Market Update – Winchester, MA

The real estate market in Winchester, Massachusetts is currently a mixed bag. Here’s what the latest housing figures look like:

Winchester Real Estate Market Snapshot as of March 2009

Real estate statistics for Winchester MA

As I’ve mentioned before in my blog, Winchester doesn’t have many multi family homes, so if you’re not familiar with the area, don’t be surprised that so few of them sell.

Average Days on Market

Another important statistic to look at is how long properties are remaining on the market before they have an accepted offer. Here’s what the averages are for the last 6 months:

Single Family Homes – 132 Days
Condos – 147 Days
Multi Family Homes – 134 Days

Let’s compare these figures to what was happening in the city in early December. This will help us compare the fall market (reflected in the December figures) versus the winter market which is what’s showing in today’s latest stats.

Winchester Real Estate Market Snapshot as of December 2008

Real Estate Statistics as of December 2, 2008

The biggest changes we see is the average sales prices of properties in Winchester. The average price of a single family house in Winchester has dropped over $61,000 while the average sales price of a condo in the city has risen by over $69,000.

Also the absorption rates (the amount of months it would take for the amount of demand in the market to buy up all of the existing properties in no more were to come available for sale) are much longer, but this is normally just a reflection of the time of year. Between the holidays and bad weather, we normally see housing inventory taking longer to sell in the winter.

It is now officially spring, so stay tuned to my next blog post about Winchester where we’ll start to see the effects of the spring market.