Bedford, NH

Where’s The Bottom??? It is encouraging to see that the number of home sales in Bedford for the third quarter of 2009 rose 15% over second quarter figures with 79 sales reported. But sale prices were down a little over 3% with an average sale price of $405,422. Average time on market during the quarter was a reasonable 87 days and Sellers were getting about 97% of their asking price. Home sales during the third quarter ranged from a high of $989,900 to a low of $191,000 with a  median sale price of $370,000.

2009 Quarterly Recap

First Quarter – Average sale price $416,896 with 38 sales reported.

Second Quarter – Average sale price $419,664 with 67 sales reported.

Third Quarter – Average sale price $405,422 with 79 sales reported.

2008 Third Quarter Comparison. There were 99 homes reported sold in the third quarter of 2008 with an average sale price of $448,620 and Sellers received a little over 96% of their asking price.

Fourth Quarter figures could prove favorable since first-time home buyers are now rushing to meet the November 30th deadline and this could boost sales figures in October and November. However, the status of the tax credit is in question and there is fear that home sales could drop sharply in December and throughout the winter months if it is allowed to expire. There are several efforts in Congress to extend the credit and even to expand it to all home buyers, not just first-timers and that could turbo-charge home sales considerably if it goes through.

Contributed by Susan Crush, Associate Broker, REALTOR, Bean Group

Based on information from the Northern New England Real Estate Network, Inc. for the period July 1, 2009 to September 30, 2009.

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Bedford NH Condominium Market

Condo sales in Bedford still stagnant with only 2 sales reported in September. Sale prices were up slightly from August figures at $264,950 on average. There are three condo’s in contract waiting to close escrow and 7 in contract with contingencies for a total of 10 potential sales for next month. The average asking price of the condo’s waiting to close is $262,535 with a median asking price of $239,950. The number of sales that are in contract is encouraging since these could close soon, improving October figures. The two sales reported for September are:  65 Hawthorne Drive, #112 which sold for $219,900 and 1 Pebble Beach which sold for $310,000.

As of this posting there are 25 condominiums for sale in Bedford and of the twenty-five, a little over half are designated as “active adult” or for those 55 and over. The average asking price is $273,144 with a median of $255,000. Average time on market is very lengthy at 390 days. The new construction condo’s in River Walk have been on the market for over two years, raising the average considerably. Average time on market of condo’s that are not in River Walk is a more reasonable 117 days.

Fannie Mae, Freddie Mac and private mortgage insurer AIG United Guaranty have recently mandated new requirements for condominium mortgages. These new and more stringent requirements can create difficulty for those trying to buy or sell their condos.

A few of these new guidelines include:

No more than 15% of a condo project units can be more than 30 days delinquent on condo fees.

Borrowers must now obtain a condo unit owners insurance policy unless the master policy provides interior unit coverage; coverage may not be less than 20% of the assessed value. A condo-owners policy, known as an HO-6 policy, covers personal property, personal liability, and the physical unit from the studs and in. Many policies also include special assessment coverage or the option to include a special assessment coverage rider.

The homeowners association must have at least 10% of its budgeted income designated for replacement reserves and adequate funds budgeted for the insurance deductible.

The revised guidelines could negatively affect buyers’ ability to obtain conventional loans for either a new or established condominiums if the project does not conform.

Contributed by Susan Crush, Associate Broker, REALTOR®, Bean Group

Based on information from the Northern New England Real Estate Network, Inc. for the period September 1, 2009 to September 30, 2009.

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The number of sales reported in Bedford for September was down a little compared to August. But there is reason for optimism since average sale prices rose significantly from $411,220 to $448,786 with median sale price of $429,900. Average time to sell a home in Bedford remained unchanged at 98 days.

As of this posting there are 129 single family homes available for sale in Bedford ranging in price from $109,900 to $2,450,000. The average asking price is $614,471 with a median of $494,450. These figures represent about a five month inventory of homes currently available, about the same as reported in August.

There are 29 homes in contract waiting to close escrow with an average asking price of $378,119. A little over half of these are “contingent” sales which may take a little longer to close depending upon what the contingencies are.

September Bedford Single Family Home Sales

134 King Road was listed at $200,862 and sold for $190,000
5 Southgate Drive was listed at $248,000 and sold for $249,900
19 Brookview Terrace was listed at $214,000 and sold for $259,900
14 Colonel Daniels Drive was listed at $320,000 and sold for $319,900
50 Oriole Drive was listed at $343,000 and sold for $350,000
12 Cottage Walk was listed at $323,000 and sold for $359,000
4 Joppa Hill Road was listed at $359,900 and sold for $359,900
13 Tamarack Trail was listed at $372,000 and sold for $399,900
55 John Goffe Drive was listed at $429,900 and sold for $449,900
16 Sentry Road was listed at $455,000 and sold for $454,999
11 Pinecrest Circle was listed at $445,000 and sold for  $459,900
6 Dam Lane was listed at $540,000 and sold for $549,900
74 Perry Road was listed at $547,700 and sold for $550,000
36 Darby Lane was listed at $633,000 and sold for  $649,000
126 Powder Hill Road was listed at $650,000 and sold for $699,900
31 Buckingham Way was listed at $758,000 and sold for $758,000
21 Esther Drive was listed at $790,000 and sold for  $799,000

Contributed by Susan Crush, Associate Broker, Bean Group

Based on information from the Northern New England Real Estate Network, Inc. for the period September 1, 2009 to September 30, 2009.

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The average sale price of a single family home in Bedford, NH increased about 5% ($411,220) in August with 27 sales reported. The median sale price for the month was $395,000, up about 13% from July figures and Sellers received about 98% of their asking price.

As of this posting, there are 121 single family homes for sale in Bedford with an average asking price of $613,615 and a median of $469,900. The average time on the market so far is 138 days. Home prices in Bedford range from $109,900 to $2,450,000. The majority of the homes currently on the market range from $300,000 to $400,000.

There are 22 “contingent” home sales pending with an average asking price of $405,166 and a median of $354,500. A contingent sale is the result of Sellers accepting a Buyer’s offer to purchase but the sale is contingent upon conditions that must be met before the sale can go forward. Contingencies can be anything from a buyer having another home to sell to clearing inspection issues or financing, etc. There are 13 homes in contract, waiting to close with an average asking price of $419,146.

Interest rates seemed to have leveled off and are holding in the range of 5.25% to 6%. First-time buyers are choosing FHA mortgages due to low down payment requirements and Veterans can still take advantage of 0% down with a VA mortgage.

All signs are indicating that the market may have reached bottom in Bedford since prices are inching upward in August. A few more months of price increases and decrease in the number of homes available for sale in Bedford will be the proof.

Contributed by Susan Crush, Associate Broker, Bean Group

Based on information from the Northern New England Real Estate Network, Inc. for the period August 1, 2009 to August 31, 2009.

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