Multy family houses have the biggest inventory (compared to sales) and very few sales. So with only 1-4 sales in a months the median prices are kind of meaningless. ( 9/07 with only 1 multi family sold the median price is at 260k, next month with 3 solds the median price is at 700k)
For single family, the median prices are down 6% in December compared to last year, months of inventory are slighyl less (3.9 compared to 4) and average deays on market is down 24 days in December, 79 from 103 last year.
All in all market for single family is pretty good. Months of inventory were mostly between 3-4 months, which indicates neutral market. Days on market are lower compared to last year, and prices have droped by about 2-6% depending on which months you look at compared to a year ago. Inventory is down and the sold numbers are about the same as they were last year.
The same is mostly true for condos. Inventory is down compared to last year, number of solds is about the same (or lower, or higher, depends on which mont you compare, was lower in October and November but the same in december of 07 as inDecember of 06) months of invenotry is lower, so are days on market. Median prices are more or less the same, with perhaps a small drop, depends on which months you compare. Compared to last year median prices droped by 7.7 in Octobercompared to median prices in October of 06, were the same in November and actually went up by 1% in December.
If you have any questions, please feel free to email me at firstname.lastname@example.org
Every single family on the market in Waltham:
Every condo on the market in Waltham:
Every Multi on the market in Waltham:
Median price also has dropped to $298,000 by -6.9%. The average days on market for this quarter was 97. This is up from 74 days on market same time last year.
Much of this is due to buyer confidence not buyer's ability to purchase. Some buyers are making some great deals, and while selling lwer than you wanted to, does allow one to take advatnage of lower single family prices as well.
Unfortunately, there are many big houses, built on small lots, which is part of what makes Waltham unappealing overall as a city to buy real estate. The crowding and over development is, in my opinion, becoming a more critical issue, and the falling property values reflecting this.
Many say that Waltham is generally a more affordable city. However, can one afford to buy a house that may be worth even less in years to come, thanks to over development?
Weston, one suburb over, is very much an interesting contrast, having sustained their average home value over a million dollars. Likewise, real estate values in Concord appear still very high. These are towns that have more stringent development controls, and seem to be more protective of current property owners.
So, as markets go, I definitely would look elsewhere. But, that's not to say there aren't some decent buys in Waltham, but it may be price that ultimately will less more costly than you realized. Then again, that's only my own personal opinion, and the statistical comparisons of the adjacent towns will ultimately be the more important assessment of this city's viability in the real estate market.
There are some great values out there right now!
If you are ready, willing and able I can find you a house in 2-3 weeks, like I did for my buyers. if you are not ready, start going to Open Houses. That will get you a quick intro to the specific market related questions.