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.
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$: $577,503 Avg. DOM: 27.55 Avg. Sale$: $595,320
2014 Total Sales YTD: 209 Avg. List$: $653,500 Avg. DOM: 22.31 Avg. Sale$: $677,044
Average Sale Price Increased 13.7% from 2013 - 2014 YTD
2013 Total Sales YTD: 209 Avg. List$: $376,592 Avg. DOM: 31.36 Avg. Sale$: $383,210
2014 Total Sales YTD: 186 Avg. List$: $440,768 Avg. DOM: 46.74 Avg. Sale$: $452,366
Average Sale Price Increased 18% from 2013-2014 YTD
Multi Family Style Homes
2013 Total Sales YTD: 36 Avg. List$: $593,911 Avg. DOM: 22.86 Avg. Sale$: $606,664
2014 Total Sales YTD: 26 Avg. List$: $647,719 Avg. DOM: 38.35 Avg. Sale$: $664,750
Average Sale Price Increased 9.5% from 2013-2014 YTD
**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