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Know Your Market: Watertown, MA Market Statistics

November 29, 2009 by Leave a Comment

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

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The Madden Report: Putting Market Data into Context

November 29, 2009 by Leave a Comment

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

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Know Your Market: Watertown, MA Market Statistics

November 14, 2009 by Leave a Comment

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.

Watertown 11-14

SINGLE FAMILY HOMES

Year-to-date single family home sales in Watertown, MA have been pretty steady in comparison to last year. The number of active listings, number of sales year-to-date, average sale price and median sale price are all basically unchanged. This year we are averaging slighly better days on market averages for sold homes. This tells us that sellers are pricing their homes to sell and therefore they are selling faster.

CONDOMINIUM HOMES

The condominium home market has seen a -$23,668 depreciation year-to-date with fewer sales this year as well. With the first time home buyer tax credit being extended, we still feel as though it is a great time to list your condominium homes because through the end of April buyer will attempting to getting an offer accepted in order to be eligible to receive the $8,000 incentive. This will hopefully help the market catch up to the 2008 standards.

MULTI FAMILY HOMES

The multi-family homes market in Watertown, MA has also depreciated year-to-date in comparison to 2008 by -$35,796. There have been 17 fewer sales year-to-date in this category as well. With a substantially lower average sales price, now may be the time for investors to find some great rental income property or to eventually use as a condo conversion.

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

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

The Madden Team

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Belmont, MA Market Statistics for September 16, 2009

September 16, 2009 by Leave a Comment

Welcome back to Belmont, MA Market Stats. As we said in our Watertown Market Stats, we hope that you enjoy the stats in the new location at www.TheMaddenTeam.com

Belmont, MA Market Stats for 9/16/2009

This month’s Belmont, MA Market Stats feature some interesting positives and negatives to our current market. Multi-families have positives and negatives within its own column. The inventory is down by 9, year-to-date, leaving us with only 5 currently active multi-family homes. However, these homes are priced nearly $50,000 more in comparison to last year. As you can tell, the Multis market has not increase, but rather gone down roughly $23,000 in depreciation between 2008 and 2009.

Condominiums have actually had an increase in median sales price between 2008 and 2009, although we have seen depreciation on the average sales price. We have had similar numbers in total number of sales and current inventory, so it seems like this segment of the market is holding strong thus far this year.

Lastly, the average listing price for single family homes has dropped nearly $100,000 since last year at this time. With a larger inventory and an $85,883 depreciation year-to-date in comparison to last year at this time, now may be the time to take advantage of great prices and interest rates on single family homes in Belmont, MA.

OUTLOOK

We are anticipating a strong Fall due to the tax incentives available to first time home buyers. Many homeowners who bought their first homes and are looking to upsize may be trying to get into Belmont for a variety of reasons. These same homeowners are listing their homes in hopes of catching an eager first time home buyer before it’s too late. This could lead to an exciting buying season for “upsizers”.

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Watertown, MA Market Statistics for September 6, 2009

September 6, 2009 by Leave a Comment

Stats from MLS on 9/6/2009

Stats from MLS on 9/6/2009

Welcome back to the Watertown, MA Market Statistics! In the process of changing our internet presence we strayed away from provided these comprehensive market statistics and for this, we apologize. Hopefully in their new location on www.TheMaddenTeam.com you can enjoy the stats as much as your used to.

This month’s statistics bring a series of change in our market. We have seen a slight appreciation in Single Family homes average sales price year-to-date, while condominiums and multi-families have had a small depreciation.

It is great to see that the average list price is down across the board, which means that sellers are finally pricing their homes for the current market and not the real estate market of years past (and that other real estate agents are not “buying” listings through promising high sales prices).

The overall number of sales has gone down in both condominiums and multi-families, but the volume of single family sales is holding strong in the mid 50′s as it was last year at this point.

OUTLOOK

We are expecting a busy September as the 1st Time Home Buyers Tax Credit ends on November 30th. This means that buyers must close by that date.  A typical closing ranges from 45 – 60 days in this market, so many buyers will be attempting to submit and have an offer accepted during this month.

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