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.
Single Family Homes
There are many things to note from the market statistics for single family homes. All in all, there is a lot of good news. Year-to-date there have been 58 single family homes sales averaging a sales price of $485,776. This average sales price is up $6,470 from one month ago and $30,250 from one year ago today. The single family market seems to be showing good improvement compared to last year. There were four single family homes that sold in the past month, which is slightly down from the average of 5.27 homes per month that have been selling this year. However, with 29 homes of single family inventory, hopefully more will be closing before year end.
Condominium homes sales are a slightly different story than the single family homes. It seems, from a quick glance at the market statistics that the condominium homes have remained pretty level since last year with a modest appreciation of $6,817 compared to last year. The biggest difference we are noticing with this market is the inventory and how the inventory is causing price adjustments due to slower sales in certain segments of the condominium market. Currently there are 103 condominium homes on the market in Watertown compared to just 85 active condominium homes at this time last year. The average list price for these active homes has decreased $19,303 since last month and $37,621 since last year. This is either a reflection of lack of demand or a shift in consumer wants and needs.
The multi-family home market has decreased slightly since the beginning of October and the average sales price has depreciated $$15,348 since last year at this time. There is more inventory on the market this year in comparison to last year and the average days on market of those active listings is much higher (50 days). Last year, it was taking longer for homes to sell (77 days vs 37 days), but they were selling for a higher amount of money. Since the supply (inventory) was less there was more of a demand for these homes because the selection was scarcer. Today, there are a few more homes available on the market so buyers are able to compare multiple properties before making a decision.
The current market is a dream market for buyers, especially in the condominium and multi-family homes market. With historically low interest rates, these buyers have the opportunity to purchase homes where the supply and demand is leaning in their favor. Buyers can compare multiple properties, especially in the condominium market, before making a decision.