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Condo Prices Nearly Double in Westborough

Home, condo sales also rise; around Massachusetts, home sales dropped in 2013.

Real estate news. Credit: Patch
Real estate news. Credit: Patch

The year-end real estate data for Westborough and the state is out and it shows pretty good results for the town, according to The Warren Group.

The firm released its latest information this week and it showed that in 2013, home sales nudged up 3.6 percent with prices rising almost 10 percent.

It was the condominium data that really show solid growth with median prices shooting up to $368,000, an 89 percent increase from 2012.

For December, home sales were about the same compared to November with median prices rising about 15 percent. Condo sales dropped slightly but the median price of the sales was up 190 percent to $405,000.

Throughout Massachusetts, home sales dropped by less than 1 percent in December 2013 compared to the previous year. That was the second consecutive month home sales decreased and the fewest home sales since April 2013, according to The Warren Group.

Overall, Massachusetts saw a nearly 5 percent increase from the previous year and the fourth quarter increased by 4.5 percent over the fourth quarter of 2012.

"Low inventory combined with increasing interest rates have slowed the market at the end of 2013," said The Warren Group CEO Timothy M. Warren Jr. "Sales and prices set a torrid pace in the third quarter of 2013 and through October. Now the market is taking a breather."

The median price of a single-family home rose from $300,000 in December 2012 to $311,125 in December 2013. That’s the 15th straight month of year-over-year increases in median price of a single-family home. Massachusetts saw a 10 percent increase for the entire year of 2013 compared to the previous year.

“The year ended with buyer demand still strong,” said 2014 Massachusetts Association of Realtors President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “While interest rates are expected to rise, we’re hopeful the increases will be modest and spread over time as purchase power diminishes when rates get higher.”

Throughout 2013, Realtors lamented the lack of homes for sale, but they’re hopeful that increased sale prices will drive more homeowners to put their homes on the market.

“While 2013 will be remembered for a lack of homes for sale, price increases have improved overall home equity, which should help push sellers into the market in 2014,” said Ruffini.

Les Masterson of Patch assisted with this story.

Deb Schradieck January 31, 2014 at 08:56 AM
Wow!What a misleading headline! Let's set the record straight on condo sales in Westborough. Prices have NOT doubled in the past year. One reason for this misinformation is that there is a wide range of condo styles, size, age and price in Westborough. It is more accurate to look at the change in the average price at each complex. Starting with Carlton Gardens as an example of the lower end of pricing: According to the MLS, 7 units sold in 2012 for an average of $117,271. This includes both 1 and 2 bedroom units. In 2013, 8 units sold at an average price of $108,833. That's actually a decline in the average price. At Treetop Park, a mid-price range complex, 4 units sold in 2012 for an average of $202,588. One sold in 2013 for $275,000. A nice increase, but not double; and that was only one unit. In the higher end, Powder Hill saw 4 sold in 2012 for an average of $345,000. In 2013, one sold for $400,000. At this complex units can vary greatly in size and condition. So this may not even be a fair comparison without going into the specific details of each sale. In the 55+ category, Orchard Hill had three sales in 2012 averaging $439,063. In 2013 two were sold averaging $431,250. `Currently under construction, Toll Brother's Westborough Village is selling well with over 100 units sold or under contract. Prices will continue to rise as they open new phases. This will affect the statistics for 2013 vs. 2014 next year. Even with condominiums, which are usually all built with some consistency of size, floor pan and amenities, there is a great deal of variation that affects price and value. It isn't fair to generalize about the entire condo market in one town, or worse, base it on the condo market in the entire state. All real estate is local. With that having been said, the overall tone of the article is that real estate prices are up. I support that kind of good news! The media always has an influence on the thinking of buyers and sellers. If there's anyone out there who doesn't know -YES, the market is back! It was excellent last year and I believe it will be strong again this year. Prices are higher, no doubt about it. But nothing has doubled. I don't think we really want it to. Prices that rise too fast can create a "bubble"-remember that word? We certainly don't want that again. Slow and steady wins the race. It just doesn't make for sensational headlines. But if you're thinking of selling, now is the time. Let's create some good news for 2014.
Prometheus January 31, 2014 at 09:26 AM
And that is why the Patch is failing.
Tony Schinella February 01, 2014 at 08:13 PM
Thanks Deb for the details. I appreciate it.

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