Watertown, MA

The number of single family homes sold in Watertown, MA during the month of November was 3 in both 2007 & 2008.

The average selling price increased dramatically from $469,000 in 2007 to $773,167 in 2008.

The average DOM (Days on Market) also increased dramatically to 163 days from 53 in 2007.

In an effort to be knowledgebale 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 Watertown, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Watertown, MA market statistics weekly on Mondays.

The real estate market in Watertown, MA has only had minor changes during the past week. There has been a slight drop in inventory in both Single Family homes and Multi-Family homes, while the condominiums inventory has remained constant. Both single family homes and condominiums have seen slight decreases in the average list price, but multi-family homes have has a slight increase in their average list price. An increase in average list price during this season does not make a lot of sense. It all comes down to motivation during this season. If one is motivated to sell, then the agent and seller must discuss realistic listing prices or else the home will languish on the market.

Condominium home sales increased their total solds this year by 2, up to 222 year-to-date. However, last year at this time there were 292 home sales, which is down 70 sales since last year. The depreciation and appreciation trends remain the same as last week when condominiums had appreciated by a little over $2,000 and Multi-family homes were the largest in depreciation at -$16,652.

If you are interested in learning about more Market Statistics or would like to be emailed these 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.

Recently, there has been an increase in the use of the terms "green" and "energy efficient" across many industries and even in the political arena. As with many other industries, the latest trend in residential real estate has been on "Going Green" and being "Energy Efficient." But, what exactly does this mean?

Green building practices have evolved to help to address significant local and global issues, including:

• Climate change;
• Natural resource depletion;
• Rising energy costs;
• Dependence on foreign oil and emerging renewable energy technologies;
• Pollution; and
• Health and quality of life issues.

Green homes are sited, designed, constructed and operated to improve and enhance the well-being of those living within. Before constructing green homes, developers and architects assess the natural features and orientation of the land. Direction, wind patterns and landscaping can have a tremendous effect on the operation of a home. During construction, environmentally-friendly materials are used and construction wastes are minimized. Important features that define green homes and benefit homeowners include:

• Increased energy efficiency - this includes efficiency in heating/cooling systems, electricity, use of energy efficient appliances and prevention of heat loss/gain through use of insulation and selection of efficient windows and doors.
• Increased water conservation
• Improved indoor air quality

Today's savvy buyers are demanding that their real estate investments also be environmentally responsible. Indoor air quality and health are priorities. Recycling and use of recycled materials are much more commonplace. Worries about rising utility costs and the buzz about new energy technologies are frequent topics of conversation. Buyers have begun to look for properties which fit these needs. As more information, technologies and ideas hit the market, more and more home buyers and sellers will look to find ways to meet these needs. Real estate professionals with certifications and experience within the "green" and "energy efficient" markets will have a pivotal role in the greening of residential real estate.

In an effort to be knowledgebale 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 Watertown, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Watertown, MA market statistics weekly on Mondays.

This week we saw an increase in the condominium market's active volume rising from 71 last week to 78 this week. However, both condominium homes and multi-family homes have had an increase in listing price. Single family homes were the only category to drop in average list price, while increasing inventory by 1 home. The average list price is down from $547,411 last week to $518,445 this week which is a substantial and much needed drop.

All housing categories has a slight increase to their number of sales year-to-date. Single family homes have now cut their depreciation by more than half from last week. Last week, year-to-date, the single family home depreciation was at $29,087 and now the depreciation has decreased to $12,341.

If you are interested in learning about more Market Statistics or would like to be emailed these 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.

Overview

The Riverbank Lofts is a complex of 56 condominiums in Watertown. The Riverbank Lofts are located at 290 Pleasant Street in Watertown, MA. The condominiums were constructed in 2006 in a building originally built as an office building and then converted into condominiums. Every unit comes with 2 deed parking spaces.

Units & Pricing

The units are all 1 bedroom or studio sized and range in size from around 621 square feet to 1,333 square feet. The units on the first floor have patios, while the back side of the building overlooks The Charles River. The original units came with washer and dryer included in the units, but resale units will obviously have the choice of keeping the washer and dryer if so desired. All units have 1 bathroom.

The monthly condominium fee ranges from the low $200's per month to the high $300's per month depending on size of the unit. The condo fee includes: Heat, Master Insurance, Elevator, Snow Removal, Refuse Removal.

Sales History

The number of sales over the last three years in MLS transactions has ranged from 4 year-to-date in 2008 to 32 in 2006.

• 2006 - Average Sales Price: $333,475 (10 units sold) with an Average Market Time of 24 days
• 2007 - Average Sales Price: $332,966 (32 units sold) with an Average Market Time of 93 days
• 2008 - Average Sales Price: $351,125 (4 units sold) with an Average Market Time of 495 days

Currently there are 4 condominium for sale at The Riverbank Lofts with an average list price of $324,975. For more information on the current listings or to be notified of any new listings at The Riverbank Lofts please email me at mark@smarthomesboston.com or call me directly at 617.448.9481.

Area

The Riverbank Lofts are located along the Charles River Bike Path, which leads all the way into Boston. It also has great access to the Mass Pike, Route 20 and more. With close access to Watertown Square's shops and restaurants this is a great commuter location.

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