Medford, MA Homes for Sale – Deb on the Web » statistics

Market Update – Winchester MA

DebOnTheWeb — Tue, 02 Dec 2008 14:11:03 +0000

Let’s take a look at what’s been going on in the real estate market in the fair city of Winchester:

Winchester’s housing inventory is primarily made up of single family homes. As you can see from the chart above, both the single family homes and condos in the city are still selling in an average time frame and the real estate market for these properties is pretty much at equalibrium. Winchester doesn’t have many multi family homes (at least those that haven’t been converted into condos during the past few years). Unlike most of the surrounding communities where multi family homes sell for more than single family homes, the reverse is true in Winchester and the numbers are showing us that it’s still a buyers’ market for multi family homes in 01890.

Real Estate Statistics For Melrose, MA

DebOnTheWeb — Fri, 21 Nov 2008 14:27:40 +0000

The city of Melrose is a wonderful bedroom community with both the Oak Grove MBTA stop and commuter rail options for car-free commuting.

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!

Real Estate Stats for Somerville, MA

DebOnTheWeb — Wed, 12 Nov 2008 14:37:07 +0000

Somerville is a wonderful city where each square has its own feel. Although no city in my market area has been totally immune to the effects of this market, Somerville is remaining an active market.

As you can see from the chart above, absorption rates are quite low for the city. Only the multi family market is out of equilibrium. This is due primarily to the fact that during the height of the market, so many contractors came into the city and bought up as many 2 and 3 family homes as they could. Somerville has a condo review board and the approval process slowed down the number of apartments converted to condos in the city. But these investors could make so much money selling each apartment individually that they bid up the price of multi family homes to a point where these homes no longer made financial sense to the typical multi family buyer – the first time buyer or small investor looking for rental income.

The average sale price over the last 6 months of multi family homes has come down to a much more realistic $471,296, so the “normal” multi family buyers are starting to come back to the market.