The prices of real estate in Malden, MA have come down, just like the rest of the country. However, unlike many other areas, properties are selling in the city.
Real Estate Stats Malden February 2009
Average Days on Market
Single Family Homes – 115
Condos – 170
Multi Family Homes – 132
The statistics show that I’m not just looking through rose colored glasses, either. At the same time last year, Malden had 12 months of inventory on the market (yes, a solid year!). As you can see from the chart above, we now have an average of 6 months of inventory for sale. Real estate markets are considered at equilibrium (not a sellers’ or a buyers’ market) when there are between 4 – 6 months of inventory for sale.
The other item that jumps out from the latest statistics is the dramatic change in price of multi family homes in the city. There are more foreclosures of multi family homes in Malden than any other type of property, and that has had a major impact on the market value of 2 and 3 family homes throughout the city.
It will be interesting to see if the absorption rate is being seasonably adjusted because of the harsh winter with many sellers deciding to hold off putting their properties for sale. I’ll keep you posted!