Although you can’t read or watch the news without hearing the term “housing crisis”, Arlington Massachusetts is a good example that all real estate is local and you can’t judge by what might be going on in other areas.
Here are the latest statistics from January 2009:
Let’s compare these figures to what was going on in the fall in October 2008:
As you would expect due to the time of year and the amount of snow on the ground, there are less single family homes and condos currently on the market, but except for this normal seasonal change, the single family and condo market in Arlington has remained steady and active. Single family homes have been selling with an average of only 39 days on the market, while condos have been taking approximately 71 days to sell.
The multi family market has lost some ground. However, since so many 2 and 3 family homes in the city were converted to condos, there aren’t that many multi family homes for sale, so we’re working with a small statistical sample. The figures are showing that while homes are selling in a very respective average of 47 days on market, the average sales price has definitely dropped in last few months. It will be interesting to see what happens in a few months when the spring market (and the sun) returns!
More articles on Arlington, MA: