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Watertown MA Real Estate Market Review

Watertown MA Real Estate Report

Watertown MA Real Estate Review

I’ve been previewing a lot of Watertown properties recently so it seems like it’s high time for a Watertown MA real estate market review.  As we head into the holidays and real estate takes a bit of a pause let’s see how real estate sales did in Watertown in 2012.

Properties on the Market in Watertown MA

As of today there are just 52 residential properties on the market in Watertown MA that are listed on the MLS.  This time of year tends to be a low point for listings as most sellers opt to wait until after the 1st of the year once we’re in the holiday season.  But inventory is particularly low this year.  Last year at this time there were 82 Watertown properties listed for sale in the MLS.  Inventory has dropped by 36.6%.

Pickings are even slimmer than these numbers suggest.  16 of the 52 properties are actually under agreement.  They’re listed as “red active” – still showing as active but listed in red on the agent’s view because the seller has already accepted an offer.

Watertown MA Real Estate Sales

355 residential properties sold in Watertown in the last year.  These properties were  on the market an average of 72 days.  On average, Watertown real estate sold for 98% of the asking price.

The year before, 313 properties sold in Watertown.  Despite limited inventory, the number of real estate sales is up by 13%.  Days on market have decreased 20% and properties are selling for closer to asking price than they did a year ago when they on average sold for 96% of list price.

Single Family Houses Sold in Watertown

Watertown single family house sales held steady.  In the last year 91 houses have sold vs. 88 in the year before.  Average days on market is down to 65 days from 73 days the year before.

The median price for a house sold in Watertown held steady as well – $429,910 vs. $431,250 the year before.  What did you get for $430,000?   In 2012 that bought you a three bedroom, two bath Cape.

Condo Sales in Watertown

Lots more condos sold this year than last.  204 condos have sold in the last 12 months vs. 157 in the year before.  Days on market went down to 83 from 118 the year before.  The median price of a condo sold in Watertown in the last year was $328,500.

What did you get for $328,000 in Watertown?  In 2012 it bought you a 1270 sq.ft. two-bedroom condo with two baths and garage parking in a large complex.   Or you could have purchased a renovated 1100 sq.ft. two-bedroom condominium with one bath in a two-family house with 2 outdoor parking spaces.

Watertown Multi-Families

Fewer multi-family houses sold in Watertown this year.  60 multi-unit houses sold over the last 12 months vs. 68 in the previous 12 months.  That probably is due to fewer multis being listed for sale – just four are on MLS right now.  That low inventory meant that multi-families sold much more quickly – average days on market dropped to 45 days from 89 days the year before.  The median sale price in the last year was $532,500.

SEARCH FOR WATERTOWN HOUSES & CONDOS

SEARCH FOR WATERTOWN MULTI-FAMILIES

Do you have a property to sell in Watertown? Or are you hoping to move to Watertown?  I can help.  Give me a call at 617-504-1737 or send me an email via the Contact Me form.   Liz Bolton, ReMax Destiny

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Price Per Square Foot In Cambridge

One57 In NYC

One57 In NYC is Selling for $6,500 Per Square Foot

A recent line in the New York Times caught my eye the other day.  It seems that the average price per square foot for a condo at One57 in Manhattan – aka the Billionaires Building – aka the building-with-the-collapsed-crane – is $6,500.  $6,500 to own a square foot of New York City.  Yowza!  Turns out that that’s not the most expensive real estate in NYC – I found at least one reference to a sale for twice that or $13,000 per square foot.

What’s the highest price per square foot in Cambridge I wondered?

In the last three years only four buildings in Cambridge commanded a price per square foot of more than $1,000.  Only 14 properties of the 2,556 condos or houses – just over 1/2 of 1% – sold in Cambridge sold for more than $1,000 per square foot in the last three years.   The buildings with the highest price per square foot in Cambridge are:

University Green at 130 Mount Auburn Street (3 condos sold)

The Esplanade at 75-83 Cambridge Parkway (3 condos sold)

The Residences at Charles Square at 975 Memorial Drive (7 condos sold)

1010 Memorial Drive (1 co-op sold)

These Cambridge buildings that command the highest price per square foot are all full-service luxury buildings.  Three of the four are on the Charles River.  University Green and Charles Square are right in Harvard Square.

For these 14 Cambridge properties, the price per square foot ranged from $1,003 to $1,516.  That’s the top price you’ll pay in Cambridge but in NYC it’s an average price – or more precisely the median price – which ranged from $1,129 to $1,592 per square foot in New York City’s most expensive neighborhoods.  In Cambridge, a relative bargain by New York City standards,  this year the median price per square foot for condos was approximately $468.

When you search for properties that have sold for more than $1,000 per square foot in Cambridge in the last few years your search will return only condos and co-ops.  You have to search further back to find any houses that sold at this price point.  Two single family houses, one in 2003 and one in 2006, sold for more than $1,000 per square foot.  Both were in the Brattle Street neighborhood of West Cambridge.  A couple of other houses commanded a price per square foot in this range but the price was clearly based on the land, not the structure.

Wondering what’s for sale in Cambridge’s most expensive buildings?  Here are condos currently listed for $750,000+

Photo of the collapsed crane at One57 courtesy of Sarah_Ackerman.

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Somerville MA Real Estate Review Jan-Sept 2012

Somerville MA Real Estate Market Review

Somerville MA Real Estate Market Review

Here’s the last of the third-quarter wrap-ups with a Somerville MA real estate review of sales for January through September 2012.

Last year’s numbers for the same period are in parentheses.

Like the other towns and cities we’ve looked at Somerville real estate has done much better in 2012 than in the last few years.  Demand was way up and inventory was way down.  Significantly more properties sold this year than last. The increase was in condo and single family house sales while multi-family sales held steady.

On September 30, 2012 112 residential properties were on the market in Somerville.  That’s a dramatic drop from one year ago when 227 properties were listed for sale.

Total properties sold in Somerville – Jan-Oct 2012 (2011)

  • 551 (452)
  • Average days on market = 67 (83)
  • Properties sold for an average of 99%  of asking price (97%) 
  • Median price of $419,900 ($410,000)

Somerville Single Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 68 (48 )
  • Sale prices ranged from $185,000 – $1,295,000  ($109,000 – $965,000)
  • Median price: $472,250  ($460,000)
  • Average days on market: 89   (71)
  • On average, houses sold for 99% of asking price   (98% )

Somerville Condo Sales – Jan-Sept 2012 (2011)

  • Total sold: 367  (286)
  • Sale prices ranged from $144,850 – $1,200,000  ($73,000 – $1,180,000)
  • Median price: $390,000  ($365,500)
  • Average days on market: 66  (87)
  • On average, condos sold for 99% of asking price   (98%)

Somerville Multi-Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 116  (118)
  • Sale prices ranged from $235,000 – $1,180,000  ($190,000 – $2,075,000)
  • Median price: $535,000  ($520,000)
  • Average days on market: 72  (79)
  • On average, multi-unit houses sold for 98% of asking price  (96% )

 

somerville-ma-real-estate

 

Info about Somerville MA real estate market in 2012 (2011) from MLSpin

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Cambridge MA Real Estate Market Update Jan-Sept 2012

Cambridge Real Estate Market Update

Cambridge Real Estate Market Update

It has been a very busy year in Cambridge real estate.  Summer is usually a slower season but there was little let up this year.  Buyers have outnumbered sellers all year leading to bidding wars and quick sales.

Here’s a look at the numbers for the year to date.  The same period’s numbers, January through September, in 2011 are in parentheses for comparison.

The numbers tell the story – by every measure 2012 has been a much stronger year than 2011.  This is the first year I remember seeing the overall market list to sale price ratio at 100%.  As you’ll note, so many single family houses and multi-families sold for over asking that on average these properties were selling for more than the list price.  In 2012 it took considerably less time for most properties to sell with days on market reduced significantly. 

On October 31, 2011, 167 properties were listed for sale in Cambridge.  That’s a big drop in inventory levels from last year at this time when 249 residential properties were on the market.  It’s no wonder the market is so frenzied – demand is way up and inventory down.  If you’ve been wondering about whether or not it’s a good time to sell the numbers make the question easy to answer – yes – it’s an excellent time to sell in Cambridge right now.     

Residential real estate sold in Cambridge – Jan-Sept 2012 (2011)

  • 813 properties sold (695)
  • Average days on market = 57 (80)
  • Properties sold for an average of 100%  of asking price (97%) 
  • Median price of $475,000 ($465,000)

Cambridge Single Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 100 (87 )
  • Sale prices ranged from $315,000 – $3,740,000  ($280,000 – $3,750,000)
  • Median price: $882,000  ($793,475)
  • Average days on market: 54  (74)
  • On average, houses sold for 102% of asking price   (97% )

Cambridge Condo Sales – Jan-Sept 2012 (2011)

  • Total sold: 642  (560)
  • Sale prices ranged from $187,500 – $2,870,000 ($164,000 – $3,450,000)
  • Median price: $443,000  ($424,900)
  • Average days on market: 59  (82)
  • On average, condos sold for 99% of asking price   (97%)

Cambridge Multi-Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 71  (48)
  • Sale prices ranged from $400,000 – $2,186,000  ($282,000 – $2,325,000)
  • Median price: $899,000  ($810,000)
  • Average days on market: 49  (68)
  • On average, multi-unit houses sold for 103% of asking price  (97% )

SEARCH FOR CONDOS FOR SALE IN CAMBRIDGE MASS

SEARCH FOR SINGLE FAMILY HOMES FOR SALE IN CAMBRIDGE MA

Info about Cambridge MA real estate market in 2012 (2011) from MLSpin

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Arlington MA Real Estate Market Review Jan-Sept 2012

Arlington MA Real Estate Review

Arlington MA Real Estate Review

Here’s the Arlington MA real estate market review for the first three quarters of 2012 with a look at real estate sale from January through September 2012.

The numbers for the same period in 2011 are in parentheses.

Condo sales held steady in Arlington while there was an increase in numbers of single family houses and multi-families sold this year.

Like other nearby towns, the inventory of properties for sale is way down in Arlington.  On September 30, 2012 85 residential properties were listed for sale in Arlington.  That’s a huge drop in inventory levels from last year at this time when 135 residential properties were on the market. 

Residential real estate sold in Arlington – Jan-Sept 2012 (2011)

  • 438 properties sold (387)
  • Average days on market = 52 (63)
  • Properties sold for an average of 99%  of asking price (98%) 
  • Median price of $465,000 ($472,900)

Arlington Single Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 236 (198)
  • Sale prices ranged from $265,000 – $1,425,000  ($243,000 – $1,075,000)
  • Median price: $522,250  ($526,500)
  • Average days on market: 42  (62)
  • On average, houses sold for 99% of asking price   (98% )

Arlington Condo Sales – Jan-Sept 2012 (2011)

  • Total sold: 172  (170)
  • Sale prices ranged from $100,000 – $795,000 ($84,000 – $759,000)
  • Median price: $367,250  ($359,650)
  • Average days on market: 62  (66)
  • On average, condos sold for 99% of asking price   (98%)

Arlington Multi-Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 30  (19)
  • Sale prices ranged from $395,000 – $1,350,000  ($325,000 – $660,000)
  • Median price: $549,500  ($550,000)
  • Average days on market: 74  (61)
  • On average, multi-unit houses sold for 98% of asking price  (97% )

 

SEARCH FOR ARLINGTON MASS REAL ESTATE

Info about Arlington MA real estate market in 2012 (2011) from MLSpin

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Belmont MA Real Estate Market Review Jan-Sept 2012

Belmont MA Real Estate Review

Belmont MA Real Estate Review

Wondering how real estate is doing in Belmont MA this year?  Let’s take a look at real estate market activity in Belmont with sales figures for the first three quarters of 2012.

The numbers for January – September 2011 are in parentheses for comparison.

On September 30, 2012, 70 properties were listed for sale in Belmont.  That’s significantly fewer than were available for sale one year before when 90 properties were on the market.

While in the Belmont real estate market as a whole the median price was down over last year that’s only a reflection of the mix of properties sold.  When you look at properties by type you see that the median price was up in each category and was up significantly for single family houses and condominiums.

The condo market in Belmont was much busier in 2012 with 101 condos sold in the first three quarters compared to 69 in the same period last year. The median price was way up and days on market was down.

Residential Real Estate Sold in Belmont – Jan-Sept 2012 (2011)

  • 254 properties sold (214)
  • Average days on market = 64 (63)
  • Properties sold for an average of 99%  of asking price (98%) 
  • Median price of $643,000 ($652,500)

Belmont Single Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 127 (118 )
  • Sale prices ranged from $450,000 – $2,900,000 ($400,000 – $2,675,000)
  • Median price: $749,00 ($700,500)
  • Average days on market: 59  (48)
  • On average, houses sold for 99% of asking price   (98% )

Belmont Condo Sales – Jan-Sept 2012 (2011)

  • Total sold: 101  (69)
  • Sale prices ranged from $160,000 – $1,215,000 ($145,000 – $1,337,500)
  • Median price: $512,000  ($385,000)
  • Average days on market: 76  (95)
  • On average, condos sold for 99% of asking price   (98%)

Belmont Multi-Family Sales – Jan-Oct 2012 (2011)

  • Total sold: 26  (27)
  • Sale prices ranged from $435,000 – $975,000  ($395,000 – $760,000)
  • Median price: $575,750  ($565,000)
  • Average days on market: 36  (42)
  • On average, multi-unit houses sold for 99% of asking price  (98% ) 

belmont-real-estate-search1 

Info about the Belmont MA real estate market in 2012 (2011) from MLSpin

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Medford MA Real Estate Market Update Jan – Sept 2012

Medford MA Real Estate Review

Medford MA Real Estate Review

Here’s the Medford MA real estate market update for the period January to September 2012.

Last year’s numbers for the same period are in parentheses.

By every measure 2012 has been a better year than 2011 for Medford real estate.  Median prices were up, average days on market were down.  Properties sold more quickly and for closer to their asking prices.

On September 30, 2012 115 properties were listed for sale in Medford.  That’s a huge drop from a year before when 204 properties were on the market.

If you’re considering selling it’s a superb time to be on the market – buyer demand is up and supply is way down.  That’s great for sellers – and challenging for buyers.

Residential real estate sold in Medford – Jan-Sept 2012 (2011):

  • 452 properties (358)
  • Average days on market = 75 (92)
  • Properties sold for an average of 98%  of asking price (97%) 
  • Median price of $349,950 ($336,000)

Medford Single Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 226 (183 )
  • Sale prices ranged from $70,000 – $645,000  ($135,000 – $768,500)
  • Median price: $357,000  ($348,800)
  • Average days on market: 72   (90)
  • On average, houses sold for 98% of asking price   (97% )

Medford Condo Sales – Jan-Sept 2012 (2011)

  • Total sold: 145  (116)
  • Sale prices ranged from $98,750 – $635,000  ($136,000 – $600,000)
  • Median price: $284,900  ($284,000)
  • Average days on market: 83  (97)
  • On average, condos sold for 98% of asking price   (97%)

Medford Multi-Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 81  (59)
  • Sale prices ranged from $191,000 – $650,000  ($225,000 – $660,000)
  • Median price: $427,500  ($415,000)
  • Average days on market: 69  (92)
  • On average, multi-unit houses sold for 99% of asking price  (96% )

 

 SEARCH FOR REAL ESTATE FOR SALE IN MEDFORD MASS

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Watertown MA Real Estate Market Update – Jan – Sept 2012

Watertown Real Estate Market Review

Watertown Real Estate Market Review

Now that we’re 3/4 of the way through 2012 (where did those months go?!) let’s pause to see how the Watertown MA real estate market fared.

The figures for the first three quarters of 2011 are in parentheses for comparison.

On September 30, 2012, 81 residential properties were listed for sale in Watertown.  That’s significantly fewer than were on the market one year before when 105 properties were available for sale.

For the market as a whole the median price was down by more than 5%.  That’s probably due to a change in mix of properties sold rather than a true reflection of real estate values. Quite a few more condos sold this year than in 2011 which brought down the median price overall. The median price for single families was down slightly, the median barely budged for condos, and actually increased by 5% for multi-families.  Properties sold for closer to the asking price in 2012. 

Demand outpaced supply for multi-family properties which sold on average in just 42 days versus 91 days in 2011.

Residential Real Estate Sold in Watertown – Jan-Sept 2012 (2011)

  • 275 properties sold (240)
  • Average days on market = 70 (94)
  • Properties sold for an average of 98%  of asking price (96%) 
  • Median price of $360,000 ($380,000)

Watertown Single Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 66 (65 )
  • Sale prices ranged from $203,000 – $1,063,000 ($240,000 – $1,250,000)
  • Median price: $420,500 ($430,000)
  • Average days on market: 59  (68)
  • On average, houses sold for 97% of asking price   (97% )

Watertown Condo Sales – Jan-Sept 2012 (2011)

  • Total sold: 168  (120)
  • Sale prices ranged from $116,000 – $850,000 ($163,100 – $1,435,000)
  • Median price: $326,500  ($326,875)
  • Average days on market: 81  (110)
  • On average, condos sold for 97% of asking price   (96%)

Watertown Multi-Family Sales – Jan-Sept 2012 (2011)

  • Total sold: 41  (55)
  • Sale prices ranged from $245,000 – $710,000 ($296,000 – $667,500)
  • Median price: $528,000  ($497,000)
  • Average days on market: 42  (91)
  • On average, multi-unit houses sold for 99% of asking price  (96% ) 

Watertown Real Estate

Info about the Watertown MA real estate market in 2012 (2011) from MLSpin

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