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March Madness for Real Estate

As you've probably seen already, we love stats, And we couldn't help but get in on some March Madness-style stats for real estate.

This month's Boston Magazine rated the Best Places to Live based on a number of unique qualifications - a cool grocery store, commuting via boat, famous residents, etc. Arlington didn't show up in the profile this time, but that's OK because a) other towns need a chance to shine, and b) we don't need anyone to tell us we already live in the best place. But the article did surface some interesting and relevant numbers.

 

When you list your home in Arlington, don't blink. Arlington homes sell fast. For the past two years single family homes in Arlington have had the fewest Days on Market (DOM), with 49 days in 2010 and 62 days in 2011. The percent increase from 2010 to 2011 is minimal compared to many towns that have been hit hard by the real estate crisis.

 

Only Belmont beat us out at 58 days in 2011. Other surrounding towns come in at 69 days (Cambridge), 88 days (Lexington), 90 days (Winchester), 90 days (Medford).

And here's another stat that is a curve breaker - the median price of single family homes in Arlington has not gone down, with the average price at $497,350 in 2010 and $498,688 in 2011. It's hard to imagine that is still up from pre-bust numbers from 2006, where the median price was $488,750. With an early and active spring market, March Madness for real estate is in full swing. And while statistics are no substitute for judgment (Henry Clay), it is nice to see some concrete numbers back up what we already know:

Arlington is a great place to live.

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