In an effort to be knowledgeable of our current market, I weekly pull the market statistics in Watertown, Belmont, Arlington, Newton, Waltham, and Brighton. Below are the market statistics in Waltham, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Waltham, MA market statistics weekly on Thursdays.
There have not been drastic changes to the Waltham, MA real estate market since last week, but there are some points that I want to make after reviewing the difference between this week's statistics and last week's statistics.
First, there has been a decrease in the active single family homes market by 12 homes. That is a very large decrease and it has been seen changing the entire makeup of the single family market statistics. The average list price for a single family homes in Waltham is now $510,970, which is down $49,932 since last week. This means that active homes are priced closer to market value, which is great for buyers. Also, since last week there have been 9 single family home sales in Waltham, MA. This means that there is still activity, especially in the single family home category.
There has been a funny occurrence in the condominium and multi-family homes markets, because the average list price on these homes has risen since last week. These two categories have large depreciation year-to-date but still sellers insist on having overpriced listings. It is important, for listing agents, to set realistic expectations for these sellers by presenting these market statistics and educating everyone to the current market conditions.
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.
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.
Click Below to see my past Go Inside articles:
In an effort to be knowledgeable of our current market, I weekly pull the market statistics in Watertown, Belmont, Arlington, Newton, Waltham, and Brighton. Below are the market statistics in Brighton, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Brighton, MA market statistics weekly on Wednesdays.
Not too much has changed since last week's Know Your Market: Brighton Market Stats but I wanted to touch on a few important aspects of the market. First, in single family homes the inventory has increased to 10 active single families on the market. The good aspect of this is that the average list price has dropped by $38,184 from $605,114 last week to $566,930. Seemingly, sellers are starting to adjust their prices to reflect the current market which is good for both buyers and sellers.
The volume of sales has increased proportionately between last year and this year over the past week, which shows that we are experiencing the same market activity as we were last year at this time.
Lastly, I know I mentioned this in last week's statistics but the median home sale price reflects a different market in Brighton. For single family home sales, the median sale price has risen $15,500 year-to-date compared to last year ($480,500 in 2008 vs. $465,000 in 2007). In Condominium home sales there has been an appreciation of $3,000 for median sale price year-to-date. Lastly, in Multi-Family home sales there has been a slight decrease in median sale price, down from $590,000 in 2007 to $585,000 this year, year-to-date.
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.
In an effort to be knowledgeable 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 Arlington, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Arlington, MA market statistics weekly on Wednesdays.
We are not in a depressed market, as is evident in the town of Arlington. There has been a decrease in the average list price for Multi-Family homes in Arlington, from $528,828 last week to $485,633 this week. That's a total of $43,195 in list price difference. This is a great market to be an investor or to "buy in" low.
Also, we've had a few sales in each category since last week, which is a great indication that the market has still been plugging away in Arlington, which is evident by the Overall Appreciation/Depreciation section of the chart. The Depreciation gap has shrunk by $1,643, while the Appreciation levels of Condominiums and Multi-Family homes has remained!
Many buyers are concerned about buying now, for fear or prices dropping even more in the next year. The prices very well could drop next year by another 5%, but interest rates could also rise next year by the same percentage. It is important to work with a competent buyers agent in these times. For instance, I could help to decrease your interest rate by either .25% or .5% right now, wouldn't that be nice? To learn more click on my email below and we can chat about how you can save big on monthly payments with you next home purchase.
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.
In an effort to be knowledgeable 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 Belmont, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Belmont, MA market statistics weekly on Tuesdays.
Belmont, the single family town, is always an interesting town to pull market statistics for due to the difference in single family homes compared to condominiums and multi-family homes. The inventory for condominiums is roughly the same as last year, which is a good sign despite its large depreciation since last year (which I'll touch on later). Multi-family homes have decrease by 1/2 in number of homes on the market year-to-date compared to last year.
Both last year and this year, the average days on market for homes currently listed is above 100 days across the board. This tells me two things: Either buyers are staying on the fence and waiting to see if the prices drop slightly more before making a move OR sellers are being unrealistic with the asking prices. It is important to stay knowledgeable of these market statistics to help realize if an asking price is "way off" from both a buyer's perspective and a seller's perspective.
I'm not a doom and gloom real estate agent, because I do have some great news. Single family homes have appreciation year-to-date since last year by a whopping $29,391. With 28 fewer homes sold, it seems that a dropped inventory is helping sellers get top dollar for their beautiful homes.
The $106,994 decrease in average condominium sale price, is not as large as it seems. In fact, the median sales from between 2007 and 2008 was $410,000 and $360,000, respectively. A much smaller margin of $50,000. Why is working with an agent that understands market statistics important? A simple answer, upon further research I learned that the sales of the condominiums at the new Woodlands has skewed these market statistics. In 2007, 11 condominiums sold in that complex, compared to only 5 thus far this year. Each of these units has sold for roughly $1,000,000, which will create a large discrepency in average sale price and median sale price.
If you are interested in learning more about buying opportunities in Belmont or you are interested in a FREE market analysis for your Belmont home, please email me at mark.madden@commonmoves.com
If you are interested in learning about more Market Statistics or would like to be emailed more indepth 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.
The Madden Team focuses on helping buyers and sellers create seamless transitions in their real estate transactions by saving them two important commodities: Time and Money.
WELCOME and thanks for checking out our blog, and wanting to know a little more about The Madden Team!
We love what we do, and that is helping buyers and sellers in Eastern Massachusetts create seamless transitions in their real estate endeavors. We have been at CENTURY 21 Commonwealth since 2006 and having over 75 years in Watertown combined has allowed us to become knowledgeable about it's nooks and crannies and surrounding towns.
Mark was born and raised in Watertown where he attended Watertown Public Schools. Mark attended Hobart and William Smith Colleges in Geneva, NY where he graduated Cum Laude with a double major in Architecture and Art History. The combination of his upbringing and his education has given him a level of honesty, integrity, knowledge and compassion that he possess with every one of his clients.
In an effort to continually improve our service to our clients we attend educational seminars on a range of topics. As a member of the National Association of Realtors, which means that I subscribe to the strict Code of Ethics in all my real estate transactions.
We are affiliated with CENTURY 21 Commonwealth and hold an active license for the entire state of Massachusetts, which helps us to serve our clients wherever they may be, but also keeping them informed of any real estate opportunities that arise statewide.
Our office is easy to get to off Exit 17 on the Mass Pike. We are located at 161 Mount Auburn Street in Watertown, MA. Please call for directions at 617-926-5280 or contact me Mark via email at mark.madden@commonmoves.com.
"Hi Mark,
I just wanted to send you a note thanking you for all your help with my recent real estate purchase. You were very helpful in making the whole process as quick, easy, and painless as possible. As a first time home buyer I did not know what to expect. I appreciate the fact that you were open to any questions I had and I felt comfortable asking them. Your knowledge of the area was looking at was excellent (Cambridge, Somerville, Arlington, and Watertown). Having only lived in the area for a few years, I was glad you were able to point out benefits of each location such as restaurants, T access, etc. These things were very important to me when considering what property to purchase. I also appreciate you always getting back to me in a timely matter via email or phone and being on time and organized for all my tours. Overall, a great experience. I love my new place and fel confident it was a great investment. I will keep you at the top of my list for any of my future real estate needs.
-Mike U."
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"Dear Mark:
It was a pleasure working with you in purchasing my first home. You spect countless hours researching areas and homes that were acceptable to our needs and desires. Your professionalism and support during this time was essential in keeping our apprehensions at bay. It was nice to see somebody like yourself so interested in making sure that we found the perfect house for us. Even though we were not the easiest of buyers to accomodate, you made every viewing and request that we had seem effortless.
-Kevin P."
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"Dear Mark,
Kind sincere, honest, industrious, communicative, accessible, patient... words that describe you, Mark Madden, as well as a good realtor. Last but not least, you also have a great sense of humor and are relaxed enough to crack a joke to help your client feel comfortable and smile. You helped me to have fun during a stressful process; having fun is important to me.
-Janna K."
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"Dear Mark:
It gives me pleasure to write you this letter of thanks and commendation for the hard work and high level of sophistication you showed in representing me during 2007 in the sale of my property at 8 Avon Road in Watertown.
I originally chose you to represent me because I was impressed with your effort to win me as a client. Once I signed on with your office, I was consistently impressed with your tenacity and attention to detail. As we both know, 2007 was a tough time to put a house on the market and sell it at a good price. You made every effort to navigate a slow and difficult market.
From my perspective, everything about the sale of the house went smoothly. From the time I signed on with your office through the closing, you gave me good advice and took care of details that would have taken me much time to accomplish. Throughout the months you worked on my behalf you were consistently good-humored, which I greatly appreciated.
I know you will be a great success in your profession.
-Phil R."
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