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Know Your Market: Watertown, MA Real Estate Market Statistics

In an effort to stay “on top of” the real estate market in Watertown, MA we sort through the real estate 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 or sent to you directly, please do not hesitate to contact us at info@themaddenteam.com.

Watertown MA Real Estate Market Statistics by The Madden Team of CENTURY 21 Commonwealth

Single Family Homes

Good quality single family homes are selling fast and for top dollar currently. The market has remained “flat” for single family homes as prices have, for the most part, not increased or decreased too much. The average sales price has decreased by roughly $13,000 but the median sales price is higher for 2012. I think this shows that Watertown single family homes are a solid sale for sellers right now, as they can price the property with market value and expect a solid offered from well qualified buyers looking to move closer to the city and maybe raise a family.

Condominiums

Condominiums have seen a sharp increase in condominium list prices, which isn’t because of the costly church renovated condominiums since many of those have sold. This is more reflective of a higher listing price for many condominiums in the area, but notice that the sales prices have barely changed since last year at this time. Higher list price does not mean higher sales price in all cases. The biggest difference is that 138 condominiums have sold this year compared to 101 at this time last year. That’s a difference of 37 condominium sales. This is proving that with the low interest rates and flattened out prices, buyers are willing and able to jump into the housing market and, it seems as though, Watertown is a destination for them!

Multi-Families

While the yearly sales are down, prices are slightly up in 2012. List prices have sharply risen in this area too, but that is spiked by a couple of high list prices. We have seen an incredible surge in the multi-family market with most properties receiving multiple offers when priced right. The biggest “in demand” properties are fixer uppers as developers are flocking to this properties to give themselves work and flip the property for profit.

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 617-744-9195.

Know Your Market: Watertown, MA Market Statistics

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.

Know Your Market: Watertown, MA Market Statistics

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.

CONDOMINIUM HOMES

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.

OUTLOOK

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 mark@themaddenteam.com or call Mark directly at 617.448.9481.

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