The end of the year provides us with a great opportunity to look back and see how the real estate market performed as a whole. By looking at the entire year, we are able to get a well rounded picture that takes into account seasonality and small market fluctuations.
Overall, Waltham's real estate market remained strong in 2013. There were a total of 346 single family homes sold throughout the year, an average of just over 28 a month. Of those sold homes, the prices ranged from $170,500 - $1,124,000. There is truly something for everyone in Waltham, no matter what your needs. These homes on average were on the market for 48 days, which is down from the 2012 numbers. In 2012 the average days on market for a single family home in Waltham was 93. This tells us that houses are moving more quickly than in the previous year, and that buyers should not wait on the sidelines.
The average living space of a single family home sold in 2013 in Waltham was 1866 sq. feet. The average price per square foot of these sold homes was $258. Of course, these are the averages and the highs and lows can be attributed to the condition of the home, location and many other factors, but if you are interested in participating in either buying or selling in 2014, it's important to know the averages.
One metric that allows us to understand the market and whether we are in a buyers or sellers market is the difference between asking and selling price. According to MLS, the average asking price of a single family home on the market in 2013 was $461,350. The average selling price of a single family home on the market in 2013 was $456,550. This means that homes for sale sold for 98.96% of asking price, on average. These numbers indicate that it is a seller's market and homes are going for close to what the sellers are asking. Plus, with interest rates at historical lows, now is a great time to buy! Something to keep in mind if you wish to buy or sell this year.
Overall, we live in a very strong community for real estate. Inventory is low, which should continue to push prices higher as long as interest rates remain low as well. If you are currently considering selling or buying a home, 2014 is a great year for you!
