Investors need to know that the single family housing market does not necessarily reflect the state of the multifamily housing market. Â We looked at Cambridge, MA yesterday and will look at Everett, MA today. Â Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc. (MLSPIN). Â All figures are year-to-date as of Dec. 1, 2010 for 2010 numbers.
Everett, MA Average Sale Price of Three Family House vs Single Family
Everett, MAÂ 3 unit multifamily house, mainly triple deckers, average sale prices have been on the decline since the market peak in 2005 at $535,207 just like Cambridge. Â In 2010, the average sale price for a triple decker has been $308,541, which is 58% of the market peak. Â The single family market has seen a less severe decline. Â The average sale price for a Everett single family house was 343,125 at the peak in 2006 and $236,041 in 2010, which is 69% of the value at the peak.
The price decline in triple deckers and residential multifamily houses in general is great news for new investors. Â It is not enough that investors know that prices are down. Â Investors need to know what gross rentÂ multipliersÂ and cap rates are. Â Contact meÂ today if you need help finding these numbers.