The year has ended and the stats are in. The question – did Arlington real estate continue to perform well in 2009? I have just completed a summary of single family home sales and condominium sales for the two years. The categories are: a comparison of the number of sales for each property type and average sales price for each property type. All of the statistics are based on all sales data provided by MLS-PIN, the primary multiple listing service for Massachusetts.
|
SINGLE FAMILY HOMES |
|||
|
2008 |
2009 |
% Change | |
| # of Sales |
218 |
248 |
+14% |
| Avg. Price |
$511,018 |
$509,975 |
-0.002% |
|
CONDOMINIUMS |
|||
|
2008 |
2009 |
%Change | |
| # of Sales |
226 |
215 |
-5% |
| Avg. Price |
$372,900 |
$350,222 |
-6% |
It is important to understand that the properties that are sold from one year to the next are almost never the same properties. Therefore, we are never making an apples-to-apples comparison. What the data shows is a strong indication of value, but not an exact comparison.
Single family home prices may have hit the lowest possible one year change of less than $1100.00 from the previous year. Condominium sales prices are frequently skewed, due to a new conversion, or some other block of sales occurring in a single year.
The numbers confirm that Arlington continues to be extremely resilient to volatile market conditions and the economic down-turn.
Mortgage rates are hovering around 5% for a 30 year fixed rate. Many experts are expecting mortgage rates to increase in 2010, as the government borrows money to pay for the deficit. With prices that may have hit bottom and very attractive mortgage rates, this may be an excellent time to buy. Also, do not forget the $8,000.00 and $6,500.00 tax stimulus incentives that are currently scheduled to expire for sales that are not under contract by April 30, 2010.
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