Welcome 2009! It will be interesting to see what changes happen in the upcoming year. We’re already seeing some changes in the real estate market in Medford, MA and I’m sure I’ll surprise some people because many of the changes are positive.
It’s been a little over 2 months since I showed the the last market update for Medford and I thought it would be interesting to compare what was going on in the market at the end of October versus now at the very beginning of January.
The first thing you’ll notice is there are significantly less single and multi family homes for sale right now. This is to be expected because many people choose to take their properties off the market during the holidays and wait until the spring real estate market begins. The condo market is the exception to this rule and there are currently more condos for sale in Medford MA than there were in the fall.
The average sale price for single family homes in Medford has come down about $8,000 while the average sale price for condos has remained steady. The surprise is that the average for multi family sales price in the city has increased by approximately $5,000.
When you look at the absorption rates, you’ll see that single family homes are selling a bit quicker. The multi family home market has taken a giant step forward and the current absorption rate of 3.7 months reflects a market at equilibrium and not a buyer’s market. The condo market, though, has slipped and is showing a buyers’ market with 6.5 months of inventory currently available.
If you’d like more specific information for your situation, just let me know and Happy New Year!