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Your Town: Mid-Year Report of Watertown Real Estate Market

Want to know how the Watertown, Massachusetts real estate market is doing? In this Your Town report we’re looking at home sales in Watertown for the first half of 2015 versus the first half of 2014, how the market is currently doing and what’s to come for the rest of the year.

As of June 30th a total of 179 homes sold in Watertown at an average sale price of $533,311. (These numbers include single-family homes, condominiums, and multi-family sales). 179 sales is down from this same time period in 2014 when 217 homes were sold. There was, however, an increase in the overall average sale price which was $503,506 during this time period in 2014. This goes to show what we’ve continually found in the past that Watertown remains a desirable place to live.

Breaking down the numbers:

  • Single-Family Homes: 40 single-families sold in 2014 for an average price of $541,598 compared to 46 single-family sales this year for an average price of $575,349, so we’re looking at 6 more sales this year and an increase in the average sales price of almost $34,000.
  • Condominiums: 136 condos sold in 2014 for an average price of $409,681, compared to 100 condo sales this year for an average price of $415,608. While there’s been a decrease in the number of sales, there was a slight increase in the average price of a condo in Watertown.
  • Multi-Family Homes: 41 multi-families sold in the first half of 2014 for an average price of $559,241. 33 sold this year for an average price of $608,975. Again, fewer sales, but a big increase in the average sale price due to the very strong rental market in Watertown.

Watertown, Right Now:

As of today, there are 10 single-family homes on the market in Watertown compared to 6 a year ago. As for condos, there are 25 units for sale compared to 24 this time last year, and 5 multi-families are currently on the market compared to 9 this time in 2014. This is a total of 40 homes on the market, compared with 39 on the market one year ago.

Rest of the year?

From January 1st to June 30th pending homes sales were down completely due to the lasting impact of winter storms with 220 pending sales compared to 258 during the same time last year. The good news is that Watertown was consistent with the rest of the state in having an active June. There were 72 pending home sales, compared to 54 during the same time period in 2014.  With June pending sales being up so much I am very confident that overall home sales in 2015 are catching up and will pull ahead of 2014 by the end of the year.

Town Profile

Watertown is a city six miles northwest of Boston in Middlesex County, Massachusetts. The population at the 2010 census was 31,915. There has been major development over the years in an area of Watertown known as The Pleasant Street Corridor, and what was once a one-mile industrial strip is now lined with luxury rental apartments. More plans for expansion are underway in the Arsenal Street Corridor which include parks, walking and bike paths to the Charles River, restaurant and retail space, incubator and co-working space for start-ups, and construction of a large hotel. While a metropolitan, commercial, residential, and social community, Watertown also maintains a historic sense of charm. Founded in 1630, Watertown was one of the earliest Massachusetts Bay settlements, and originally comprised of the land which is now part of Weston, Waltham, Lincoln, Cambridge, and Belmont. With abundant public transportation options, fields and open spaces, a variety of options for dining and entertainment, and well-rated schools, Watertown remains a highly desirable place, to live, work, own a home, and raise a family.