Are Malden, Medford and Melrose Hotter than Cambridge?
David Bates / May 15, 2017-11:53 am
The local housing market was tough enough when several years ago area buyers started exercising the nuclear option on offers for the city’s best situated properties. But now shock and awe offers are landing with campaign-like fury outside the city, in more common markets such as Malden, a market which was barely on the Hub’s real estate radar a few years back.
Malden, of course, has neither the urban appeal of Cambridge, nor its world-class universities, nor its incredibly financially able buyer demographics, some of whom have amazing incomes. But my recent breakdown revealed that Malden’s average sale-to-list ratio for a condominium purchase was 105% while Cambridge’s was only 104%.
Melrose isn’t Cambridge either, but the sale-to-list ratio for a single family there at 105% also topped the Hub’s higher education center.
In Medford, however, the recent sale-to-list for a condominium was only 104%…. chin up, Medford! You’re only a couple of crazy high offers away from surpassing Cambridge, a market a market where not once, but twice buyers paid a million dollars over asking price.
Note that these incredible over-ask numbers do not reflect a lukewarm, can’t-quite-bring-myself-to-move-outside-the-city vibe. Instead, they reveal a more desperate personal motivation: for instance, if we are ever going to own a home, I will do what it takes now – besides, the price seems so much more reasonable than the city neighborhoods we looked at.
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