Bedford, NH Condominium Sales Up 36% In The Second Quarter Of 2009!
July 2nd, 2009by Susan Crush
In the second quarter of 2009 there were eleven sales reported–a 36% increase. The average sale price increased by a little over 23%. Sellers received on average approximately 94.5% of their asking price in the second quarter compared to 92.25% in the first quarter.
June, 2009 Condominium Sales Report
There were three closed sales in June with an average sale price of $233,500; median of $212,000 and time on market averaged a little over seven months. These sales were in Ridgewood At Bedford and The Mews. The Mews is designated as an “active adult” community for those 55+ years old. On a brighter note, Sellers got almost 96% of their asking price.
Currently, there are five sales in process, waiting to close escrow. They are located in Ridgewood At Bedford, River Glen, and three in Village Green. The average asking price of these condo’s is $279,960 with a median asking price of $299,000. Average time on market was 48 days.
Many Types of Condominiums Are Available For Sale In Bedford.
There are 33 condominiums for sale in Bedford as of this posting. They range in price from $150,000 to $465,000 and the average asking price is $291,200 with a median asking price of $275,000. Average time on market is just shy of a year.
Tightened Lending Requirements May Be Responsible, In Part For Slower Sales
Lending requirements have tightened recently and buyers must come up with a larger down payment if they want to purchase a condo in Bedford or anywhere else, using conventional financing. With the economic downturn and a severe shortage of low-down payment mortgage money, FHA financing has become increasingly popular among young buyers. Under the FHA program, consumers can put down as little as 3.5% on the purchase of their home. FHA requires that 50% of a condominium complex be owner occupied. There are only two Bedford condominium complexes currently on the FHA Approved List. They are Rosehill and Ridgewood at Bedford. Many condo owners have been forced to rent their homes in order to move forward with their plans and that means that many complexes are now not 50% owner occupied.
Closed Sales For June, 2009
16 Suffolk Court #157 sold for $173,500
31 Suffolk Court #31 sold for $212,000
12 Privet Hedge Lane #12 sold for $285,000
Based on information from the Northern New England Real Estate Network, Inc.
for the period June 1, 2009 to June 30, 2009.
Contributed by Susan Crush, Associate Broker, Bean Group
