Upscale Towns, Falling Prices
After some torrid increases, home prices are taking a hit this spring in some upscale suburbs and urban neighborhoods across Greater Boston.
The elite top of the market, such as the Lincolns and the Cohassets, are doing just fine.
That is, with the exception of Cambridge, where sales of single- family homes are off 30 percent so far this year, while prices are down more than 20 percent, according to The Warren Group, publisher of Banker & Tradesman.
Rather, it’s that larger tier of affluent towns where signs of trouble are starting to pop up.
Just take Medfield. Curt Schilling recently slashed the price of his seven bedroom, 26 acre spread to $2.5 million – a cut of $500,000 – after years of on-and-off attempts to find a buyer.
But right now the one-time Red Sox star is chasing the market down, with the median home price in Medfield having fallen more than 5 percent this spring, to $545,000. (Check out an evening view of the Schilling homestead below – looks rather cozy for a 7,890 square foot manse.)
A look at the latest Warren Group numbers for April is rather revealing. Other examples include:
Hingham: The median home price has dropped more than 9 percent, to $567,500, while sales are off 21 percent.
Orleans: Sales in this mid-Cape tourist town, home to Nauset Beach, were choppy to say the least, dropping by more than 35 percent. But that’s nothing compared to the median sale price, which plunged 41 percent to $432,025.
Carlisle: The median home price fell more than 10 percent, to $590,000, while sales are off nearly 39 percent.
Amherst: While sales were up, prices fell more than 8 percent to $312,000.
Newburyport: Sales were down 15 percent, while the median price fell more than 5 percent to $465,000.
Charlestown: The median price dropped by nearly 14 percent, to $645,000, while sales were off by 16 percent.