Tuesday, November 26, 2013

Home prices rising

The Northeast Association of Realtors shared the following report on rising median home prices within its are which stretches from Boxford to our east to Littleton to our west:

(MERRIMACK & NASHOBA VALLEYS) — The Northeast Association of REALTORS® (NEAR) reported today that the combined sales of single family homes sold in the 15 cities and towns from Boxford to Littleton in October had a median sales price of $321,000,  an increase of  9.2  percent compared with the median of $294,000  in October of 2012.  The median sales price for condominiums sold in October was $203,750, a 23.5 percent increase over the median of $165,000 recorded in October of 2012.  Multi-Family prices increased 22.3 percent, with a median of $269,000, compared to $220,000 in October of 2012.   This report is based on data from MLS Property Information Network in Shrewsbury. 
Commenting on the area’s home sales market, NEAR President Christopher Doherty said, “As our year-to-date home sale statistics become clear here ten months into 2013, we observe that the local housing market has vastly improved over 2012.”  Doherty added that, “Year-to-date price increases of more than ten percent for all categories of homes demonstrate that demand is outpacing supply, and many homeowners will want to take advantage of these price increases and list their homes for sale in the coming months.”  
Doherty also remarked that, “The good news does not mean we are in for completely clear sailing, as REALTORS® in our region are helping their clients solve outside-the-box challenges like flood insurance premium increases and map changes and new mortgage regulations.” 
                The Northeast Association of REALTORS® is one of 1,500 local chapters of the National Association of REALTORS®. Officially, NEAR covers 15 cities and towns from Boxford to Littleton, though it has members from more than 50 cities and towns in the Merrimack and Nashoba valleys as well as southern New Hampshire.  The term, REALTOR®, is a trademark for use exclusively by members of the National Association of REALTORS®, whose members subscribe to a strict Code of Ethics.

To see whether similar price increases are occurring within some of the towns of the Middlesex North Registry of Deeds district, I calculated the median price for deeds with consideration above $75,000 and below $750,000 for 2011, 2012 and 2013 (up until today).  Our statistics show the following with median prices shown in dollars and the number of deeds that median is based on shown in parenthesis:

Lowell: 2011 median $170,000 (904); 2012 - $175,000 (902); 2013 - $195,000 (968)

Chelmsford: 2011 median $275,250 (406); 2012 - $278,950 (464); 2013 - $296,000 (511)

Dracut: 2011 median $214,800 (327); 2012 - $226,032 (409); 2013 - $244,000 (422)

Tewksbury: 2011 median $280,000 (313); 2012 - $275,000 (456); 2013 - $281,000 (422)

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