First a review of where we came from. For Woburn, Ma.
the market volume and the prices peaked in 2005, at an
annual volume of 179 units and a median price of $354,911. The 2005 numbers are somewhat skewed by 62 units of a new complex on Salem St. hitting the market. However, prices have fallen approximately a 25% from that high. In
2009 77 units sold this volume is 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 has been no strong seasonal effect in the Woburn market. In 2008 Q1( Jan, Feb and Mar), Q2 ( Apr, May, Jun) and Q3 (
Jul,Aug, Sept) were somewhat lower than past years but prices held up. In Q4 2008 volume and prices fell steeply. Q3 of 2009, and Q2 2010 showed improved sales volume and prices over 2008 levels. I believe this was in large part due to the first time home buyer tax
credit. With the end of the Tax credits Q3 volumes decreased but still showed good strength. 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.
There are currently 37 condos listed for sale in Woburn, which is down slightly from the same time last year. This translates into approximately a 6 month supply which indicates that the market remains in reasonable balance. This supports the stable pricing that we have seen over the past 18 months .
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 2010 showed stability in the Woburn Condo market. With mortgage rates at record lows and the economy starting to show signs of improvement I believe that we will see gradual strengthening in the markets as we move into 2011. I do not expect to see any substantial price decreases so now is a good time to buy.
Call Mike at 781-771-7216 for a detailed review of how the market can affect your goals.
