First a review of where we came from. For Waltham, Ma. the Condo market volume peaked in 2005. Prices continued to rise through 2007 to an annual median price of $362,000. In 2009 prices pulled back to an average price of $311,684. The number of units sold in 2005 was 316. In 2009 264 units sold so the volume was down from the peak but up from 2008. 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 showed the usual seasonal effects. As we move into the summer, I expect prices to strengthen. 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.
The condo market is somewhat more complicated than the single family market in that there are several competing types of condominiums on the market. There have a significant number of condo conversions where 3 and 4 family houses have been re-habbed and converted. There have also been some new luxury condominium complexes built, so price numbers can be hard to interpret. For your specific are of interest please give me a call directly.
Generally speaking 2009 was a down year for Waltham Condos, but with mortgage rates at
historic lows, and signs of an improving economy I believe that it may be the market bottom and we will see improving strength into 2011.
For a monthly view of the market click here for the Waltham Monthly Condo Report, or call Mike at 781-771-7216 for a detailed review of how the market can affect your goals.
