When is the next Real Estate Market Crash in New Bedford?
There’s no mistaking it. We’re in a hot market right now. Homes are selling quickly (when priced right) and often we are seeing multiple offer situations, with some homes even going above asking price.
But, are we at the levels that we saw in 2005-2006 before the market crash of 2007-2008?
None of us have a crystal ball to know the future. But, if you’re into charting & predicting future markets, take a look at this… it doesn’t look we’re quite finished yet:
I’ve curated this data from our local H3 MLS and created a few spreadsheets and charts so I can share this info with you.
Back in 2006, there were 1,018 Listings taken! Wow, that’s a lot! 415 sold (that’s interesting. possibly some overpriced listings that expired in there?).
But, the average SOLD price was $247,031.73. This data is based on Single family homes only in New Bedford, MA.
Again, we’re in a hot market. So compare this with current average sales price:
$200,673.71 for 2016
$207,642.46 for 2017 (year to date, and counting!) *as of July 2017
So we’re still a fairly good distance away from being at the 2006 average price levels. ($247,031.73 for 2006)
The Last Real Estate Crash
Compare the above numbers to 2007-2008 when things appear to start coming down again.
There were 1,017 Listings Taken. And 399 Units Sold. Ok, similar to 2006. But look, the average sales price starts to creep down to $231,350.15 so you can clearly see something’s changing
and then in 2008 it dropped sharply to $194,487.14. Yikes! That’s a huge drop lower than the average sold price from 2003. (Average Sales Price in 2003 was $196,675.70)
If you’re looking to purchase a home, the market appears like it may or may not be going higher from here. Bear in mind, The spike up doesn’t look quite as “steep” as it did back in ’02 if you compare the rise from 2002 & the rise from about 2012 which looks like a slower crawl upwards but we’re still not close to the level we were back then. Rates are still low (at this time), so take that into consideration should price & rates get higher as the months and years progress. So, again, no crystal ball here, and this data is for informational purposes only* but it’s interesting information just the same.
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*Disclaimer: All information posted on this website has been obtained from third party sources and believed to be reliable, however, accuracy and completeness cannot be guaranteed and should be independently verified.