Real Estate Trends – Malden, Massachusetts (Multifamily)

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the Multifamily market in Malden, MA in Middlesex County

 Malden MA town Seal - Malden Massachusetts Real Estate

Market Trends in Malden, MA – October 2014 and 2015:

The Malden, MA multifamily market has fallen off a little bit since last year.   The average listing price was actually up very slightly, however the average sale price was down a little.  The median prices were both down as well.  The days on market are up a little bit as well.  Inventory was up some with 11 sales in October of 2014 and 16 in October 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For multifamily properties in Malden, MA the average listing price in October 2014 was $462,118.  This was up a tiny bit to $465,075 in October 2015.  This gives a meaningless increase of 0.64% year over year.  It is fair to say that the average list price was flat year over year.

 Looking at the median prices we see that it was lower than the average in 2015 but a lot higher in 2014.  For October of 2014 the median listing price for a multifamily in Malden, MA was $479,900 and in October 2015 it was $459,500 which now gives a noticeable decrease of 4.25%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Malden, MA multifamily properties in October of 2014 was $479,435 and in October 2015 that was down to $455,994.  That gives another pretty good 4.89% decrease. 

We see a different pattern with the median sale prices compared to what we did for the listing prices; in this case they were down in both years.  For October of 2014 the median sales price for a multifamily in Malden, MA was $470,000 and in October 2015 it was $454,500 giving a smaller decrease of 3.30%.

Prices do look to be down for the Malden, MA multifamily properties market in October.  While the drops seen in 3 of the metrics were noticeable they were not huge.  I would say that the market is down a good 3-5%, though probably closer to that lower part of the range.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a property to sell in the current market.  For the Malden, MA multifamily market the average days on market in October of 2014 were 51.36 and the average days on market for October 2015 were 68.88 for a decent 34.11% increase. 

Malden, Mass Summary:

The Malden, Massachusetts real estate multifamily market is down a little bit since last year.  The average sale price was down as well as both median prices.  The days on market were up some, further supporting a decline in the market. 

In summary if you are looking to sell a multifamily property in Malden, MA now you should expect to get less for it than you would have gotten last year.  You should also probably expect it to take a little bit more time to sell compared to last year too. 

 

Do you need to sell your Malden, Massachusetts multifamily property fast?  If you would like to sell your home fast and hassle free  schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Malden MA Seal via Wikipedia)