Bedford Condominium Sales In A Slump According To March Sales Data – Anticipated Improvement In April And May
April 15th, 2009by Susan Crush
There are seven residential condominium complexes in the town of Bedford. They are Ridgewood, River Glenn, Rose Hill, Windstone, Village Green, The Mews and Riverwalk. The Mews and Riverwalk are designated for active adults, 55 years “young” and up.
Currently there are 37 condominium homes on the market for sale in Bedford. ranging in price from $150,000 to $479,000. The average price is $307,111 with a median price of $294,900. Average time on the market is 285 days which indicates a bit of a slump.
There are 6 condominiums that are in contract but not yet closed. Two are in Riverwalk and the list price on both is $259,900. Time on market on average has been 446 days. Riverwalk is a new complex, under construction featuring garden-style condominium units. Projects that are under construction typically show a longer time on market. The other four condos that are in contract, (one in Ridgewood, two in River Glen and one in The Mews) are listed at $179,900 to $347,000 with an average listed price of $256,450 and median price of $249,450. Average market time is 235 days. This may be a sign of improvement since these sales may close in April and May.
Only two condominiums sold during the month of March. One in Rose Hill at $277,500 and one in Ridgewood at $199,000. Average time on market was 106 days for these two properties. The Ridgewood condo sold at 92.5% of the listed price. Rose Hill sold at 96% of the listed price. Since these two properties sold in less than average time it indicates that they were probably priced attractively compared to their competition.
Looking at Bedford condominium sales data over the past decade, March has proven to be a poor month for sales. Only one to three properties have sold each year dating back to 2002. In 2000 and 2001, there were six condominium sales each year.
Mortgage companies and banks have recently tightened their lending requirements for condominiums, requiring borrowers to come up with larger down payments as well as have very good credit scores. FHA loans are a viable alternative but each complex must meet FHA standards. The stricter lending requirements may have a negative affect on sales–only time will tell. Since there are currently six condominium sales in contract, perhaps the April figures will be a bit more encouraging. Traditionally, the condominium market takes longer than single family homes to bounce back.
Based on information from the Northern New England Real Estate Network, Inc. for the period March, 1, 2009 to March 31, 2009.
Contributed By Susan Crush, Associate Broker, Bean Group
