The real estate market in Melrose has slowed down, but it’s still doing much better than most of the rest of the country. Let me show you:
The Average Days on Market are also showing that sales of single family homes remain brisk while condos and multi family homes are taking longer to sell.
Average Days on Market as of February 26, 2009 (based on the last 6 months of sales)
Single Family Homes - 97 days
Condos - 149 days
Multi Family Homes - 162 days
Let’s compare this to what was going on in November:
There are 2 big changes that we see in the real estate stats:
Just like our New England weather, the real estate market is constantly changing. It will be interesting to see what spring brings!
Looking for ways to cut your energy usage and save some money? On March 4th there will be a free seminar at Medford City Hall called Introduction To Home Energy Savings. They'll be going over inexpensive solutions you can do yourself.
Introduction to Home Energy Savings
Wednesday March 4th from 6 - 8 PM
Medford City Hall - Alden Chambers
85 George P. Hassett Dr., Medford, MA 02155
RSVP to PBarry@Medford.org
Average Days on Market
Single Family Homes - 115
Condos - 170
Multi Family Homes - 132
The statistics show that I’m not just looking through rose colored glasses, either. At the same time last year, Malden had 12 months of inventory on the market (yes, a solid year!). As you can see from the chart above, we now have an average of 6 months of inventory for sale. Real estate markets are considered at equilibrium (not a sellers’ or a buyers’ market) when there are between 4 - 6 months of inventory for sale.
The other item that jumps out from the latest statistics is the dramatic change in price of multi family homes in the city. There are more foreclosures of multi family homes in Malden than any other type of property, and that has had a major impact on the market value of 2 and 3 family homes throughout the city.
It will be interesting to see if the absorption rate is being seasonably adjusted because of the harsh winter with many sellers deciding to hold off putting their properties for sale. I’ll keep you posted!
As of today, February 14th, an overwhelming number of people who have voted agree with me and want to see this happen.
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.
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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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