This chart shows the median sales price in the city on the black line. Last summer the median sales prices dropped and then rose again in the fall. Notice that even with the incredibly harsh and snowy winter we had, the median sales price in Melrose continued to climb until they reached a plateau in spring.

The orange line tracks the average days on the market for single family homes for sale in Melrose. After staying pretty level from last spring all the way through fall, we had a large jump during the cold days of winter, so although prices were rising, it took longer for houses to sell. (That’s because so many of us were spending a day or two each week just shoveling out from each storm!) Thankfully the weather has cleared and we’re seeing houses selling faster.

Keep in mind that these are just trends and that your selling experience will be different. I’ve just put two single family homes in Melrose under agreement and one sold in just 5 days while the other house sold in 55 days. Homes that are priced correctly and marketed well will sell in a short period of time.

Your opportunity to live in Melrose! Bring your creative ideas & some TLC & turn this Cape with inlaw into your new home. The main house has 7 rooms and 3-4 bedrooms. Some rooms have been freshly painted. Relax in front of the brick fireplace. Hardwood floors waiting to be refinished. Both 2nd floor bedrooms have walk in closets. The 3 season back porch welcomes you. 4 room 1 bedroom basement in-law has separate entrance. Long side yard with a double wide gravel driveway and shed. Sold in “as is” condition. Subject to seller finding housing.

When: Wednesday, September 29th from 7:00 – 9:00 PM
Where: Medford Fire Station 5
Zero Medford Street (at the intersection of Medford Street and Main Street)

Each spring and fall I team up with a local real estate attorney, John Masciarelli, and we offer a free seminar to the public to help educate people about what to expect if you decide to sell your property. John and I discuss marketing, the legal aspects of selling, current market conditions and leave plenty of time for your questions.

Learn What To Expect In This Market When Selling Your

* SINGLE FAMILY HOME * MULTI-FAMILY * CONDO * INVESTMENT PROPERTY

John Masciarelli, A local real estate attorney and I will discuss:

• Foreclosures and Short Sales
• How Do We Determine Value?
• Can I Sell My Property Without Paying Capital Gains Taxes?
• How Do We Prepare Our Home For Sale?
• How Do We Sell Our Investment Property With Tenants?

For those who pre-register: we will review the most recent sales in your area. Sign up by September 28th by calling (781) 446-9720 or reserve your seat below.

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Gorgeous townhouse renovation close to Commuter Rail & Melrose Center. Great open floor plan. Kitchen has breakfast bar & stainless steel appliances. Convenient 2nd floor laundry room. Master bedroom suite with walk in closet and oversized master bath with rainshower head & whirlpool tub for relaxing at the end of your day. Thoughtfully renovated in 2003 with a bath on each floor & lots of storage. Private fenced yard, 2 zone central air, economical gas heat, & FIOS.

Visit www.68WillowSt.com for full information and floor plans.

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There are a wide variety of condos in each city. They range from small associations in converted 2 or 3 family houses to high rise condo buildings like Station Landing which is a city within a city.

Now if you’re thinking of selling a condo in Somerville, dont’ be discouraged by the fact that there are 11 months of inventory on the market right now. That figure shows how long it would take for every condo currently for sale in Somerville to sell. Some of the units are so overpriced, they aren’t truly on the market (IMHO of course.) The condos that are priced right, will sell. I closed on a condo in Somerville this week that I sold in 38 days.

The same hold true in Medford. Although the average days on the market for condos in the city is 115, if you price your condo right and market it well, you can sell much fast. I sold this Medford condo in 11 days for its full asking price.

Whether you sell or sit on the market comes down to the basics – location, condition, price and marketing.

* Source MLSPin

Sometimes seeing all of the numbers at once can be a bit overwhelming, so this chart breaks out the number of month of inventory of single family homes for sale in each city:

Not surprising the cities with the highest price tags, Cambridge and Winchester, have the most number of months of inventory already on the market. Looking at months of inventory help you really narrow in on what’s happening in a real estate market because it factors in demand, not just numbers of homes for sale or average days on the market.

When: Monday, April 6th from 7:30 – 9:30 PM
Where: Medford Fire Station 5
Zero Medford Street (at the intersection of Medford Street and Main Street)

Each spring and fall I team up with a local real estate attorney, John Masciarelli, and we offer a free seminar to the public to help educate people about what to expect if you decide to sell your property. John and I discuss marketing, the legal aspects of selling, current market conditions and leave plenty of time for your questions.

Learn What To Expect In This Market When Selling Your
* SINGLE FAMILY HOME* MULTI-FAMILY * CONDO* INVESTMENT PROPERTY

John Masciarelli, A local real estate attorney and I will discuss:

• Foreclosures and Short Sales
• How Do We Determine Value?
• Can I Sell My Property Without Paying Capital Gains Taxes?
• How Do We Prepare Our Home For Sale?
• How Do We Sell Our Investment Property With Tenants?

For those who pre-register: we will review the most recent sales in your area and discuss how these sales impact your property selling plans. Sign up by September 15th by calling (781) 446-9720 or email me. Please include your property address if you’d like to be included in the area price round up.

The real estate market in Melrose has slowed down, but it’s still doing much better than most of the rest of the country. Let me show you:

The Average Days on Market are also showing that sales of single family homes remain brisk while condos and multi family homes are taking longer to sell.

Average Days on Market as of February 26, 2009 (based on the last 6 months of sales)
Single Family Homes – 97 days
Condos – 149 days
Multi Family Homes – 162 days

Let’s compare this to what was going on in November:

There are 2 big changes that we see in the real estate stats:

Just like our New England weather, the real estate market is constantly changing. It will be interesting to see what spring brings!

Here’s the latest on what’s happening in the market. (The sold statistics are for the last 6 months.)

What this information shows us is that the single family market is doing well, however the condo market is continuing to struggle in the city. If we look at the average Days on Market for all sold properties, we see more confirmation:

Single Family Homes – 77 Average Days on Market
Condos – 159 Average Days on Market
Multi Family Homes – 137 Average Days on Market

Would you like more information about buying or selling a home in Melrose? Just ask – it’s what I’m here for!

The MBTA has a wonderful site that lets you put in any address and see what the options are for taking public transportation.

Maybe public transportation just isn’t right for you,but you’re still trying to determine whether or not it makes sense for you to move closer to work. Check out the Commuting Calculator which will help you decide if it makes more sense to buy a house in a more expensive area that’s closer to work or to buy a house with a longer commute that costs less. You can plug in the potential distances from work, gas prices and more. The calculator will help you figure out which scenario makes more sense for you.