through July 2010:


The number of sales for all homes have been increasing over the past 2 years:


So what does all this mean? Well, if you're looking for a 2 or 3 bedroom home in New Bedford, you can probably find a bargain as prices are down significantly the past couple of years. Still, lowball offers won't cut it in a market like this.

However, if you're looking for a 4 bedroom home, you better not mess around too much as sales and prices are overall are rising. Sellers aren't in control of the market either, so both buyers & sellers should be reasonable when negotiating.

You can still buy a home with no money down with a VA Loan. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. With a MassHousing loan, you can purchase a home with as little as 3.0% down. When you're ready to buy a home, find out how much house you can afford to buy in New Bedford or in the surrounding area.

Be sure to contact me, Lew Corcoran, toll free at 1-800-941-5616, when you're looking to get pre-approved for a purchase of your next home in New Bedford or in the surrounding area. Otherwise you may end up frustrated, disappointed and, unfortunately, perhaps misled.

 

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Zip Realty
175 Paramount Drive, Raynham, MA 02767
Phone Direct: (508) 840-8170

Lew Corcoran Licensed Real Estate Professional

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Topic:
Real Estate Market Trends
Location:
Massachusetts Bristol County New Bedford
Groups:
Boston Area Real Estate
Real Estate Trends
Tags:
home values
real estate market
new bedford ma
bristol county ma
massachusetts

Comments 7 New Comment

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Rainmaker
891,596
Michael Setunsky
Your Commercial Real Estate Link to Northern VA
Michael's Commercial LLC

Lew, looks like prices are maybe starting to stabilize. More homes selling is also a good sign. Congratulations on the feature.

September 01, 2010 08:47 AM
Rainmaker
256,542
Pat Laracy Baker
Realtor, Green, ABR, Needham, Massachusetts
Key Advantage Realty

Hi Lew, Such a great post.  So much terrific data and so helpful to the consumer.  Great going...

September 01, 2010 09:29 AM
Ambassador
2,342,450
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

Which is why I recommend that buyers consider the 4 bedroom model of new construction when possible. 

September 01, 2010 09:52 AM
Rainmaker
329,504
Judy Jennings
Sales Director
508-209-5000

Lew - I really like the reports you put out for the local market. You educate your borrowers better than some real estate agents. Uh oh, hope I don't make anyone mad over that statement.....

September 01, 2010 09:59 AM
Ambassador
1,159,905
Tammie White
TW Realty Group, Franklin TN, South of Nashville
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net

Lew, you have provided excellent information here for buyers and sellers.  If I were in the market for a 2 bedroom rental, this looks like a good time to buy.

September 01, 2010 03:46 PM
Ambassador
1,439,939
Karen Kruschka
- "My Experience Isn't Expensive - It's PRICELESS"
RE/MAX Real Estate Connections

Lew  There is no question the 4 bedroom market will always be the firdt to recover

September 01, 2010 04:42 PM
Rainmaker
388,798
Lew Corcoran
Your Professional Real Estate Advisor
Zip Realty

Oh wow! Look at all these comments. I never had a posdt about real estate market trends posted in the featured section before.

Michael - prices are stabilizing in some areas - but it yet remains to be seen in many other areas. Always remember that real estate is always local.

Pat, Lenn and Tammie - thanks for your input. They're always welcomed.

Judy - just doing my part to educate the consumers. It's always good to have another perpspective on the real estate market.

Karen - sometimes it's true, but not always. There are some areas up here in Massachusetts where 2 and 3 bedroom homes are doing better. There's really no rhyme or reason - it just "is."

September 02, 2010 10:56 AM
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Rainmaker
388,798

Lew Corcoran

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