As we head into the final month of Summer (I even hate writing that!), and everyone is trying to squeeze in those last camping trips, beach days and lobster bakes before the kids head back to school, the Bath Real Estate Market is holding its own.
Compared to Bath’s June numbers, Current Listings have increased by 3, the number of Pending Home Sales increased by 1, and 9 Home Sales closed in July, compared to 17 sales in June.
Taking a look farther back and comparing July 2104 to July 2013, we note that year-over-year Current Inventory is lower (109 in 2013) which is better for Sellers, Pending Sales are Higher (19 in 2013) which is good for everyone, and 12 Sales closed in July 2013, which does make 2014 look a tad weaker.
But, when you look at the July 2013 Median Sales Price of $143,000 compared to July 2014 Median Sales Price of $192,500, please don’t think that prices have gone up by 35% over the past year! We are seeing a difference in the type of property that is selling. Bath has had it’s share (maybe more than its share) of foreclosure and run-down properties that have sold at very low prices, mostly to investors. The prices paid generally did reflect value and the cost of repairs needed. Many of those properties were improved and put back on the market (flipped). This has caused a bit of mini-urban renewal in Bath that is good for everyone. But the bigger change may be that home buyers, shopping at higher price points, are buying in Bath because of the excellent values to be found here.
For those who are still on the fence about buying a home, mortgage interest rates are still favorable, and there are still great values to be found in Bath homes.
Contact us today if you have questions, or want to start the Home Buying or Home Selling process!