Real Estate Market Update – Melrose MA

When I think of Melrose, I instantly think of its lovely Victorian downtown area that looks like it’s something from a Dickens story. Thankfully as the snow melts it’s looking less like Christmas and feels like spring might really be coming!

The real estate market in Melrose has slowed down, but it’s still doing much better than most of the rest of the country. Let me show you:

Melrose Real Estate Statistics February 2009

Real Estate Market Update Melrose MA

The Average Days on Market are also showing that sales of single family homes remain brisk while condos and multi family homes are taking longer to sell.

Average Days on Market as of February 26, 2009 (based on the last 6 months of sales)
Single Family Homes – 97 days
Condos – 149 days
Multi Family Homes – 162 days

Let’s compare this to what was going on in November:

Melrose Real Estate Statistics November 2008
Real Estate Statistics for Melrose, MA 02176

There are 2 big changes that we see in the real estate stats:

  • The average single family home price has dropped over $17,000
  • Multi family homes are taking a significantly longer time to sell

Just like our New England weather, the real estate market is constantly changing. It will be interesting to see what spring brings!