Real estate trends

Change is a Constant in Real Estate

As a real estate agent for four decades, I’ve experienced the ups, the downs and all the in-betweens. I’ve seen interest rates as high as 18.5 % and as low as 2.85%. I’ve seen houses sell in both hours and in months.

I have learned a lot over the years. Perhaps one of the most important lessons is, the real estate market is always changing.

The past five years have been no exception. We’ve seen an unprecedented increase in property values, bidding wars, lack of inventory, a seller’s joy of an amazing sale price and a buyer’s excitement of winning the bidding war. No one has a crystal ball, but I have experience on my side and I see signs that change could be coming.

Since mid-May inventory has increased across the board for all styles of housing in the area, days on market are longer and there have been price decreases instead of overbidding. Experience has taught us there are easy things to do to make your home stand out from others which could make your home the exception to the norm. This gives you the opportunity to potentially command a higher price through multiple offers. Our goal is to stay ahead of the changing market by educating you on what works and what doesn’t.

As a seller, you want to be sure you have the opportunity to sell your home quickly and for the best price possible. If you’re a buyer you don’t want to sit on the sidelines waiting for the market to change, but you want to buy a home at a price that makes sense for you. Our goal is to set everyone’s expectations correctly for the current market.

Fortunately, our changes are not extreme because we are surrounded by the best universities and hospitals in the country. The Greater Boston area is flourishing, with massive growth in Hi-tech and Biotech. Our communities offer easy access to the city via public transportation and bikeways.

In a constantly fluctuating real estate market the answer remains the same - the best time to buy or sell a home is when it’s best for you. If you’re thinking about buying or selling in the near future contact us and together we can prepare a plan that works for you.

    Comments

    1. No comments. Be the first to comment.

    October Real Estate in Arlington - by the Numbers

    Like those pictures you have to stare at and almost go cross-eyed to see the picture within the picture – if you look closely, real estate data reveals the story behind the numbers.

    We took a snapshot of October home sales for single-family, 2-family and condo homes in Arlington for both 2018 and 2019, and we have some interesting comparison findings.

    Arlington Single Family Homes

     

    2018

    2019

    Single-family Homes Sold

    32

    26

    Average List Price

    $867,934

    $985,327

    Average Days to Offer

    16.9

    33.9

    Average Sale Price

    $883,092

    $994,631

     

    As you can see, while there were fewer homes sold in 2019 than 2018, both the average list price and average sale price were up this year. However, the days to offer (DTO) was also up. For home sellers, this means you are more likely to get a good price for your home as values continue to increase. The good new for home buyers is that there is less of a frenzy, and homes are sitting a little longer to give you some breathing room.

    Arlington 2-Family Homes

     

    2018

    2019

    2-family Homes Sold

    8

    5

    Average List Price

    $918,250

    $934,200

    Average Days to Offer

    21.5

    15.8

    Average Sale Price

    $890,125

    $1,010,200

     

    Arlington 2-family home also saw fewer sales in October of 2019 vs. October 2018, and both the average list and sale prices were up. However, properties that are available are selling like hot-cakes. Homeowners should note that the lower inventory and high demand for 2-family homes in Arlington means it could be a great time to sell.

    Arlington Condo Homes

     

    2018

    2019

    Condo Homes Sold

    25

    19

    Average List Price

    $676,484

    $601,605

    Average Days to Offer

    12.9

    12.7

    Average Sale Price

    $700,016

    $611,974

     

    Keeping on-trend, there were fewer condo home sales in 2019 than 2018, but that’s where the similarities end. Both the average list price and average sale price were down in 2019 vs. 2018, and DTO was about the same. This is good news for condo homebuyers who are looking to make a move out of the city and own their own property in a vibrant community.

    Overall, we are seeing a loosening of inventory but home values continue to rise. This gives homebuyers a little more command over their situation, but home sellers should still feel confident about getting a good value on the sale of their home.

    As we get closer to the end of 2019 and set our sights on 2020, we know the market will continue to shift and change. Thinking of buying or selling your home? Contact us and we can break it down for you so you can see, with 2020 clarity, your real estate possibilities in 2020!

      Comments

      1. No comments. Be the first to comment.

      November Real Estate in Medford - by the Numbers

      We took a snapshot of November home sales for single-family, condo, and multi-family properties in Medford for both 2018 and 2019, and here’s what the data reveals:

      Home sales for single-families and condos dipped slightly in 2019 as compared to 2018 but multi-families saw a slight increase.

      Across the board, single-families, condos and multi-families stayed on the market a bit longer, giving home buyers a little more breathing room. Condos saw the biggest jump in days on market from 2018 to 2019. It’s interesting that multi-families stayed on the market longer, whereas in Arlington the supply of multi-families was lower and they sold quicker.

      Even though the number of listings was generally down and properties sat longer, average sale prices went up in 2019 vs. 2018.

      Demand for properties in Medford remains strong and value continue to rise which is great news for home sellers. If you’re looking to buy in Medford, you’ll be pleased to know that inventory is slightly up and properties are staying on the market a little longer.

      If you would like additional information, or if you would like to know more about buying or selling a home in Medford, contact us today.

       

      Here is a snapshot view of the data above:

      2018 MEDFORD

      Single Family Sold Listings: 26 Avg. DOM: 29.96 Avg. Sale $: $641,715

      Condominium Sold Listings: 20 Avg. DOM: 39.1 Avg. Sale $: $548,970

      Multi Family Sold Listings: 7 Avg. DOM: 20.14 Avg. Sale $: $845,500

       

      2019 MEDFORD

      Single Family Sold Listings:  23 Avg. DOM: 35.17 Avg. Avg. Sale $: $679,087

      Condominium Sold Listings: 16 Avg. DOM: 53.75 Avg. Sale $: $603,806

      Multi Family Sold Listings: 9 Avg. DOM: 28.78 Avg. Sale $: $875,333

        Comments

        1. No comments. Be the first to comment.

        COVID 19, The Coming Recession And The Greater Boston Area Real Estate Market

        Sometimes it helps to hear someone explain a situation in detail, rather than reading snippets and piecing together information from here and there. If you've been wondering what the impact of COVID-19 means for the local real estate market (and you), Mike Pallotta of The Home Advantage Team breaks it down, piece by piece. Have a listen.

          Comments

          1. No comments. Be the first to comment.

          House Hunting During a Pandemic - What You Need to Know

          As you can imagine, house hunting during a pandemic is very different than house hunting during 'normal' times. Hear what Steve has to say about what's changed (and what hasn't) in this interview from ACMi News.

          View the Interview Here.

            Comments

            1. No comments. Be the first to comment.

            Arlington's Top 10 Real Estate Facts, August 2020

            There is just so much happening with Arlington real estate (and beyond) these days it can be hard to boil it down into what's most important, right now. 

            The Arlington real estate market is different from the national market, it is different from the Massachusetts market, and it’s even different from neighboring Cambridge or Lexington markets. While it can be influenced by these broader factors, it is its own entity with its own trends and direction.

            To break it down, here are our top 10 facts about the Arlington real estate market, right now:*

            1.       The number of single-family homes sold is down 11% as compared to this time last year.

            2.       The average single-family home sale price is up by $17,255 as compared to this time last year.

            3.       The number of condo homes sold is down 5% as compared to this time last year.

            4.       The average condo sale price is up by $28,412 as compared to this time last year.

            5.       The number of multi-family homes sold is down 33% as compared to this time last year.

            6.       The average multi-family home sale price is up by $121,389 as compared to this time last year.

            7.       Arlington is a premier community for anyone looking for more square footage, in-home office space, or a yard outside of Boston.

            8.       Arlington provides an array of distinctive housing, offering up options for first-time home-buyers, downsizers, investors, families, and anyone looking to be part of a vibrant community.

            9.       Inventory is down and home values are up, making it a prime time to be a home seller in Arlington.

            10.   Now a part of Gibson Sotheby’s International Realty, Steve McKenna & The Home Advantage Team are firmly established as Arlington’s #1 real estate team for more than 30 years and counting.

            It can be difficult to decipher what is relevant and what is extraneous in real estate - in Arlington or elsewhere. So if you are thinking of buying or selling, it is critical to have a team with feet on the street and an insider's eye to an evolving buyer and seller market. Contact us today, and put your home in our hands.

            *MLS Arlington Home Sales Jan. 1 - July 31 2019, Jan. 1 - July 31 2020

              Comments

              1. No comments. Be the first to comment.

              Real Estate Market Update, 2020 (Webinar Replay)

              In case you missed it! Take a look at this webinar that is full of unique insights and interesting perspectives. Steve, Mike and Tracy talk about navigating today's real estate market, with a look at how home sales have progressed over the past few years. Don't miss it!

                Comments

                1. No comments. Be the first to comment.