As you can see, sales prices for single family homes in the city came down last winter and then up in the spring. This is a very typcial pattern since buyers that have a choice in their time frame prefer not to buy a new house during the holidays or in the winter.

Prices are on a current downward trend. It will be interesting to see if the prices of homes in Somerville rebound for the fall market. You might be wondering why I said that since it is officially fall. Real estate prices become public the day the house closes, that’s when the house officially sells. However, the price was set 6 weeks to 2 months prior to that when the buyer’s offer was accepted. Because of this, there’s always a delay in real estate statistics.

These numbers only tell you part of the story. You also need to look at how long properties have been on the market. According to MLSPin, here are the average Days On Market for Winchester Homes:

Single family homes: 107
Condos: 112
Multi family homes: 61

Want to take a look back in time? Here’s what was happening in the Winchester real estate market in March.

Here are the latest statistics for Medford:

What this shows is that the market is still holding its own in Medford and that buyers are continuing to purchase single and multi family homes pretty quickly. The condo market has improved.

So, how long does it take to sell a property in Medford? Here are the average days on market from MLSPin:

Single family houses – 94 days on market
Condos – 118 days on market
Multi family houses – 99 days on market

If you’d like to compare, check out the Medford Real Estate Statistics from April 2009 or the State of the Medford Real Estate Market in January 2009 or check out what was happening last fall with the Medford Real Estate Update from October 2008.

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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.

What does that means? Well, if you’re looking to sell, it’s a lot easier to get your house to stand out when there is less competition. If you’re looking to buy, it means you need to have patience in this market in order to find the right house.

If you’re a number cruncher like me, here are the latest statistics for real estate in Medford:

If you’d like to compare, here are Medford’s real estate statistics for January 2009 and the real estate market update for October 2008.

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.

Average Days on Market
Single Family Homes – 115
Condos – 170
Multi Family Homes – 132

The statistics show that I’m not just looking through rose colored glasses, either. At the same time last year, Malden had 12 months of inventory on the market (yes, a solid year!). As you can see from the chart above, we now have an average of 6 months of inventory for sale. Real estate markets are considered at equilibrium (not a sellers’ or a buyers’ market) when there are between 4 – 6 months of inventory for sale.

The other item that jumps out from the latest statistics is the dramatic change in price of multi family homes in the city. There are more foreclosures of multi family homes in Malden than any other type of property, and that has had a major impact on the market value of 2 and 3 family homes throughout the city.

It will be interesting to see if the absorption rate is being seasonably adjusted because of the harsh winter with many sellers deciding to hold off putting their properties for sale. I’ll keep you posted!