Stoneham Home Statistics As of December 2009

To get the full picture, you’ll also want to know how long it’s taking properties to sell. Single family homes in Stoneham are selling in an average of 80 days. Condos are taking an average of 171 days while the few multi family homes in the city have been selling in an average of 48 days.

Let’s compare this to what was happening in the Stoneham real estate market exactly a year ago:

Stoneham Home Statistics as of December 2008

What you’ll notice immediately is there are significantly less properties for sale this December than at the same time last year. However, many more properties have sold in the prior 6 months and more homes are currently under agreement. This is countered by the fact that home prices in all categories except multi family homes has continued to slide.

Curious to compare this to the real estate market last spring?

What will 2010 bring? Stay tuned as we find out!

When: Tuesday, September 22nd 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 and discuss how these sales impact your property selling plans. Sign up by September 21st by calling (781) 446-9720 or email me. Please include your property address if you’d like to be included in the area market analysis.

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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.

PHOTO GALLERY: The bee’s knees — Stoneham Educational Foundation hosts Trivia Bee – Stoneham, MA – Stoneham Sun

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Let’s compare these figures to what was happening in December (which reflects the fall market in Stoneham)

What we see is the number of properties has remained pretty level. In a “normal” market we see a lot more properties come on the market in the spring. (Of course we’re definitely not in a normal market now!) The number of properties that have sold has gone down a bit and that has lengthened the amount of months of inventory that is currently for sale. However, keep in mind that properties take on average 2 months to close, so these figures are still reflecting the winter market. In keeping with the rest of the country, the average sales prices in the city have continued to come down.

If you’d like more information on homes for sale in Stoneham just ask!

The Trivia Bee is this Friday, April 3rd starting at 7:00 PM in the Robin Hood School gymnasium. This year our team members are aged 23 to 85 so we’re hoping we have someone on our team who’ll be able to answer any of the trivia questions that come our way.

It’s a fun night that raises money used to help kids and the community, so please come and cheer us on :)

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.

Although 2 and 3 family homes are only a small percentage of the properties in Stoneham, this segment of the market has the highest change in the amount of time taking properties to sell. Although there are 4 less multi family homes for sale this year versus the same time last year, it is now taking on average 2 months longer to put these homes under agreement.

There have been changes in the condo market in 02180 as well. There are currently 43 condos for sale right now where there were only 22 condos for sale at this point last year. It is now taking about a month longer to sell condos in Stoneham as well with days on market now up to 190 days.

The Stoneham single family market has remained a steady market over the last year. There are currently 50 single family homes for sale right now and according to MLS, there were 50 single family homes for sale this time last year. The average days on market has also stayed the same at 136 days in order to have an accepted offer on a property.

If you’re looking for some laughs, join us on Friday, March 28th at 7:00 PM at the Robin Hood School gymnasium (70 Oak Street, Stoneham). Admission is free.