The Reference | Eps 1 - Q3 Market Update
Seth Williams with Ledge & Young Real Estate and I wanna welcome you guys to The Reference, our Youtube Show & Blog. So we're gonna be shooting a couple of short videos every month, about the local real estate market, about different kinds of home upkeep, our local trades partners, around town and much more info. Today we're gonna start with a quick market update and I'll get to that here in a minute. Just so you guys know I'm a Winthrop resident. I've lived here for about six years, so I didn't grow up here in the area, but I own multiple pieces of property here & have started a successful business here at Ledge & Young. Currently, we have about 16 agents, where and about half of those agents are working full time. And so, as we continue to grow our business, I felt that it was important to start a series of dialog just to give back and share some info with the community.
So personally, I lived down the Point, married to my wife, Jennifer & we just had our first, daughter named Kennedy. She's only five weeks old at the start of this video. I want to be able to give you guys more and more info about the market and so hence I started the reference - There isnt a better way to do that than video / blogging.
We're gonna start off the first, ever reference blog with a quick market update, right? So, we're gonna specifically talk about the Winthrop real estate market right now and the market is hotter than ever. We're gonna talk a little bit about condos. We're gonna talk about single-family and multifamily. So I like to talk about the real estate market when it comes to quarters... specfically Q3, which is kind of the end of summer to the beginning of fall market, right before we hit October. And, specifically talk about year over year changes. So when we look at the market from September from last Q3 to this Q3, all of our condo sales have gone up about 30k-40k. There's a lot of inventory out there when it comes to condos but still at the end of the day, for those to be up about 30k to$40,000 is a pretty big deal. We've seen days on market kind of creep up a little bit, which some people think is a bad sign for the real estate market, but it's more or less because we're asking way more money for condos than we were last year. So they're taking a little bit longer to sell a more qualified home buyers are needed etc.
When we switch over to the single family market, the market is super hot right now, but often slows down into Q4. The days on market is even higher than last year, actually right around 45 days on market time frame for single family homes. But year over year, the asking price and the sales price is over $70,000 higher than last year. To put in perspective... if you owned a single family home last year, on average, they're selling for $70,000 more than last year, and that same amount of timeframe, and that's just a HUGE jump. Now, its not that simple, but worth comparing the two to show how the market is going up and up here in Winthrop.
Then lastly, we're gonna talk a little bit about multifamily, something that I'm super passionate about on and it is by far the hotest part of the market in Winthrop. So there's only a handful of multifamily properties hitting the market and selling every month and every quarter, and only one has actually closed in the last 60 days. That's just driving our sales price through the roof -- So quarter over quarter this year multi families up over a $100,000, which is just wild. So if you own a multifamily, and have had any thoughts about selling, or if you want to get into buying multifamily, you've got to stop waiting, , and get that home either on the market or start writing some offers. Take a look at some of our future blogs and videos about the buying / selling process, and writing strong offers too.
So if you're thinking about buying, you have to be thinking about how these numbers are gonna continue to go up and up. Prices are gonna keep going up in the market, on average in Massachusetts, its forcasted as a 3-6% increase.
For those people that are thinking, "Maybe, I'm gonna buy next year, I got to still improve my credit, I got to save more for a down payment." There's a ton of home buyer programs out there with low money down or even if you have a lot of money to put down, you've got to get in the game now because you're gonna make more money for you and your family longterm if you go ahead and buy today? So whether you're selling or buying in this market, now is the time, you got to give us a call.
Thanks for tuning into The Reference. If you guys wanna keep learning more about real estate from Seth, make sure you subscribe to The Reference YouTube channel and follow us on social media, Instagram, and Facebook. If you have any questions about real estate, you can contact Seth at  342-0052 and we'll see you guys next time.