In an effort to be knowledgeable of our current market, I weekly pull the market statistics in Watertown, Belmont, Arlington, Newton, Waltham, Brighton and Allston. Below are the market statistics in Belmont, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Belmont, MA market statistics weekly on Tuesdays.
Belmont, the single family town, is always an interesting town to pull market statistics for due to the difference in single family homes compared to condominiums and multi-family homes. The inventory for condominiums is roughly the same as last year, which is a good sign despite its large depreciation since last year (which I'll touch on later). Multi-family homes have decrease by 1/2 in number of homes on the market year-to-date compared to last year.
Both last year and this year, the average days on market for homes currently listed is above 100 days across the board. This tells me two things: Either buyers are staying on the fence and waiting to see if the prices drop slightly more before making a move OR sellers are being unrealistic with the asking prices. It is important to stay knowledgeable of these market statistics to help realize if an asking price is "way off" from both a buyer's perspective and a seller's perspective.
I'm not a doom and gloom real estate agent, because I do have some great news. Single family homes have appreciation year-to-date since last year by a whopping $29,391. With 28 fewer homes sold, it seems that a dropped inventory is helping sellers get top dollar for their beautiful homes.
The $106,994 decrease in average condominium sale price, is not as large as it seems. In fact, the median sales from between 2007 and 2008 was $410,000 and $360,000, respectively. A much smaller margin of $50,000. Why is working with an agent that understands market statistics important? A simple answer, upon further research I learned that the sales of the condominiums at the new Woodlands has skewed these market statistics. In 2007, 11 condominiums sold in that complex, compared to only 5 thus far this year. Each of these units has sold for roughly $1,000,000, which will create a large discrepency in average sale price and median sale price.
If you are interested in learning more about buying opportunities in Belmont or you are interested in a FREE market analysis for your Belmont home, please email me at mark.madden@commonmoves.com
If you are interested in learning about more Market Statistics or would like to be emailed more indepth statistics on a weekly basis for a particular town, please email me at mark.madden@commonmoves.com
Please click here to visit the Know Your Market Archives.
;)
;)
