Home > Blogs > Richard C. Lee's Blog
43,871 views

Richard C. Lee's Blog

By Rich Lee | Agent in Boston, MA
  • Medford, MA Single Family House Days On Market

    Posted Under: Market Conditions in Medford, Home Buying in Medford, Home Selling in Medford  |  December 1, 2011 7:35 PM  |  2,175 views  |  No comments

    The average single family house stays on the market for 94 days in Medford, MA over the last 12 months from Nov. 2010 to Oct. 2011.

    Medford, MA Single Family House Sales Days On MarketMedford, MA Single Family House Sales Days On Market

    The 94 days figure means little to sellers since that does not give any insight into how long houses really stay on the market.  The graph above provides you with the distribution of how long single family houses really stay on the market.  You will see that the most Medford single family houses stay on the market less than 100 days.  A few houses which spent a long time on the market dragged the average up.

    Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

  • Arlington, MA Single Family House Values Down

    Posted Under: Market Conditions in Arlington, Home Buying in Arlington, Home Selling in Arlington  |  November 28, 2011 5:54 PM  |  2,182 views  |  No comments

    The average size of Arlington, MA single family houses sold have been going up.

    Arlington, MA Single Family House Average Square Feet of Living Area (YTD Through October)Arlington, MA Single Family House Average Square Feet of Living Area (YTD Through October)

    The average size of houses sold have gone from 1,624 in 1999 to 1,934 in 2011.  The rise in the average sale price of single family houses have not been able to keep up in the past few years.

    Arlington, MA Single Family House Cost Per Square Foot & Average Sale Price (YTD Through October)Arlington, MA Single Family House Cost Per Square Foot & Average Sale Price (YTD Through October)

    That means that, though the average sale price is higher in 2011 @ $540,665 than the height of the real estate bubble in 2005 @ $530,398, the average cost per square foot is down.  In 2005, the average cost per square foot was at an all time high of $319.  That figure is $280 in 2011 YTD.

    On a separate note, Congress reinstated higher FHA loan limits for high priced housing markets like Arlington.

    Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

  • Cambridge, MA 3 Unit Multifamily House Gross Rent Multipliers At Reasonable Levels

    Posted Under: Market Conditions in Cambridge, Home Buying in Cambridge, Home Selling in Cambridge  |  November 20, 2011 5:03 PM  |  2,251 views  |  No comments

    Cambridge, MA 3 unit multifamily income property gross rent multipliers (GRM) are at reasonable levels based on data going back to 1999.

    Cambridge, MA 3 Family House Average RentCambridge, MA 3 Family House Average Rent

    Apartment rent levels have been rising around the nation, Cambridge included.  The average rent per unit that landlords of 3 unit multifamily houses have been getting during 2011 through the end of September has been $1,622 / month.  The rents have been rising since 2009.

    Cambridge, MA 3 Family House Gross Rent MultiplierCambridge, MA 3 Family House Gross Rent Multiplier

    Those higher average rents have translated into a lower average GRM than what we saw during the real estate market boom back in 2002 and 2004, despite higher average sale prices today.  The GRM for 2011 is 15.3 so far.  That compares to a high of 18.7 in 2002 and 2004 and a low of 13.8 in 2010.

    Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

  • Cambridge, MA 3 Unit Multifamily Prices Hitting Highs

    Posted Under: Market Conditions in Cambridge, Home Buying in Cambridge, Home Selling in Cambridge  |  November 15, 2011 7:05 PM  |  2,284 views  |  No comments

    Cambridge, MA 3 unit multifamily income properties, typically triple deckers, are hitting pricing highs.  If you were reading national real estate news, you might have though prices were still going down.

    Cambridge, MA 3 Family House Cost Per Square Foot & Average Sale Price (YTD)Cambridge, MA 3 Family House Cost Per Square Foot & Average Sale Price (YTD)

    The average sale price for a Cambridge triple decker is $896,168 through September 2011.  The median sale price reached $932,500.  In order to correct for sizing differences between houses sold in 2011 versus prior years, I also took a look at the price per square foot.  The average cost per square for 2011 YTD is $273, which is higher than even the boom years from 2003 through 2006.

    Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

    Stay tuned for my next post with average rents and the average gross rent multiplier for Cambridge 3 family houses!

  • Should You Refinance Your Mortgage?

    Posted Under: Market Conditions in Medford, Home Buying in Medford, Financing in Medford  |  November 10, 2011 7:02 PM  |  2,368 views  |  1 comment

    Mortgage Rates DecreaseI put into dollars what your mortgage payment will be at different interest rates.

    Interest rates have generally been falling for years.  Take a look at a five year mortgage interest rate chart @ BankRate.com.  I did some calculations for you at different interest rates based on a 30 year term.  Let's assume that you are buying a house for about $350,000, the average price today for a single family house in Medford, and you have financed 80% of that.  If you borrowed $280,000 five years ago, you would have gotten an interest rate of about 6%.  That would put your monthly mortgage payment @ $1,679.  If you borrowed the same amount today, your monthly payment would be $1,337.  Refinancing that mortgage today would save you about $350 / month.

    RateMonthly Mortgage Payment
    6%
    $1,679
    5.5%$1,590
    5%$1,503
    4.5%$1,419
    4%$1,337

    Check out my mortgage calculator that provides you with your monthly payment and monthly estimates for home insurance and tax costs.

  • Medford, MA 3 Unit Multifamily Investments

    Posted Under: Market Conditions in Medford, Home Buying in Medford, Home Selling in Medford  |  November 3, 2011 8:15 PM  |  2,446 views  |  No comments

    Medford, MA 3 unit multifamily income property, typically triple deckers, prices have fallen as you've read in my prior post and are at reasonable GRM's again.

    Medford, MA 3 Unit Multifamily Average RentMedford, MA 3 Unit Multifamily Average Rent

    Medford, MA average rents for one unit in a 3 unit multifamily house has leveled off for much of the past decade between $1,000 and $1,200 per month.  Higher rents mean lower Gross Rent Multipliers (GRM) and lower rents mean higher GRM's.  Which way are GRM's going?

    Medford, MA 3 Unit Multifamily Average Gross Rent MultiplierMedford, MA 3 Unit Multifamily Average Gross Rent Multiplier

    GRM's for 2011 through the end of September for triple deckers have hovered around levels seen 10 years ago because prices have fallen (see prior post) to levels last seen about 10 years ago.  The GRM for 2011 averages around 11.5.  That's significantly down from a peak average GRM of 15.8 during 2005.

    Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

  • Medford, MA 3 Family House Prices Down

    Posted Under: Market Conditions in Medford Lakes, Home Buying in Medford Lakes, Home Selling in Medford Lakes  |  October 25, 2011 4:18 PM  |  2,402 views  |  No comments

    Medford 3 family houses, often triple deckers, have fallen in value over the past year on a YTD (through the end of September) comparison.

    Medford, MA 3 Family House Cost Per Square Foot & Average Sale Price (YTD)Medford, MA 3 Family House Cost Per Square Foot & Average Sale Price (YTD)

    The average sale price fell from $477,964 in 2010 to $473,333 in 2011.  The median sale price fell from $460,000 to $447,500.  A typically better indicator of where values are going, the cost per square foot, has fallen from $151 per square foot in 2010 to $145 per square foot in 2011.

    Stay tuned for Medford average rents and the rent multiplier so you know if Medford multifamily income property investments are for you.

    Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

« Read older posts
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer