Medford, MA

I am always curious and somewhat concerned when the majority opinion on any issue is all one way.

Such popular opinons have the uncanny tendancy to be at least mistaken.

My hope for the lastest such trend, and with a little knowledge that many of the loudest recent headlines are based on lagging indicators, is that the worst of our " current" downturn is in fact behind us, and we will hear about in going weeks. Who is with me for a little positive thinking?

The Medford Transcript is running a poll to see what residents think of bringing the Green Line of the MBTA to Route 16. Make sure your voice is heard and vote in the Green Line poll.

As of today, February 14th, an overwhelming number of people who have voted agree with me and want to see this happen.

I live and work in a hotbed of colleges and universities: Harvard, MIT, Cambridge College, and Lesley in Cambridge, Tufts in Medford, and Boston University, Simmons, Berklee College, Northeastern, and Emerson in Boston to name just some of them.

Colleges and universities are certainly good for business - newly hired professors, graduate students, and parents buying a place for their child to live in while attending school - all help to keep the real estate business moving and property values strong.

The schools also have a huge impact on quality of life. There's a liveliness to the streets and there are plenty of cafes, bars, funky shops, restaurants, and bookstores that stay in business because of the students. Accomplished and interesting people spend a portion of their lives in our cities to attend school.

The local colleges also offer an amazing array of lectures, events, and more - many open to the public and most at no cost.

Just yesterday a colleague called and asked if I was free. Turns out he had an extra ticket to attend a lecture by Tony Blair, the former Prime Minister of Great Britain, at Tufts. Half an hour later, we were seated (in the third row!) among an audience of 5000, to hear Blair speak about the Middle East. Actually, since Blair's arrival was delayed due to a heavy snowstorm in London, we first spent an hour or so talking about real estate websites while we waited.

With opportunities like these, I can't think of anywhere else I would rather live!

Yes, gas prices are no longer $4.00 a gallon, but alternative energy options and increasing public transportation are no less important. On Tuesday, February 3rd there will be a meeting regarding the Green Line extension of the MBTA. At this meeting the Executive Office of Transportation will present its "preferred alternative" for the terminus of the Green Line - either at College Ave. or Route 16 (the Mystic Valley Parkway).

The meeting is from 4-6 PM at St. Clement's Parish Hall, 579 Boston Ave., Medford. The Medford Green Line Neighborhood Alliance has all of the information and a petition you can sign to support bringing the Green Line to Route 16, near the borders of Medford, Arlington and Somerville so that more people can walk to public transportation.

Welcome 2009! It will be interesting to see what changes happen in the upcoming year. We're already seeing some changes in the real estate market in Medford, MA and I'm sure I'll surprise some people because there are some positive changes.

Real Estate Statistics As of January 2009

It's been a little over 2 months since I showed the the last market update for Medford and I thought it would be interesting to compare what was going on in the market at the end of October versus now at the very beginning of January.

Real Estate Statistics As of October 2008

The first thing you'll notice is there are significantly less single and multi family homes for sale right now. This is to be expected because many people choose to take their properties off the market during the holidays and wait until the spring real estate market begins. The condo market is the exception to this rule and there are currently more condos for sale in Medford MA than there were in the fall.

The average sale price for single family homes in Medford has come down about $8,000 while the average sale price for condos has remained steady. The surprise is that the average for multi family sales price in the city has increased by approximately $5,000.

When you look at the absorption rates, you'll see that single family homes are selling a bit quicker. The multi family home market has taken a giant step forward and the current absorption rate of 3.7 months reflects a market at equilibrium and not a buyer's market. The condo market, though, has slipped and is showing a buyers' market with 6.5 months of inventory currently available.

If you'd like more specific information for your situation, just let me know and Happy New Year!