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
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.
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.
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 email@example.com or call Mark directly at 617.448.9481.
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