First a review of where we came from. For Waltham, Ma. the market volume peaked in 2005. The prices peaked then also at an annual median price of $435,000. Prices have shown a 9% pullback through 2009. The number of homes sold in 2005 was 337. In 2009 236 homes sold so the volume was down 30%. The graph below shows the numbers for the last 10 years. The line is for the median price and the bars for the numbers of homes sold.
There is a seasonal volume effect in the Waltham market with Q1 (Jan, Feb, Mar) and Q4 (Oct, Nov, Dec) being market lows. This seasonality should be taken into account when looking at any monthly data. 2010 Q1 volume improved significantly with 79 homes sold, up from 2008 while still showing the usual seasonal effect. The graph below shows the Quarterly numbers for the last 3 years.
The line is for the median price and the bars for the numbers of homes
sold.
With mortgage rates holding at
historic lows and lots of first time homebuyer incentives we will see continued improvements in market strength as we move into the summer of 2010.
What this means for homeowners in the near term is that there is still demand for homes, and homes can be sold at reasonable prices. Homeowners who purchased more than 4 or 5 years ago should still have good equity, those having purchased or re-financed recently unfortunately will likely not see price appreciation until 2009 and beyond.
For a monthly view of the market click here for the Waltham Monthly Report, or call Mike at 781-771-7216 for a detailed review of how the market can affect your goals.
