Malden Massachusetts Real Estate Market Report (10/31/09)

 The Malden MA real estate market has been impacted significantly by the economy.  Values have dropped dramatically for both single family homes and condominiums.  Condo unit sales have dropped -27% in 2009 as compared to 2008.  Sales pending do not indicate that prices have not yet turned to the positive side.  The entry level buyer is controlling the activity in Malden and they are focusing on the affordable units at the bottom of the market.

There are 44 homes currently on the market in a range of $120,000 to $489,900 with an average asking price of $324,119. These homes have been on the market for 130 days as compared to the pending sales DOM of 113. 22 homes are under contract with an average asking price of $269,353. 159 homes have sold in 103 days at an average sales price to list of 98%. The average sales price was down from $301,071 in 2008 to $265,092 in 2009. Homes in Malden MA sold in 103 days with a strong sales price to list ratio of 98%.

Condo sales dropped sharply from 118 units sold in 2008 to 87 in 2009. The average sales price was down from $248,080 to $190,948. Malden foreclosure sales are contributing to the rapid decline in values. 47 units are on the market with an average asking price of $218,840 and 20 units are pending at an average price of $190,550. The current activity indicates that the Malden condo market is either at or near a bottom which will be proven by fourth quarter comparisons. Home buyers that would normally be restricted to condos as their first homes, have other options available due to the low interest rates and more favorable financing. Investors are buying many of the condo foreclosures and keeping them as rental units until the market turns.

Information reported was obtained from the MA MLS system and is not guaranteed to be accurate. To view Malden real estate for sale go to Malden MA homes for sale.