Malden Multi-Family Markets Sees Gross Sales Volume Decline; Top End of the Market Make Gains as Investors Willing to Pay For the Right Property in Malden
Key Takeaways:
Gross sales volume falls as fewer people are selling
The private sales market pushes down the average per-square-foot price in the three-family market
Top-end of the three-family market shows gains as number of sales over $800K increases
Market Insight: Malden saw a down year across the board with gross sales volume in the two-family and three-family markets: sales of MLS-listed, two-family and three-family properties was down 15.41%, while prices per-square-foot in the three-family market saw a small gain.
Of the seven off-market three-family sales, five came in under the average price per-square-foot in 2019. The per-square-foot price of those sales came in at $206, $228, $235, $193, and $205 – against the average sales price per-square-foot of $239.
The top end of the market saw gains with the percentage of three-family sales above $800K rose from 20.0% in 2018 to 42.8% in 2019. That follows a trend and a key takeaway in 2019 of Greater Boston of investors willing to pay for a well-positioned property in 2019.
This is an investment market report – so while it is best to multi-family homes, I wanted to comment on the strength of the condo market in Malden. The MLS-listed condo market continued to be strong in 2019. Although gross sales volume of condos was down year-over-year, the average price per-square-foot continued to exceed the listed price. The average price per-square-foot came in at $376, against an average listing price of $370 per-square-foot. I expect Malden to continue to be a market where developers look to make a return and capitalize on the strength of the condo market.
Outlook for 2020: In talking to my investor network, Malden is one of the areas where BostonPads.com has the largest presence. There is still value to be had in Malden, particularly the pockets that are close to the train where we see an increased demand for housing. I expect slow and steady growth, and opportunity for investors to buy in Malden, particularly in the private-sale market. Look for Malden to continue with its consistent demand and gains in 2020.
In Malden in 2019, investor-sellers paid an estimated $11,111,806 in capital gains taxes to the Federal Government. For creative strategies to defer taxes and build generational wealth, please see my ‘Free Cash Flow’ Program for sellers.
Please make sure to check out my market reports in Brookline, Cambridge, Chelsea, Somerville, Everett, Medford, Malden, and Quincy. If are interested in selling, please check out my ‘Demand Driver’ or ‘Value Maximizer’ Programs for multi-family sellers or call me at 617 272 5440.
