In an effort to provide the most insight and information to our clients, followers and colleagues we, at The Madden Team, provide weekly and monthly market statistics pertaining to certain local markets. We provide Watertown, Waltham, Belmont and Arlington statistics monthly and each town is provided in a separate week.
This week we’ll be looking at the year-to-date real estate market statistics for Arlington, Massachusetts comparing the same time period (January 1st – July 21st) of 2014 and 2013. We separate the three distinct segments of the market: single family homes, condominium homes and multi-family homes. Please read below for our analysis of the statistics and what that means for you as either a buyer or seller in this market.
In reviewing these statistics for the Arlington MA Real Estate Market there are some obvious great signs showing a solid foundation for real estate in Arlington over the past two years.
SINGLE FAMILY HOMES
Most of the news these days has revolved around a shortage of inventory compared to past years, but as you can see we have increased levels of inventory for Arlington MA single family homes compared to last year at this time. The market has stayed strong with properties selling at 103% of the original list price on average when looking at the 138 sales registered thus far on the MLS this year. The 138 sales is up 10 (128) from last year at this time, which is a small increase. However, the biggest increases come in the shape of appreciation with both average sales price and median sales price. The average sales price is up $80,902 compared to the year-to-date in 2013 and the median sales price is up $77,000 compared to last year.
Similarly, condominiums homes have seen great increases in average sales price and median sales price. The average sales price has risen $79,200 and the median sales price has increased $67,500. Once again, the original price to sales price ratio is encouraging for home sellers as it sits currently at 102%. The condominium market has a few signs of not holding quite as strong as the single family market, however. Inventory levels are about even with last year (29 active listings currently vs 32 at this time last year) and we have seen a large decrease in the number of condominium sales year-to-date compared to 2013′s year-to-date. We’ve had 111 total condominium sales in Arlington this year compared to 149 through July 21st of 2013. This decrease may be reflective of the lower inventory as it seems, based on the market data, that well-priced and marketed condominiums are selling quickly (35 days market time) and often at above ask price (102% of original price to sales price).
The smallest market sector in Arlington is the multi-family market, based solely on units sold. Currently there are 7 active listings in Arlington compared to only 1 at this time last year. Year-to-date the multi-familiy homes in Arlington have sold at 104% of their original price. However, there have only been 16 multi-family sales in 2014 compared to 25 during the same time period in 2013. The good news is, though, that there has been appreciation in both the average sales price and median sales price. The average sales price has appreciated by $35,535 and the median sales price has appreciated by $40,100.