Upon the "Ball Drop" and the ringing in of the new year, it was time to see exactly what the real estate market did in 2009. So I looked up the Total Sold Market Statistics for 2009 of Single Family, Condominiums, and Multifamily and compared it to 2008. Much to even my surprise the results of the report showed that Waltham wasn't greatly effected by the economic downturn in 2009. I would like to share with you statistics from MLSPIN (Multiple Listing Service Property Information Network).
| Market Statistics | ||
| Single Family Market | 2008 | 2009 |
| # of Listings | 265 | 236 |
| Average Days On Market | 85 | 82 |
| Median Price Range | 369,600 | $395,000 |
| Selling Price:listing Price Ratio | 97% | 96% |
| Total Market Volume | $109,306,350 | $97,619,475 |
| Condominium Market | 2008 | 2009 |
| # of Listings | 211 | 264 |
| Average Days On Market | 100 | 90 |
| Median Price Range | $315,000 | $311,648 |
| Selling Price:listing Price Ratio | 97 | 97 |
| Total Market Volume | $68,498,839 | $82,302,810 |
| Multifamily Market | 2008 | 2009 |
| # of Listings | 41 | 33 |
| Average Days On Market | 111 | 100 |
| Median Price Range | $449,500 | $455,000 |
| Selling Price:listing Price Ratio | 94 | 95 |
| Total Market Volume | $18,695,325 | $16,251,400 |
Single Family Market - In Waltham, the single family marker remains strong and stable. House's might not sell over night but for the most part they will sell. The 2oo9 Inventory was up and overall sales were down. However, the decrease in sales did not effect selling prices. Last shows a slight increase in prices and properties sold at 96% of listing price. In a nut shell, there was no significant change from 2008 to 2009.
Condominium - 2009 had a huge increase in the inventory. The increase was due to the condo owners who purchased in 2006/07 decided to sell or in some cases, had to sell flooding the market place. Mix in the lenders tightening up their lending requirements, could be a recipe for disaster and drastically effect the market. However, looking at the numbers show a different story. All in all the condominium market is holding its own.
Multifamily - For the last two years the Multifamily market has quietly stayed the same. I think the lack of inventory has keep this market prices stable. 4 families are not selling near the prices they were getting in 2006/07. That's because during that time period there were builders/developers purchasing these properties and converting them to condominiums to keep up with the market demand. These transaction increased prices, forcing the small real estate investor to look else where. Builders/contractors have slowed down in there development of these properties to condominiums considerably. As time passes, I thing more small investors will start coming back and becoming more serious buyers in the multifamily market once again.
For 2010 I think the market will improve slightly. Recently I read, in Bankers and Tradesmen that some analyst felt the Home Buyers Credit offered by the Feds, now extended until April, will not help. The reason being the lack of buyer, the lack of buyers knowing about the program and the tight lending qualification. I guess we won't really know until after April to see the results. Never the less, if you are thinking of buying, try to take advantage of the program. It's worth it... Sellers, I personally feel the market has found bottom in Waltham. It may not be rising but its very, very stable if your thinking of selling.
Have a great 2o10
Kenneth Brown
REALTOR
