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RE/MAX Leading Edge Real Estate Market Report July 2014
- 1. 15.0% Increase in Median Sale Price since January! ! Arlington remains to be one of the most competitive markets in the Commonwealth, especially in the entry-level price range of $400-700K. Many properties sell with bidding wars $50-100K over asking price with buyers waiving all contingencies in their offers. RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Arlington Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 2. 4.6% Decrease in Median Sale Price since January ! The condo market in the Back Bay remains a seller's market despite the decrease in median sale price due to the small sample. Usually activity slows once the medical residents/doctors start their residencies and new internships on July 1st, but we don't see it having a drastic effect on the overall market.! RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Back Bay Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 3. 28.6% Increase ⨠in Median Sale Price Since January! ! For the first time in history, the median sale price in Lexington is over $1,000,000.  Demand remains strong in the price ranges under $1,500,000 and inventory remains low.  Homes priced $1,500,000+, have seen an increase in inventory since the Spring, leading to longer days on the market as buyers have more homes from which to choose. RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Lexington Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 4. 4.0% Increase ⨠in Median Sale Price since January! ! Houses are coming on the market with more regularity than in early Spring.  As long as they are priced right, they sell quickly. Weâre seeing no signs of the market slowing down at all. RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Lynnfield Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 5. 18.3% Increase ⨠in Median Sale Price since January! ! We're still experiencing a thriving seller's market with record price appreciation, however, many more homes are available now compared to April and May.  Nicely appointed homes in the $350,000- $500,000 are still seeing frenzied activity with double-digit bidding wars while trade-up homes priced in the $500s- $800s sell very quickly with multiple offers if they're priced right and are more turn key.  RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Melrose Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 6. 11.6% Increase ⨠in Median Sale Price since January! ! Inventory is still low with high demand in the entry to mid level price points of $500,000- $700,000. The $1,000,000+ market seems to have slowed down a bit as well as homes priced over $2,000,000. RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Newton Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 7. 3.3% Increase ⨠in Median Sale Price since January ! Developers and âflippersâ have purchased an abnormally high amount of lower priced homes in the $300,000 range which has brought the median sale price down. The overall market still remains active but we expect the usual Summer slow down as buyers focus more on the beach than buying a home. We anticipate the Fall season will bring more focused buyers after Labor Day. RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT North Reading Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 8. 3.3% Increase⨠in the Median Sale Price since January! ! We're still experiencing a seller's market with price appreciation, however, many more homes are available now compared to April and May.  Nicely appointed homes in the $350,000-$500,000 are still seeing bidding wars while trade-up homes priced in the $500s-$800s sell very quickly with multiple offers if they're priced right and are more turn key.  RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Reading Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 9. 17.9% Increase ⨠in Median Sale Price since January! ! Although still a seller's market, the mindset of condo buyers has shifted. Many are less eager to engage in a 'bidding war' and are now choosing not to participate in hopes of a slower Summer market.  However, properly priced properties still sell quickly with 1-3 offers (compared to 8-10 they may have had in the early Spring). RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Somerville Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 10. 5.7% Increase in Median Sale Price since January! ! We're still experiencing a seller's market however, many more homes are available now compared to April and May. Â Nicely appointed homes in the $350,000- $500,000 are still seeing bidding wars while trade-up homes priced in the $500s-$800s sell very quickly with multiple offers if they're priced right and are more turn key. Â RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Wakefield Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 11. 16.1% Increase ⨠in Median Sale Prices since January! ! The market remains active with extremely low levels of inventory.  Sellers who price their home correctly sell quickly with multiple offers. RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Watertown Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
- 12. 7.5% Increase ⨠in Median Sale Price since January! ! The Winchester market is still extremely active, favoring sellers who price their homes correctly. Inventory remains extremely low with many buyers eliminating inspection and financing contingency terms to win bidding wars. RE/MAX LEADING EDGE MONTHLY REAL ESTATE REPORT JULY REAL ESTATE MARKET REPORT Winchester Sellerâs! Market! ! ! ! ! ! ! ! ! ! ! Even! Market! ! ! ! ! ! ! ! ! ! ! Buyers! Market Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com! Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14