This year so far reflects the highest median prices paid for single family homes and condos in Everett, while the prices for multi-family homes has gone through the roof.
In the January – February period in 2018 the median price for a single family home went up dramatically compared with the same time period last year going from $405,000 to $420,000
The median price for a condo in Everett also soared.
During the January-February period so far this year, the median condo price was $411,000 as opposed to a median price of $335,000 during the same time period in 2017.
Bottom line, condo buying has produced the biggest gains for sellers and the highest prices for buyers in the city’s history.
All this, according to records kept by the Warren Group, the owners of Banker and tradesman, and made available to the Leader herald.
Median prices for single family homes have nearly doubled since 2009.
Prices had climbed wildly here in the period before the collapse of the real estate market in 2008, when the nation’s economy nearly collapsed and sank into recession.
In 2005, the median price for a single family home had risen to $350,000 and the median price for a condo to $400,000, thus capping an upward spiral that began in 1995 when the median price for a single family home stood at $110,000 and the median price for a condo was at $115,000.
However, median prices for single family homes does not tell the while story in cities like Everett.
There are more multi-family housing units than single family homes here.
Multi-families, two’s and three’s are selling on the open market today in the $500,000 to $800,000 range and very few are available for sale.
ERA Millennium Real Estate reported last week the sale of three multi-unit properties in Everett at prices ranging from $509,000 for a two family on Bucknam Street, to $520,000 for a two family on Woodlawn Street and $749,000 for an Everett three family property on an unnamed location it has just put under agreement.
During the past ten years, records reveal, Everett’s housing stock has risen by more than 4000 units and is nearing the 20,000 unit level.
The largest gains in housing here now ongoing include four major projects numbering almost 1,000 units which will rent at market rate while at the same time investors and builders locally are scouring the city for new opportunities and awaiting the mayor’s overlay plan to pass.
Rumor has it the overlay plan is on the mayor’s desk awaiting his signature.
The signing of the overlay plan is expected to produce the rehabilitation of Everett and Glendale Square.
When he signs, two projects will immediately bring an additional 44 units to the housing marketplace.
The overlay allows for construction of new housing developments without standard parking requirements.