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