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.
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.
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.
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 firstname.lastname@example.org or call Mark directly at 617.448.9481.