Don't Turn on the "Waterworks" for Watertown

Don't cry for me Watertown...so the Watertown agents should say.

In 2009 (so far...a few more may slip in), 78 single family homes were sold. This compares slightly to the good to 2008 when 75 "castles" changed hands. Not only that, these castles traded out faster than in 2008. It took 60 days for the lord of the Watertown manors to divest in 2009. In 2008 the lords and ladies had to wait 82 days for their vassals (agents) to get the job done.

As far as pricing goes,...it was a tad to the bleak, nothing like the Black Death of 1348, of course but average prices were a dip from $463,428 in 2008 to $455,707 in "09". $8,000 for a drop is nothing when compared to the whopping of a whack taken in Belmont where (as noted yesterday), the average palace got "pillaged" for about $70,000.

We may have assumed that demand for homes in Watertown has to have been buffeted by the $8,000 tax credit to first time buyers, but that does not seem to have been the case. 30 of the homes sold for under $400,000 in 2009. A look at 2008 shows that 32 homes sold for under $400,000 when the tax credit programs first went into action. In 2007, a scant 25 out of 93 homes sold were in that price range (average sale price $484,424 in 2007). The "stats" do not fully define the issue.

It may well be, after all is said and done, education: seeing prices not dropping from 2008 to 2009 brought the skittish buyers out and days-on-market times shortened. But who knows for sure?...no one...not even Santa.