Each month, The Madden Team puts out an analysis for the Watertown real estate market, and this month the market looks busy.
Here is the Madden Team’s report:
Compared to last month’s statistics, there seems to have been an increase in new to market activity rising from 10 new listings last month at this time to 19 new listings this month. Pending sales remained at nine for last week, which is exactly the same as it was one month ago. The sold listings also remained relatively steady going from six sales on our last statistics post to seven sales this past week.
Our current inventory has seen increases across every sector of the real estate market, with some large increases and some slight increases. Both Single Family and Multi-Families have seen slight increases since last month. Single Family homes rose from 12 active listings to 15 actives listings. Multi-Family homes increased from six actives listings to eight active listings. However, it was in the condominium market where we have seen the greatest influx of listings with the active listings rising from 25 last month to 35 currently active listings. This means that there is starting to be a bit more selection for buyers which may allow buyers to be more selective in this sector of the market compared to Single Families and Multi-Families.
The Watertown condominium market is remaining strong through October, despite the indication of a rise in active listings. Comparing the year-to-date with 2014, we see appreciation of over $29,000 on average. The biggest negative of the statistics is that we have seen a decrease in the overall number of sales. The condominium market has yielded 36 fewer sales than year-to-date in 2014.
The intriguing market is those homes that are priced at the top of the spectrum. It will be of interest to all residents what these properties wind up selling for as these high end sales will continue to cause a trickle down effect of increased home values across the Town of Watertown as we have already seen within the past year.
See more information about the Watertown Real Estate Market click here.