Real Estate Update with Paul Gerety

This is the first in the series of occasional pieces by Medford Real Estate Agent Paul Gerety.  Gerety lives in Medford.

Medford Square News

New Occupant for Former Medford Savings Bank Property

The former Medford Savings Bank building, located at 29 High Street, may have a new occupant some time in April 2008.

The Members Plus Credit Union of Somerville has petitioned the Commissioner of Bank for permission to move their branch office and operation center from the current South Street Somerville location to Medford, according to the winter MPCU newsletter.

Medford Property Sales 2007

Over 400 Medford Single Family and Condo Sales Reported in MLS for 2007

Single Family Sales
240 single family homes sold with an average sold price of $406,774, according to the Multiple Listing Service Database. This compares with 2006, where 292* single families sold with an average price of $416,656, resulting in a 17.9% downward correction in units sold, and 2.4 % downward adjustment in price.

Price Range- # Units Sold
Under $300 K- 30
$300 – $450K- 152
$450 – $500K- 27
$500 -1Million- 30
Greater than 1 Million- 1

Condo Sales
197 Medford condominiums sold with an average sold price of $322,429. This compares with 2006, where 195 condominium sold with an average price of $328,244, causing a 1.1% reduction in units sold, and 1.8 % downward price correction.

Price Range- # Units Sold
Less than $200K- 10
$200-299K- 83
$300-399K- 62
$400-499K- 36
More than $500K- 6