Happy New Year to you and yours! We're excited to share Medfords most vital Real Estate market statistics.
Great news!: While you can see that 38 fewer properties sold in comparison to 2012, you'll be interested in knowing that Days On Market have gone down drastically and Median Sales Prices are up!
What does this mean for our market?
Days On Market refers to the number of days in which it takes for a property to go under agreement. This period almost always includes the time between offer acceptance and signing of the Purchase & Sale Agreement, which is when the home officially goes Under Agreement. This is the same period during which any inspections are performed. A 43% decrease in 'Days On Market' is a clear sign that Medfords housing market is has gotten hotter in 2013! We found more buyers coming to see our properties and we received offers much quicker than before.
Which brings us to our next value - Median Sales Price. The median price for a home in Medford is up from $355,000 to $409,000! A $54,000 difference! What exactly does median, well, mean? Simply, it means that half of the homes sold were less expensive and half were more expensive than $409,000. It's a great sign!
We'll be rolling out our predictions for Medford in 2014 in just a few days. Please contact us for more information on the market in your neighborhood and again...Happy New Year from Mariam's Pro Team & RE/MAX Leading Edge!
