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Watertown MA Real Estate Market Statistics by The Madden Team

On a monthly basis The Madden Team will provide market statistics for the Watertown MA Real Estate market. These real estate market statistics will compare the current market with the real estate market from one month ago and from one year ago. We will split the posts into three segments: single families, condominiums and multi-families. This should help to gauge where the market has come and in which direction it may be going. Our goal is to educate the people of Watertown as to the real estate market so that when the time does come to sell their home we can work better as a team to help you reach your goal. [Read more...]

Know Your Market: Watertown, MA Market Statistics 2009 vs 2008

In an effort to stay “on top of” the real estate market in Watertown, MA we weekly pull market statistics for single families, condominiums and multi family homes. We make an effort to share this data with our clients and the internet users, so that we can help educate potential buyers and sellers about the realities in the Watertown, MA real estate market on a monthly basis. These statistics are the year-end data comparing 2009 vs 2008.

Watertown, MA Market Statistics

SINGLE FAMILY HOMES

The single-family home market had a good year with slight depreciation of just over $7,000, which is not a large number in the grand scheme of things. Currently there is almost equal inventory to last year at this time. In 2009 there were 79 total single-family home sales, according to the MLS, while in 2008 there were 61. This is a great increase and bodes well for the single-family home market.

CONDOMINIUM HOMES

The condominium home market had 32 less sales and a depreciation of over $25,000. All is not bad, however, as these statistics must always be taken in context. More high end properties sold in 2008 with 9 condos selling for over $600,000, of which 2 sold for over $900,000. Comparatively, in 2009 only 1 property sold for more than $600,000 and its sale price was $781,000. When there are more high-end sales, it will skew the final analysis, so all must be taken into account.

MULTI FAMILY HOMES

In the multi-family homes market there is less inventory by a wide margin and we have seen a $40,000 depreciation from 2008 to 2009. We had more distressed multi-families hit the market, which caused part of the depreciation. The other reasoning was a $2,400,000 multi-unit building that sold in Watertown. As with the condominium market, a few high priced sales (or in this case one high priced sale) will definitely change the appreciation vs depreciation levels.

OUTLOOK

With the extension of the tax credit incentive, we are seeing a great amount of activity and expect it to last through the winter. It is a great time to buy as interest rates are still low, the incentive is available and prices have flattened out. For sellers, right now there are a lot of buyers hitting the market that are looking to take advantage of either the $8,000 tax credit for first time home buyers or the $6,500 tax credit for repeat buyers.

For more information on the Watertown, MA real estate market or to receive this updates weekly by mail, please contact Mark at mark@themaddenteam.com or call Mark directly at 617.448.9481.

Know Your Market: Watertown, MA Market Statistics

In an effort to stay “on top of” the real estate market in Watertown, MA we weekly pull market statistics for single families, condominiums and multi family homes. We make an effort to share this data on a monthly basis with our clients and the internet users, so that we can help educate potential buyers and sellers about the realities in the Watertown, MA real estate market. We will be posting these statistics for Belmont, Brighton, Newton, Arlington and Waltham every month as well.

Know Your Market: Watertown, MA Market Statistics

SINGLE FAMILY HOMES

There is more inventory (by 1 home) this year as compared to this point last year. This is very impressive considering that we are 1) heading into winter and 2) have had 14 more sales year-to-date in comparison to last year. The single family home market seems to be holding the strongest of these three housing sectors, with a 93% original list price to sales price ratio. We are down -$14,516, but as we’ve mentioned in The Madden Report: Putting Market Data into Context these numbers can easily be skewed by 1 large sale or 1 very small sale.

CONDOMINIUM HOMES

Inventory in the condominium market is holding steady in the mid-60′s. There has been fewer sales year-to-date but I expect that the end of 2009 and beginning of 2010 will see an influx of condominium buyers, as they extended first time home buyer tax credit comes to an end. Based on the buyers we are currently working with this seems to be the trend that we are heading towards.

MULTI FAMILY HOMES

Currently, year-to-date we have 8 sold multi-family homes compared to 15 last year. However, there are currently 8 multi families that are Sale Pending on the market right now! This means that we could, in fact, match the number of sales in all of 2009 in early 2010. The 2/3 family homes in Watertown have been flying off the market currently. We were recently in on another multiple bidding situation for a 2 family. The competition is back and buyers are out in force.

OUTLOOK

With these low interest rates hovering for the time being, buyers are positioning themselves to jump into the housing market. Many current home owners are beginning to ask for a market analysis on their homes, so that they can see if it is “worth it” to sell their home now in order to take advantage of the $6,500 tax credit for repeat buyers (as long as they meet criteria, click here to learn more). We expect a busy end to 2009 and expect a lot of activity to start off 2010.

For more information on the Watertown, MA real estate market or to receive this updates weekly by mail, please contact Mark at mark@themaddenteam.com or call Mark directly at 617.448.9481.

Click on the logo below to be taken to The Madden Team Homepage

The Madden Team Logo

Know Your Market: Watertown, MA Market Statistics

In an effort to stay “on top of” the real estate market in Watertown, MA we weekly pull market statistics for single families, condominiums and multi family homes. We make an effort to share this data with our clients and the internet users, so that we can help educate potential buyers and sellers about the realities in the Watertown, MA real estate market. a weekly basis. If you would like to see a different town featured, please do not hesitate to contact

Know Your Market: Watertown, MA Market Statistics

SINGLE FAMILY HOMES

The Single Family Home market is actually doing pretty well right now! We have 21 homes on the market compared to 14 at this time last year. This means that inventory is up with lowered prices, insanely low interest rates and the $8,000 tax credit incentive (or $6,500 depending on your situation). This is the perfect storm for buying a single family home. Comparing to last year, we have 1 fewer sale year-to-date which is a great sign for our current market.

CONDOMINIUM HOMES

The condominium homes market has had less sales this year in comparison to last year. This should not be viewed as the market “tanking” but rather that there has been less inventory of condominiums on the market in the price range that buyers are current buying in. Last year there were 9 condos that sold for over $600,000, while this year there has only been 1 condo sale over $600,000. There are homes available for over $600,000 but it seems that there are no buyers to be found. The hot market in this sector is first time home buyers who are out in force taking advantage of the tax credit.

MULTI FAMILY HOMES

In our segment on The Madden Report, we talk about the multi-family home depreciation in detail because often times when people see a depreciation of -$42,000 they jump to the conclusion that this segment of the market is suffering. The facts behind the numbers point to one HUGE sale last year (2.4 Million) which has completely skewed the average sales price. Without that sale there is only a -$9,000 depreciation.

OUTLOOK

The market seems to be active right now due to the “perfect storm” of low interest rates, lowered prices and the $8,000 tax credit for 1st time home buyers. Now is a great time to buy a home, because in the months after January 1st many other buyers will be jumping into the buyers market in order to capitalize on the tax credit before it expires.

For more information on the Watertown, MA real estate market or to receive this updates weekly by mail, please contact Mark at mark@themaddenteam.com or call Mark directly at 617.448.9481.

Click on the logo below to be taken to The Madden Team Homepage

The Madden Report: Putting Market Data into Context

I told you it’s whenever, however and wherever… I was worried a customer was coming in!