Robert O'Reilly
Coldwell Banker Realty

Update 04/16/2016

Hello,

Well here we are again. The highlight of mid-April – taxes are due not on the April 15th but on April 18th, but why? It has to do with the Civil War and The Emancipation Proclamations. I learned today that President Lincoln issued two Emancipation Proclamations. The first one freed the slaves held in the District of Columbia 8 ½ months before the Proclamation that freed slaves in the Confederacy. April 15th is the day the District of Columbia celebrates the earlier Proclamation and all office are closed and since the IRS is in DC they are closed, so another couple of days to finish up those 1040’s.

This week I am sharing information about properties that have been sold between Jan 1 and Mar 31, 2016. I am doing this because you need to know not just what is available to purchase but what it might cost you buy that home.  Here is the take away - be prepared to pay more than asking. This means you will need have more money in the bank for deposits and will probably need to qualify for a bigger mortgage.

There is one way you can find out how big a mortgage you can qualify for by getting a pre-approval. If you have not talked to a lender, it is time for you call me and I will give you list of mortgage lenders or look for one on your own.

Here are the numbers:

Town & Type

# Properties

Average Days to Offer

Average List Price

Average Sold Price

% of List Price

Arlington Single Families

13

14

$760,836

$780,621

104%

Arlington Condominiums

22

9

$551,936

$583,805

106%

Arlington Multi-Families

1

5

$719,000

$900,000

125%

Belmont Single Families

7

25

$1,047,271

$1,027,714

98%

Belmont Condominiums

7

13

$600,843

$622,000

105%

Belmont Multi-Families

3

36

$852,633

$888,337

104%

Cambridge Single Families

3

18

$1,719,333

$1,879,333

112%

Cambridge Condominiums

38

15

$774,053

$822,737

106%

Cambridge Multi-Families

4

35

$1,587,469

$1,476,250

94%

Medford Single Families

8

62

$514,200

$513,492

99%

Medford Condominiums

8

31

$449,450

$462,363

103%

Medford Multi-Families

7

44

$598,486

$603,129

101%

Somerville Single Families

7

48

$900,386

$887,071

98%

Somerville Condominiums

36

17

$669,558

$692,942

104%

Somerville Multi-Families

8

48

$893,462

$956,625

103%

Watertown Single Families

3

7

$688,800

$717,492

105%

Watertown Condominiums

24

32

$481,967

$492,813

103%

Watertown Multi-Families

6

6

$618,817

$636,817

103%

 

This week there are 257 homes including 72 new listing on the market in Arlington, Belmont, Cambridge, Medford, Somerville and Watertown. There are 155 open houses this weekend.

That is quite a few properties for you to learn about or visit.   Give me a call if you want any information about a property or better yet want to make an offer.

I am never too busy to help with a real estate questions.

Have a good weekend,