Medford, MA

Medford, Massachusetts November Market Report

Dan Tucci
REALTOR®
American Hallmark Realtors
TucciRealEstate@gmail.com (617) 816-7603

Whether you are buying or selling a property in Middlesex County, my goal is to provide you with the resources and tools you need to make a smart and stress free real estate investment.

As of November 19, 2008 here is the status of the Real Estate market in Medford, Ma.

Currently, there are 61 single family homes on the MLS (Multiple Listing Service) in Medford Mass. They range from $185,900 to $769,000.

Currently, there are 81 condos on the MLS in Medford Mass. They range from $159,900 (Riverside Ave.) to $673,900 ( Station Landing).

On the Multi-Family front, there are 55 properties on the MLS in Medford. The lowest priced two-family starts at $199,500 (round robin auction) and the highest multi on the MLS is on for $995,000.

There are currently four parcels of land in Medford for sale on the MLS.They range from $260,000 (Capen St.) to $4,900,000 (Middlesex Ave.). This is 6.53 acres of INDUSTRIAL ZONED land.

Under Agreement Properties

Single Family Homes: 35 Average List Price: $366,864 Average Market Time: 55.26

Condos: 14 Average List Price: $328,614 Average Market Time: 78.71

Multi Family Homes: 28 Average List Price: $409,040 Average Market Time: 113.54 S

Sold Properties: last 6 months

Single Family Homes: 133 Average Sale Price: $381,118 Average Market Time: 86.12

Condos: 91 Average Sale Price: $309,257 Average Market Time: 138.16

Multi Family Homes: 54 Average Sale Price: $392,415 Average Market Time: 99.43

To request a showing of any of these Medford, Ma properties please contact Dan Tucci, a lifelong Medford resident and REALTOR®.

Whether you are buying or selling your home, consider for a moment what is truly important when selecting your REALTOR®; Honesty, Integrity, Professionalism, Marketing, Communication, Market Knowledge, and above all, Personal Service. Experiencing anything less from your Realtor could affect your net equity and/or place you in a home that isn't optimal for your needs. Become one of Dan's satisfied clients.

Dan Tucci
REALTOR®
American Hallmark Realtors
www.livein02155.com
617-816-7603

Okay, I'm from Boston and you know that we don't like pronouncing our "R's". but what’s better than culture? Free culture! If you have a Bank of America check, credit or ATM card, then you’ll be eligible to go to museums for free on the 1st weekend of every month. This weekend if you bring your BOA card along with your ID, you’ll be able to get into the

• Museum of Fine Arts in Boston (a perennial favorite of my family)
• The Harvard Museum of Natural History in Cambridge (which I visited in the spring with my nieces and we all really enjoyed it, especially all of the beautiful geodes)
• The Danforth Museum of Art in Framingham
• The Decordova Museum and Sculpture Park in Lincoln

Get more information on BOA program for getting into museums for free.

Looking to save on entrance fees without going with the crowds on these free weekends? Then check out your local library. The Medford Public Library even lets you reserve passes online for great museums like the Science Museum, The Peabody Essex Museum (which I highly recommend if you haven’t been there since their major renovation), and the Isabella Steward Gardner Museum. Check out their website to see the entire list and then enjoy a wonderful day of art, nature or science and only pay for parking!

As the leaves are falling from the trees, it’s time for another update on what’s happening in the real estate market here in Medford, MA. Since most people are looking to buy or sell either a single family, a condo or a multi family home, I’ve separated out what’s happening in each of these markets.

As you can see, there are very similar numbers of properties for sale, however, there are many more single family homes under agreement than multi family homes and even fewer condos under agreement. Don’t let this disparity fool you into thinking that the condo market in the city is in trouble. Take a look at the absorption rates. Absorption rate is a way to look at the number of properties currently on the market and then using the number of recent sales, allows you to estimate how long it would take for every property currently on the market to sell if no new properties were allowed to go on the market. This figure helps you to see if the market is speeding up, slowing down or staying level. As you can see in the chart, although there are less multi family homes on the market than either single family homes or condos, the multi family market is currently the slowest of the 3 categories.

So, what do the numbers tell us is happening in the Medford, MA real estate market? They show us that the market is continuing to improve. Two months ago, the city-wide absorption rate was 5.4 months and today it is 4.7 months. Medford’s proximity to Boston, good access to public transportation (which will get even better when the MBTA Green Line comes into town) and our broad range of properties and price ranges continues to help the city weather the current economic times better than many other cities in the country. Yes, our prices have dropped from the high of the market, but the good news for sellers is properties are selling. For buyers, the good news is prices have dropped!

I know I’m a number cruncher, but whether you’re looking to sell a Medford home or buy real estate in the city, I feel it’s very important to have a good handle on exactly what’s happening in the market and where it appears to be heading.

As of October 20, 2008 here is the status of the Real Estate market in Medford, Ma.

Currently there are 75 single family homes on the MLS (Multiple Listing Service) in Medford Mass, they range from $199,000 to $769,000.

Currently there are 72 condos on the MLS in Medford Mass, they range from $159,900 on Riverside Ave. to $673,900 at Station Landing.

On the Multi Family front, there are 63 multi family homes on the MLS in Medford, the lowest priced two family starts at $332,500 and the highest multi on the MLS is on for $610,000.

There are currently three parcels of land in Medford for sale on the MLS, they range from $260,000 on Capen St to $4,900,000 on Middlesex Ave. This parcel is 6.53 acres of INDUSTRIAL ZONED land.

Under Agreement Properties

Single Family Homes: 40 Average List Price: $370,050 Average Market Time: 72.45

Condos: 16 Average List Price: $338,038 Average Market Time: 72.50

Multi Family Homes: 23 Average List Price: $415,793 Average Market Time: 87.00

Sold Properties: last 6 months

Single Family Homes: 125 Average Sale Price: $383,063 Average Market Time: 84.60

Condos: 91 Average Sale Price: $306,121 Average Market Time: 140.96

Multi Family Homes: 54 Average Sale Price: $391,183 Average Market Time: 102.22

To request a showing of any of these Medford Ma homes on the market please contact Dan Tucci, a lifelong Medford resident and REALTOR®.

Dan Tucci
REALTOR®
American Hallmark Realtors
www.livein02155.com
617-816-7603