While fewer Watertown homes sold in 2014 than the prior year, real estate sales prices rose.
A study of the town’s real estate market in 2013 compared to 2014 by McGeough Lamacchia Realty found that real estate prices rose 7.17 percent to$497,416, while 23 fewer homes were sold (487). This shows “continuing to show that Watertown remains a desirable place to live,” the report reads.
In 2014, 104 single family homes sold, down from 127 in 2013. The average price was $547,758, 11.7 percent higher than the 2013 average ($490,212).
Ten more condominiums sold in 2014 (284) than in 2013. The average price went from $361,180 to $396,340, an increase of 9.7 percent. Condos were the only sector where more sold that the previous year.
Multifamily home sales dropped from 109 in 2013 to 99 in 2014. The average price increased from $541,013 to $575,150, a 6.3 percent increase.
The report concludes:
“Overall, these numbers show that Watertown retains its reputation as a desirable location to purchase a home in, with a diversity of housing options available to suit many homebuyer budgets. With interest rates in the 3.5% range right now, and very few houses on the market in Watertown, there are positives for both buyers and sellers — buyers can take advantage of the lower interest rates, and sellers benefit from there being a lower supply, which has resulted in higher prices in many cases.”
Looking at neighboring communities, Watertown’s prices fell below Belmont, Cambridge and Newton, where a single-family home can cost up to $653,840 more than Watertown, according to McGeough Lamacchia. Waltham and Brighton fell slightly below Watertown’s prices.
Residential projects in the Pleasant Street Corridor and along Arsenal Street along with other projects could help prices in Watertown rise even further, according to the report.
See more details on the McGeough Lamacchia Realty website by clicking here.