I find that number crunching really helps me get a good handle on the real estate market. Today I decided to focus in on the single family homes market to show you what’s going on in my main market areas:
Sometimes seeing all of the numbers at once can be a bit overwhelming, so this chart breaks out the number of month of inventory of single family homes for sale in each city:
Not surprising the cities with the highest price tags, Cambridge and Winchester, have the most number of months of inventory already on the market. Looking at months of inventory help you really narrow in on what’s happening in a real estate market because it factors in demand, not just numbers of homes for sale or average days on the market.
As you can see, the inventory of homes and condos for sale in Somerville is quite a bit lower than last April. Let’s take the number crunching a step further and look more closely at what’s going on today:
The last column shows the number of months of inventory that’s currently for sale. Right now the market for single family homes and multi family properties are at equilibrium while the condo market is showing it’s still a buyer’s market in the city. Does this mean that if you decide to sell your Somerville condo that it will take you 11 months? Absolutely not! Keep in mind that this number is an estimate of how long it would take to sell every property that is on the market as of today. There are some properties that are grossly overpriced and just won’t sell. It also depends on the amount of marketing the property receives. I’ve just put a condo in Somerville under agreement after only 38 days of marketing.
Curious to take a look back historically at the Somerville real estate market? Here’s what the housing market looked like in January and the real estate stats from November 2008.
Well, our team didn’t win, but we did have a lot of fun (and will never forget that Napoleon was first exiled to the island of Elba!) Check out these photos from the Stoneham Educational Foundation’s Trivia Bee - another fun fund raiser for the city. (You can see our team before the event in the last photo.)
Spring is in the air, but we’re not seeing a “typical” spring market, at least not yet in Medford. Spring is historically when the most number of buyers come out to look at homes. Normally by April there is a frenzy of sellers putting their homes on the market to coincide with the rush of spring buyers. That’s not happening so far. . .
What does that means? Well, if you’re looking to sell, it’s a lot easier to get your house to stand out when there is less competition. If you’re looking to buy, it means you need to have patience in this market in order to find the right house.
If you’re a number cruncher like me, here are the latest statistics for real estate in Medford:
If you’d like to compare, here are Medford’s real estate statistics for January 2009 and the real estate market update for October 2008.
The spring market is starting off a bit slow in Stoneham. Here are the latest statistics for the housing market:
Let’s compare these figures to what was happening in December (which reflects the fall market in Stoneham)
What we see is the number of properties has remained pretty level. In a “normal” market we see a lot more properties come on the market in the spring. (Of course we’re definitely not in a normal market now!) The number of properties that have sold has gone down a bit and that has lengthened the amount of months of inventory that is currently for sale. However, keep in mind that properties take on average 2 months to close, so these figures are still reflecting the winter market. In keeping with the rest of the country, the average sales prices in the city have continued to come down.
If you’d like more information on homes for sale in Stoneham just ask!
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Selling or Buying Real Estate, Houses, Condos and Investment Property Around Medford, MA
My Mission Statement: I believe that each person I come in contact with in my life is a unique individual and deserves to be treated as such. Each person, each situation and each home will be treated with enthusiasm, creativity and sensitivity.
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FYI: I have 17 years experience counselling people on their home and investment real estate decisions in Medford, Somerville, Malden, Melrose, Arlington, Winchester, Stoneham Massachusetts and the surrounding communities.
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