The summer can be a challenging time for both home buyers and sellers. As the seasons changed from Spring to Summer, you would have expected a fall off in the market. However, sales remain healthy for buyers taking advantage of good interest rates and for sellers welcoming motivated buyers, seeking good homes to purchase.
As for Arlington, this community remains a popular destination for families interested in buying their first home, seeking refuge from city living without having to be to far from Boston. Year in and year out, consistently attracting buyers from Cambridge and Boston for their strong school system, area businesses and restaurants. In speaking with residents, you feel the sense of pride in the community. There are also several attractions within this town that peek the curiosity of future homeowners, including SpyPond, Arlington Reservoir (small beach), Skyline Park (spectacular views of Boston) and the Minuteman Bike Path (from Bedford to Boston). Each of these attractions make this a popular town.
We continue to see property listings going under agreement in Arlington and the surrounding towns of Watertown, Belmont, Lexington, etc., a strong indicator for the summer market as compared to summer 2010. In Arlington, 52 homes (SF,MF,Condos) went “under agreement” from 06/12/2010 to 07/12/2010; as of 06/12/2011 – 07/12/2011, 65 homes (SF,MF,Condos) went “under agreement”, a 25% increase year over year. Its hard to predict how home sales will change in the coming three months, however its safe to say that good homes in nice towns, attract buyers.
More importantly, the US weekly interest rates have decreased from the start of the year according to a weekly digest from the Primary Mortgage Market Survey® (PMMS®) as provided by Freddie Mac, (seen below). This and other factors are prompting home buyers to continue investing in their future by purchasing homes, even in the current economy.