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

As a real estate team, we feel it is important to have access to current Real Estate market information so you can understand what is happening in your area, the market dynamics of an area your interested in purchasing in or how much your home is worth in the current market. We are also offering an open line of communication where you can quickly and easily send our team any questions you may have. We feel that by supplying you with this information that when you decide to work with us you will have a greater understanding of the market in your area and we will all be a well informed “team”! [Read more...]

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.

Click on the logo below to be taken to The Madden Team Homepage

The Madden Team Logo

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 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

Know Your Market: Watertown, MA Market Statistics

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.

CONDOMINIUM HOMES

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.

OUTLOOK

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

Click on the logo below to be taken to The Madden Team Homepage

The Madden Report: Putting Market Data into Context

I told you it’s whenever, however and wherever… I was worried a customer was coming in!