Home Sales are on the mend in Arlington! I reviewed sale information provided through MLSPIN, (MA. Multiple Listing Service), for the period through the third quarter, 2005 to 2011YTD and things are looking up. This is very surprising considering the economic climate over the past 6 years, but Arlington always seems to do well, being positioned so near to Boston and Cambridge.
At the pinnacle of the home market in 2005, the sale of multi-family properties were at their highest, only to drop significantly by 2007 and has yet to recover. One important factor for multi-family home buyers to take away from this information is the reduction in Days on Market (period taken to sell a home, from original listing date to closing). The reduced sale prices following 2009 invited investment buyers and contractors seeking to convert these homes to Condominiums.
Single Family Home market has improved in the past three years, with increased sale price per unit and lower days on market. Though these two improvements are great to see, we are still lagging in overall total units sold since 2005. Fortunately, the Arlington single family home market continues to improve and with all indications pointing a good finish to the year.
The condo market, infused with properties due to the increased number of multi-family conversions has affected the price per unit, dropping the average and median prices in the same 9 month period (first 3 quarters ytd). Also, sales of condos were spurred on by the Tax Credit offered to first time home buyers in 2010. In 2011, condo sale prices were reduced, reflective of the end of the first time buyer credit and sellers were forced to accept the new market value.
I hope the information provided helps you understand where we are in the market today and what has been driving the Arlington home sales market. For more information and to find out what your home is currently worth in today’s market, please contact me…