Want to know how the Watertown real estate market is doing? In this Mid-Year Report, we’re looking at home sales in Watertown for the first half of 2017 versus the first half of 2016 and how the market is currently performing.
As of June 30th, a total of 193 homes sold in Watertown at an average sale price of $652,352. These numbers include single-family homes, condominiums, and multi-family sales combined. The number of homes sold is down 13.5% from this same time period in 2016 when 223 total homes were sold. Why are they down? Lack of homes being listed for sale is the reason.
Homes Listed in Watertown:
From January 1st to June 30th, there were 226 homes listed on the market, down 18% compared to 276 within the same date range in 2016, which explains why home sales are also down.
Homes Pending in Watertown:
From January 1st to June 30th, there were 210 homes that went pending (contracts accepted), down 17% compared to 254 within the same date range in 2016.
The Watertown market has actually been so strong and so desirable that it has caused this inventory issue for itself. Sellers tend to list their homes once they find another home they want, and with inventory this low, sellers aren’t listing because they aren’t finding what they want. This has become a cycle that keeps driving down the level of inventory and diminishes the number of homes sold which is what we are seeing in this report. Homes listed and pending were down almost the same percentage this year which directly correlates to the number of homes sold being down compared to last. With prices having increased over 15%, sticker shock could also be a factor. This is happening in many cities and towns across Massachusetts, but more so in the communities that are closer to Boston. Much of this is explained in our 2017 Mid-Year Report. There is currently, however, a real estate development boom in Watertown which is going to greatly benefit the housing market in the months and years to come.