A LOOK AT NEW CONSTRUCTION HOMES IN BEDFORD AND LEXINGTON –
Any Bedford resident has noticed the growth in new construction. Every neighborhood has someone building something!
In the past 12 months, 20 new construction homes sold in Bedford! That’s a 54% INCREASE over 2014.
The average new construction home price increased 8%,from $1,140,100 to $1,233,000.
These homes also sold about 2 weeks quicker in 2015! Bedford existing home sales were up 5%, with the ASP barely increasing.
BEDFORD – All Single family sales 2015
Total units sold – 156 units +20%
Total Days on Market – 66 +3%
Average Sales Price – $785,700 +11%
In contrast, Lexington’s more mature new construction market,was basically flat. With 74 new home sales in both 2014 and 2015 and an ASP of $1,620,000 for both years. The only bright spot was homes sold on average 30 days faster.
Backing out new construction sales, Lexington existing home sales were up 5% to 313 units, selling 4% higher.
LEXINGTON – All Single family activity 2015
Total units sold – 387 units +5%
Total Days on Market – 70 +4%
Average Sales Price – $1,149,000 +3%
Both towns benefit from top ranked schools, proximity to major highways & downtown Boston. Bedford has done some tightening on building regulations recently. We’ll see 2016 new construction slow down a bit.
Interest rates should remain affordable however so we project the strong housing market will continue!