Market Report

SAVE THE DATE! The Arlington Home Show, Coming this Spring

Sunday, April 9th, 11:00 a.m. - 3:00 p.m. - The Arlington Home Show 

Mark your calendars! It’s never too early to start planning your next move – and now it’s never been easier!

Join us at the Arlington Home Show, Sunday, April 9th from 11:00 a.m. – 3:00 p.m. at the Arlington Town Hall. From Appraisals to Zoning Laws, we’ve got your real estate needs covered. Get advice and guidance from builders, lenders, lawyers, stagers, real estate professionals and more. Save the date and make The Arlington Home Show your one-stop-show for all of your real estate needs!

Go to www.TheArlingtonHomeShow.com for updated information and a full list of sponsors.

Interested in becoming a sponsor of The Arlington Home Show? Contact us at info@yourhomeforsale.com for details.

The Arlington Home Show

Medford Home Sales for November 2016

The hometown of the song 'Jingle Bells' is selling all the way. Take a look at November home sales for Medford, Mass. If you are thinking of buying or selling in Medford, contact Annie Kelly for a free and confidential market analysis of your home today - hey!

Arlington Home Sales for October 2016

See how single-family, condo and multi-family home sales fared for October 2016. If you are thinking of selling, our local expertise, years of experience, and community connections is your home's advantage. Contact Steve today for a free and confidential Custom Market Analysis.

October 2016 Home Sales, Arlington MA

Medford Home Sales for October 2016

Check out the October 2016 home sales for Medford! Medford is a Greater Boston 'It' town and popular among today's buyers. If you're thinking of selling, contact Annie Kelly for a free and confidential Market Analysis of your home!

​Medford MA October 2016 Home Sales

See What's Sold in Your Arlington Neighborhood

We hear it time and again, ‘inventory is low in the Greater Boston area,’ but the heat is on and homes are selling in Arlington this summer!

With 45 single-family homes, 37 condos and 4 multi-families sold in the month of July alone, there are homes to be had.

Type

# Sold

# At or over asking

% over asking

Single Family Homes

45

31

69%

Condos

37

34

92%

Multi-family Homes

4

1

25%

Curious to know what has sold in your neighborhood and for how much? Take a look at the list of July home sales for Arlington.

If you’re thinking of selling, contact us today for a free and confidential assessment of your home. 

July 2016 Arlington Home Sales

Today's Real Estate Forecast: Arlington & Medford Market Updates

Just as a summer day can go from dark and stormy to bright and sunny in no-time, the variables in real estate that affect the value of your home can also wax and wane. Inventory, interest rates, the economy and, of course, timing can be as unpredictable as the weather.

Now more than ever it is important to prepare for a changing forecast in real estate

Right now prices are strong and market conditions are favorable for sellers - inventory is low and homes are selling fast. But like the weather it won't last forever, and you could end up missing the opportunity to sell your home in these conditions.

The first step in deciding whether selling is the right move for you is to understand what your home is worth in the current market. Then, armed with information and guided by a professional real estate team, you can map out a plan of selling that won't leave you caught in the rain (or with a sunburn).

In case you missed the previous posts with the Arlington and Medford market reports, below are The Home Advantage Team (HAT) reports of home sales for the past three years in Arlington and Medford. But these prices below do not depict the value of your home. 

To understand these changes in home values, and what this means for the value of your home specifically, call Steve McKenna & The Home Advantage Team today for a FREE and CONFIDENTIAL market analysis (info@yourhomeforsale.com, 781-645-0505).

 

Arlington MA Real Estate Market Update

The Arlington X Factors - A Look at Real Estate in 2015

Before we step ahead into 2015 and see what is in store for Arlington real estate, let's first consider the housing trends that defined Arlington for the past few years:

  • 2012 was location, location, location. Arlington's location helped it weather the housing storm of previous years.
  • 2013 was movement. Like a snowball picking up speed, the Arlington housing market was taking off.
  • 2014 was transition. A similar market with continued limited inventory and rising values.

2014 was an absolutely astounding year for real estate sales in Arlington. In this brief snapshot of 2014, you'll see that prices increased dramatically over 2013 as buyer demand held steady at a very high rate.

  • Single-family homes increased in value by 11% over 2013, and 17% above 2012.
  • Condominiums increased in value by 14% compared to 2013 and 16% since 2012.
  • Multi-family homes sales also increased 8% from 2013 and a total of 12% since 2012.

YearEnd FINAL1.6.15

Data source: Multiple Listing Service (MLS) 1.2.15

**Average sales price for properties sold in Arlington through MLS.

The numbers don't tell the entire story. Easy commute to Cambridge and Boston, rich and diverse culture, wide array of fabulous restaurants and shops and close community and strong school system - these are the X factors that earn Arlington its reputation as one of the best towns to live in the Greater Boston area.  

So what is our prediction for Arlington real estate this year? 2015 will be the year of opportunity.

Rarely do such favorable market conditions come around for home sellers. Low inventory means less competition, a large pool of buyers means high demand and home values are some of the strongest on record.

While no one can predict exactly what will occur in the coming months, history provides us a pretty good guideline. The economy is constantly fluctuating and real estate values can change at any time. In the past we have seen values rise, fall and rise again. We have been riding a real estate trend of low inventory and rising home values for quite some time now. The opportunity for home sellers is there, but it may not last long.

If you're considering selling or would like to understand the current value of your home, call the #1 real estate agent and team in Arlington for a free and confidential market analysis. Steve McKenna has been Arlington's #1 real estate agent for more than 25 years and has more knowledge and experience than any other agent in town.

REAL-ity Check

Real Estate - Real Report. This year we've seen it all - low inventory, increase in sale prices, and an extremely competitive market for buyers. Arlington is one of the hottest communities and Greater Boston real estate just got real.

Post_reportimage

But are things changing? We're out there every day in the real estate trenches, and we're sensing a shift. Inventory is starting to creep up, the overbidding is starting to slow down and homes for sale are starting to sit just a little...bit...longer.

Yes, prices have been on the uptick and Arlington has been one of the top markets for sellers in Greater Boston.* According to our most recent report, the average sales price for single family homes in Arlington is up 13.7%, the average sales price for condominiums in Arlington is up 18% and the average sales price for multi-family homes in Arlington is up 9.5% as compared to the same time frame last year.** We, along with analysts, are predicting that prices are set to stabilize, inventory to increase and the pendulum to swing back to a more traditional market. We anticipate more listings coming on the market in the spring. The sale prices that your neighbors received may not be achievable in 2015 with the influx of inventory.

As a home seller, you want the least amount of competition when selling your home. This means it is time to start planning. We have the team in place to help you prepare! If selling your home has been on your mind, it's time to take action and call Steve McKenna & The Home Advantage Team (Arlington's #1 Real Estate Team) at 781-645-0505 to discuss a plan and strategy that works for you.

(January 1- September 30, 2013 vs 2104 Year to Date Comparison )

Single Family Homes

2013 Total Sales YTD: 196   Avg. List$: $577,503   Avg. DOM: 27.55   Avg. Sale$: $595,320  

2014 Total Sales YTD: 209   Avg. List$: $653,500   Avg. DOM: 22.31   Avg. Sale$: $677,044  

Average Sale Price Increased 13.7% from 2013 - 2014 YTD

Condominiums

2013 Total Sales YTD: 209   Avg. List$: $376,592  Avg. DOM: 31.36   Avg. Sale$: $383,210  

2014 Total Sales YTD: 186   Avg. List$: $440,768   Avg. DOM: 46.74   Avg. Sale$: $452,366  

Average Sale Price Increased 18% from 2013-2014 YTD

Multi Family Style Homes

2013 Total Sales YTD: 36   Avg. List$: $593,911   Avg. DOM: 22.86   Avg. Sale$: $606,664  

2014 Total Sales YTD: 26   Avg. List$: $647,719   Avg. DOM: 38.35   Avg. Sale$: $664,750  

Average Sale Price Increased 9.5% from 2013-2014 YTD

 

*Boston.com  

**Data Source: MLS, January--September 2013 vs. 2014    

***Comparison is based upon sales recorded in MLS and does not take into considerations size, location, style or condition of each property.

image via: WikimediaCommons

April 1st is No Joke - FHA to Increase Upfront and Annual Insurance Premiums

Recently, the Federal Housing Administration (FHA) announced that it will hike its upfront premium by 75 basis points to 175 basis points for all single-family loans on April 1st. As if you didn't have enough to think about with taxes looming!

While the FHA assures us that the increase is designed to "have minimal impact on the market and borrowers," there are still some considerations for home buyers.

The FHA is increasing what is known as the Upfront Mortgage Insurance Premium "Upfront MIP" from 1.00% to 1.75% of the loan amount. This increase translates to higher payments and directly impacts the ability to qualify for a mortgage.

One of our business partners, Thea Simolari, Senior Loan Officer at Mortgage Network, Inc., broke down the details of what this means for you.

·         If you are out shopping for a home and an FHA client (3.5% down payment), it's time to get "off the fence" and get under contract by month's end so that the FHA case number will be pulled before the deadline of March 31st. After that date, you will pay more for your mortgage.

·         Consider Mass Housing as an alternative. The new Mass Housing program that offers 97% financing with NO PMI is an incredibly powerful tool. This program can save buyers tens of thousands of dollars over the course of a 30 year mortgage.
Thea explains that, "The FHA program was designed to be a very affordable alternative for those with a low down payment and credit that was considered less than perfect. The FHA mortgage is still a very good option, but new alternatives are becoming available every day for consumers. You should be sure to consider all of your options and ensure that you are maximizing your buying power."
If you are interested in learning more about these programs, please contact:
Thea Simolari
Senior Loan Officer
Mortgage Network, Inc.
NMLS # 20914
Cell: 617-699-7692