Did condo prices fall recently? Is this a good time to buy a condo?

Asked by Newhome Buyer, Waltham, MA Sun Oct 3, 2010

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Territory.com’s answer
Territory.c…, Agent, MA,
Mon Mar 19, 2012
In the last year 149 condo's sold with a median price of $326,750
The year prior 188 condo's sold with a median price of $320,000

So it appears the transactions might have been lower this year but the median price remained the same / slightly increased. Right now there are 57 condo's on the market. Overall it seems to be a perfectly fine market to buy into plus the interest rates are low so perhaps you can get yourself a nice deal.

Here is every property on the market in Watertown:
http://goo.gl/ayXhz

Good luck!
http://territory.com/
Web Reference:  http://territory.com/
0 votes
Medea Paland…, Agent, Watertown, MA
Mon Mar 19, 2012
Hi New Home buyer,

Our market has been sluggish in the condo arena for a while but I see signs that it is turning this season! Since we had such a mild winter, the spring market started much earlier. I see this spring as the perfect storm...rates are low, condo prices are still good but that being said, I also feel due to lack of inventory and a large number of buyers, the competition is getting fierce. My last 5 offers were all multiple offers on properties!

I would suggest you get into the purchasing game this season while you can! I'd be more then happy to assist you in your search. Check out my reviews and give me a call to discuss further!

Medea
0 votes
Tean Wong, Agent, Boston, MA
Sat Mar 17, 2012
Now it is good time to buy. The rate is still nearly the lowest and it is on a rise. The price is still low. Bans are now starting to loosen up some guideline. I can see the price is starting to rise.
0 votes
Eric Asman, , Marlborough, MA
Wed Apr 27, 2011
I agree that it is a good time to buy a condo, if you are ready. Keep in mind, though, there can be many challenges when financing a condo. MA Housing is an excellent option with FHA raising their PMI rates twice in the last year. Please free to call me...I am happy to go through "condo financing 101" with you.
0 votes
Louis King R…, , 02472
Sat Feb 12, 2011
In general, condo prices in Watertown have gone down as compared with single family homes which have gone up.

Part of the reason is the inventory has increased (which is good for you).

Part of the reason is that lending requirements for FHA mortgages became restrictive about 1 year ago. So that makes it tougher to buy a condo if you need and FHA loan.
0 votes
Medea Paland…, Agent, Watertown, MA
Sat Nov 6, 2010
Dear Newhome Buyer,

The market in the Watertown/Waltham area has had a sluggish start this fall. Most first time buyers that would have purchased in the fall probably purchased in the spring. That being said, I do think prices have slipped a little since the spring and it is a great time to buy! The sellers at this point are very motivated and are expecting the winter months to be slower. As an agent in the Watertown, Waltham area, I know as soon as one comes on the market if it is priced right to sell.

Remember rates are very low right now. The fact that you didn't purchase during the 8K tax credit means you are actually getting a much better buy right now all at lower rates as well! Take a look at this article: below to read more about this topic.

Please feel free to contact me directly to discuss this specific market more. Just yesterday, a single family home came on the market in Belmont under 400K! Now that is a great buy!
0 votes
Irena, , Newton, MA
Wed Oct 20, 2010
When buying a condo anywhere you need to do your research and make sure that it is well run and maintained. I would stay away from the 2-3 fam. conversions and frankly would consider a bigger complex for its stability and regulations. Would not buy any of the church conversions either ( it was build as a place of worship).
Condo prices did come down in certain areas but not really around Watertown, Belmont, Newton, Waltham and Cambridge, because of their location and desirability. Bargains can be found further away in Natick, Framingham, perhaps Ashland and further away.
If you are considering home ownership and can not afford single or multi family than condo is a good option. You will build equity and it is probably within the monthly price of a rental, in those areas. Also I will be yours and you can do as you please within your own four walls, as long as you do follow the rules and regulations.
0 votes
Monir Mamoun, Agent, Denville, NJ
Tue Oct 12, 2010
Hi Newhome Buyer, I wrote a four part blog about this topic. It will help you figure out if it is the right time to buy that condo given your situation. Link below. Good luck!
0 votes
Territory.c…, Agent, MA,
Wed Oct 6, 2010
When you look at number of transactions from 2009 compared to 2010 it has increased. This tells you the market has remained healthy. That said the median sale price dropped about $10,000 but that is not significant enough to make a judgment on an overall negative market value trend.

Watertown and Waltham are great places to invest because of their proximity to the city and more expensive towns like Belmont and Cambridge. This should keep the market steady in good and bad economies.

Here is every property for sale in Watertown:
http://www.territoryre.com/idx/search.html?search=true&s…

Here is every property for sale in Waltham:
http://www.territoryre.com/idx/search.html?search=true&s…
Web Reference:  http://territoryre.com
0 votes
Rich Lee, Agent, Lynn, MA
Tue Oct 5, 2010
Newhome Buyer,

It's a good time to buy when you're at the point in life where you are ready and want to. That said, the average sale price of a condo in Watertown has held fairly steady over the last 10 years. However, the number of sales has been down. See my web reference for more information. I'd like to see if I can help you. Please contact me.

Cheers,

Rich
0 votes
Amy Mateus, Agent, Ludlow, MA
Mon Oct 4, 2010
I agree with Jessica...it is a great time to buy and I don't anticipate prices to go down much more and with the interest rates being as low as they are it is a win win situation. You won't know when the market has reached the lowest prices until you see the market rise (prices rising) again and by then it will be too late to take advantage of the low prices and interest rates that are currently available.
0 votes
Louis Wolfs…, Agent, Needham, MA
Mon Oct 4, 2010
Based ont the MLS info below this year is higher than last year , whcich makes sense as rates are lower and there has been more activity. Hope this helps call me with any questions.

Louis


PAST YEAR
Price Range # of
Listings Avg. Days
on Market Average
Sale Price Average
List Price SP:LP
Ratio Average
Orig Price SP:OP
Ratio
$0 - $49,999 0 0 $0 $0 0 $0 0
$50,000 - $99,999 2 105 $79,751 $71,900 113 $82,350 104
$100,000 - $149,999 4 136 $137,750 $153,475 90 $177,425 81
$150,000 - $199,999 15 100 $171,187 $181,187 95 $185,540 93
$200,000 - $249,999 32 90 $226,419 $231,600 98 $236,253 96
$250,000 - $299,999 38 102 $274,172 $283,747 97 $291,323 94
$300,000 - $349,999 65 77 $323,345 $332,576 97 $340,693 95
$350,000 - $399,999 44 71 $372,894 $382,426 98 $388,801 96
$400,000 - $449,999 22 89 $421,114 $436,632 97 $446,769 94
$450,000 - $499,999 7 64 $469,829 $481,086 98 $488,929 96
$500,000 - $599,999 10 88 $537,103 $550,360 98 $554,550 97
$600,000 - $699,999 0 0 $0 $0 0 $0 0
$700,000 - $799,999 0 0 $0 $0 0 $0 0
$800,000 - $899,999 0 0 $0 $0 0 $0 0
$900,000 - $999,999 0 0 $0 $0 0 $0 0
$1,000,000 - $1,499,999 0 0 $0 $0 0 $0 0
$1,500,000 - $1,999,999 0 0 $0 $0 0 $0 0
$2,000,000 - $2,499,999 0 0 $0 $0 0 $0 0
$2,500,000 - $2,999,999 0 0 $0 $0 0 $0 0
$3,000,000 - $3,999,999 0 0 $0 $0 0 $0 0
$4,000,000 - $4,999,999 0 0 $0 $0 0 $0 0
$5,000,000 - $9,999,999 0 0 $0 $0 0 $0 0
$10,000,000 - $99,999,999 0 0 $0 $0 0 $0 0
Total Properties 239 Avg. 85 $319,211 $328,830 97 $336,139 95
Lowest Price: $67,500 Median Price: $320,000
Highest Price: $587,934 Average Price: $319,211
Total Market Volume: $76,291,364

PRIOR YEAR
Report Run: 10/4/2010 9:03:06 AM
Property Type(s): CC
Status: SLD
Start Date: 1/1/2009
End Date: 12/31/2009
Towns: Waltham
Price Range # of
Listings Avg. Days
on Market Average
Sale Price Average
List Price SP:LP
Ratio Average
Orig Price SP:OP
Ratio
$0 - $49,999 0 0 $0 $0 0 $0 0
$50,000 - $99,999 0 0 $0 $0 0 $0 0
$100,000 - $149,999 7 186 $138,143 $144,886 95 $156,343 89
$150,000 - $199,999 19 116 $170,974 $178,016 96 $184,711 93
$200,000 - $249,999 56 102 $224,628 $231,125 97 $236,939 95
$250,000 - $299,999 39 93 $277,132 $284,163 98 $291,926 95
$300,000 - $349,999 60 68 $325,266 $337,128 97 $342,447 95
$350,000 - $399,999 41 90 $374,388 $385,487 97 $392,848 95
$400,000 - $449,999 23 90 $427,529 $441,137 97 $447,620 96
$450,000 - $499,999 8 43 $471,450 $482,087 98 $490,819 96
$500,000 - $599,999 12 83 $544,533 $554,050 98 $559,883 97
$600,000 - $699,999 0 0 $0 $0 0 $0 0
$700,000 - $799,999 0 0 $0 $0 0 $0 0
$800,000 - $899,999 0 0 $0 $0 0 $0 0
$900,000 - $999,999 0 0 $0 $0 0 $0 0
$1,000,000 - $1,499,999 0 0 $0 $0 0 $0 0
$1,500,000 - $1,999,999 0 0 $0 $0 0 $0 0
$2,000,000 - $2,499,999 0 0 $0 $0 0 $0 0
$2,500,000 - $2,999,999 0 0 $0 $0 0 $0 0
$3,000,000 - $3,999,999 0 0 $0 $0 0 $0 0
$4,000,000 - $4,999,999 0 0 $0 $0 0 $0 0
$5,000,000 - $9,999,999 0 0 $0 $0 0 $0 0
$10,000,000 - $99,999,999 0 0 $0 $0 0 $0 0
Total Properties 265 Avg. 91 $311,728 $321,155 97 $327,742 95
Lowest Price: $125,000 Median Price: $311,000
Highest Price: $590,000 Average Price: $311,728
Total Market Volume: $82,607,810
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