Real Estate Market Updates

Economic News

The US Dept of Labor reported the 3rd straight month of weak job growth.  Only 80,000 new jobs were created in June, basically matching the 77,000 jobs created in May.

Paul O'Keefe, director of economic research for the consulting firm J.H. Cohn and a former Labor Department official was quoted in the Wall Street Journal saying that "We had confirmation of what all of the other economic indicators have been signaling for some time, and that is a marked deceleration of the U.S. economy. This is not an outlier month. We've seen a deceleration in job growth since the beginning of the year."

Mortgage Rates

According to the Freddie Mac survey, average mortgage rates declined for the week ending Thursday, July 5, 2012. The average 30 year mortgage decreased from 3.66% to 3.62%, and the average 15 year mortgage declined from 2.94% to 2.89%.Mortgage rates one year ago were 4.60% and 3.75% for the 30-year and 15-year fixed mortgages.

A drop off of in consumer spending and a contraction of manufacturing contributed rates to decline. Unemployment figures released on Friday showed an increase of 80,000 jobs, leaving the national unemployment rate at 8.2%. 

Snapshot of the Malden Real Estate Market

The time that properties in Malden are on the market has decreased for single family properties and condos, according to the Multiple Listing Service (MLS). On June 10, 2012, the Average Days on Market for single-family properties and condos were 98.66 and 97.17 days respectively. Currently, the Average Days on Market for single family homes and condos are 87.96 days and 81.3 days respectively.  Multi-family properties continue to lag in the Ave. Days on Market, which is currently at 211.46 days.

Source: MLS Property Information Network

Single Family

Condos

Multi Family Homes

# of Listings

51

43

26

Avg. Liv. Area Sq Ft

1,624.67

1,107.21

2,426.23

Avg. List $

$307,190

$225,831

$350,569

Avg. List $/Sq Ft

$195

$214

$148

Avg. Days on Market

87.96

81.3

211.46