Real estate statistics are generally reported comparing month to month or
year to year, however I think that gives an unrealistic picture of a market.
Since most homeowners live in their home for an average of 7 years, I advise my
clients to look at a market performance over a 6 or 7 year period.
If we look at Charlestown sales for the fall market (properties closed from
September 1 through November 30) for the years 2006 and 2012 (according to data
from the MLSPIN), we see that the 2 Bedroom and single-family market stable to
strong while the 1 and 3 bedroom properties are starting to show
For one-bedroom condos, the average price was $361K in 2012 vs $405K in
2006. Although this is 10% lower, if we look at the the number of properties
sold (14 in 2006 and 23 in 2012) combined with significant reduction in Days on
Market (58 days in 2012 vs 120 in 2012) I forecast that prices are going to be
increasing in the Spring 2013 market.
This is my same forecast for 3 bedroom properties where the prices are down
19% from 2006 highs ($672K in 2006 vs. $549K in 2012), however the number of
properties sold (3 in 2006 vs 10 2012) and the reduction in days on market from
235 days in 2006 to 80 in 2012).
2 bedroom properties have been basically unchanged and single-famly homes
have seen increases however over the past 6 years. The average 2 bedroom
property went for $527K during this period in 2006 and $520K in 2012 with double
the number of properties sold and days on market in half (74 days in 2012 vs.
150 days in 2006).
Single-family properties have seen increases over the past 6 years with the
average single-family property sold in 2006 costing $656K and $713K in 2012 (up
8.6%). Again, number of sales during this period were almost double and the
days on market in 2012 being half of what they were in 2006.
I think the lack of inventory, low interest rates, along with Charlestown's
proximity to Boston, Cambridge, Route 93 and 1, as well as public transportation
options are going to bolster Charlestowns sales and values in the Spring 2013
Don't forget - as an exclusive buyer agent, I only represent home buyers and
provide them with the facts and data to make an informed real estate purchase.
Each property / market is different and this analysis only represents averages.
Please call me at 617 997-5570 or e-mail me at email@example.com for a free,
no-obligation consultation on your Greater Boston real estate needs.
Gary Dwyer, Broker / Owner,
Buyer Agents of Boston, LLC
617-997-5570 - voice