According to the MLS (multiple listing service) the final 2008 numbers for Bedford Co. residential sales are a little down from 2007. In fact we are lower than 2004. Anyone surprised? Keep in mind these numbers only reflect residential homes and not farms, just land, multifamily, or commercial property. They also do not reflect homes sold privately or homes sold through a non Realtor real estate company. As for the numbers:

I know everyone is concerned that the prices have fallen, but look at the price in relation to the size. As the avg. size increases so to does the sales price. It dropped alot from 2007 but so did the size of home sold. In comparison to 1581 sq ft sold in 2004 at a sales price of $99232 we are at an avg. of 1580 sf sold for 2008 with an avg sales price of $115723. This means those people that bought in 2004 should have an increase of over $16000 in equity. That is about a 16% return on your money in 4 years.

I will also point out that the DOM (Days on Market) is a little misleading in that if the home was listed with one realtor and did not sell then listed with another realtor, the first listing period days are not reflected. Actual market time is over 84 days in most parts of our county.

The point...? Real Estate is still a great long term investment and now is a great time to buy.

*By law I must disclose office affiliation when discussing real estate. ERA Bicknell and Parker Realty and Auction, Inc. 931-684-8700