Where Condo Prices Are On The Rise
Condominium sales in Massachusetts have been pretty sluggish for the last six months and prices have slumped considerably.
Tougher lending requirements are putting the squeeze on the condo market, according to a recent story in the Boston Globe.
In fact, the median price for condos sold so far this year dropped 14.4 percent to $226,750 from $265,000 a year ago, according to the latest numbers from The Warren Group.
But there are some communities where condo prices are on the rise.
In Somerville, the median condo price jumped 14 percent to $384,500 from $337,000.
Fall River’s condo prices shot up nearly 9 percent to $137,000 from $126,000.
In Waltham, the median condo price is $23,000 higher, reaching $296,000.
Condo prices also climbed in places like Woburn and Cambridge.
Why are these communities bucking the trend?
June 3rd, 2009 at 11:27 am
It would appear lowe end real estate is moving, the tax credit of $8,000 appears to be working. Also buyers are buying foreclosed properties.
June 10th, 2009 at 10:08 am
I agree that the low end of the condo market is moving. Until the past week, the combination of really low rates and the $8000 tax credit has got a lot of first time home buyers off the fence and into the market. Last year we were selling mostly in the $800,000+ category. This year, my sales have averaged $350,000-750,000. Somerville, Waltham, and Cambridge are all hot spots for first time home buyers which is driving up the activity and prices.