Trends in Lowell Home Sales

We’re in the midst of a study of home sales in Lowell during the month of June that we hope will provide a sense of what is going on in the real estate market. Looking at the prior sales history of the 146 properties sold in Lowell during June confirms that real estate values remain considerably lower than when they reached their peak during the 2003-2006 bubble. On the other hand, the current value of properties that last sold in 2000 remains higher than the earlier purchase price.

Here are some examples of bubble property sales:

In 2005, 119-121 Livingston St sold for $415,000. In 2009, it sold for $180,000.
In 2005, a condo at 16 Merrimack St sold for $142,100. IN 2009, it sold for $75,000.
In 2005, 52 Kinsman St sold for $240,000. In 2009 it sold for $135,000.
In 2005, 590 Pine St sold for $305,000. In 2009, it sold for $228,000.
In 2002, a condo at 18 Hampton Ave sold for $210,000. In 2009 it sold for $168,000.

Here are some examples of pre-bubble sales:

In 1998, 809 Chelmsford St sold for $128,000. In 2009, it sold for $199,000.
In 1999, 73 Magnolia St sold for $138,000. In 2009, it sold for $223,000.
In 2000, 25 Putnam Ave sold for $165,000. In 2009, it sold for $214,900.
In 2000, 250 Butman Rd sold for $230,000. In 2009, it sold for the same price.
In 1999, 16 Wetherbee Ave sold for $194,000. In 2009 it sold for $334,900.

These are just a few examples that illustrate the variability of prices during the past decade. If you bought ten years ago (and refrained from refinancing to extract increase equity during the boom), your house is probably worth considerably more than you paid for it. If, on the other hand, you bought five years ago, your house is worth less than you paid for it.