Clients of mine recently made an offer on a single-family home in Chelmsford, Massachusetts, so I did some market research using MLS Property Information Network as part of my comparable market analysis.
From January 1, 2008 through August 31, 2008, 168 single-family homes sold in Chelmsford, MA, a decline of 12.5 percent compared to the same period in 2007 when 192 houses sold.
The median price for single-family homes through the first eight months of the year stood at $328,250, a decline of about 7.5 percent compared to $355,000 during the same period in 2007.
The average number of days on the market barely changed, up to 119 from 117 days.
My clients made an offer on a ranch-style home. My research showed that Chelmsford, MA sales decline for ranch-style homes by about 30.5 percent while the median price for ranch-style, single-family homes dropped by about 7.5 percent. The average number of days on the market for ranches jumped about 24 percent.
I've attached some PDF files with the Chelmsford market data.