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The Most Expensive Towns In Mass.

Interesting post by Scott.

 

Homes are getting more expensive all over Mass., but these towns have it worst

Gallery 1

216 Randolph Ave. in Milton, where the median home price rose 77 percent over last year.

Boston Globe

By Scott Van Voorhis

Boston.com Correspondent

The cost of buying a house in Massachusetts, already one of the most expensive states in the nation, just keeps on going up.

The pattern continues

Bay State home prices rose again in April, and several Greater Boston suburbs posted some of the biggest gains.

The median price of a home in Massachusetts rose 3 percent from last year to $324,500, reports The Warren Group, which tracks home prices across the state.

Home sales fell 7.6 percent, but given that most of the initial purchase and sales agreements were inked in February amid record snowfall, with the final closings in April, the decline was likely a result of the extreme winter weather, said Timothy M. Warren Jr., The Warren Group’s chief executive.

“Prices, though, continue to rise, which tells us that the demand is there and the market is strong,” Timothy M. Warren Jr. of the Warren Group said. “Lack of inventory is the biggest problem.”

Overall, a combination of strong demand coupled with a shortage of homes for sale has helped drive prices up, experts say. Newly built starter homes are somewhat of a rarity inside Route 128, and home building numbers are down in general across the state.

“Prices, though, continue to rise which tells us that the demand is there and the market is strong,” Warren said. “Lack of inventory is the biggest problem.”

Some towns stand out

Home prices have risen across the state in the past 30 out of 31 months, according to the Massachusetts Association of Realtors, which issued its own report. And some communities with extreme price increases also saw big dips in the amount of homes for sale.

• Milton saw its median price rise 77 percent to $753,000. The number of homes for sale dropped by nearly 12 percent, according to MAR.

• Hingham saw its median price soar past $952,000. Meanwhile, homes for sale dropped 23 percent.

• Westwood saw a 42 percent increase, to $707,000, while the number of homes on the market lowered by 6 percent.

Arlington, Medfield, Framingham, Natick, Hopkinton, Needham, Lexington, Milford, Newton, North Andover, and Andover all saw price increases ranging from 12 to more than 30 percent. With a couple exceptions, most also saw the number of listings drop.

Peabody, Quincy, Rockport, and Concordsaw significant price increases as well in the 8 to 9 percent range, MAR notes.

Condo sales are more varied

Meanwhile, condo prices fell statewide by 4 percent from last year to $305,000, with sales declining by 12 percent, according to the Realtors group.

However, a number of Boston area communities bucked that trend to follow the familiar growing-prices/falling-inventory arc instead, MAR finds.

• Newton: median condo price jumped 28 percent to $675,000, while the units on the market fell by 33 percent.

• Arlington: 15 percent jump in median condo price to $472,000, coupled with a 23 percent drop in the number of properties on the market.

• Brookline: median condo price rose 14 percent to $672,000, while the number of units for sale dropped by a quarter.

• Boston: median condo price rose 11 percent to $519,000, while listings fell 15 percent.

 

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$1.5M On The Cape

 

Another great curbed Comparison from Jazmine at Curbed.Com.

What $1,500,000 Buys You on Cape Cod 

 by Jazmine Donaldson

It’s time once again for Curbed Comparisons, where we break down what you can get at the same price point, style or size in five different Cape and Islands neighborhoods. This week, listings for around $1,500,000.

760camp.jpg
[760 Campground Road, Eastham via Realtor.com]

Here now, eight Cape Cod properties asking $1,500,000– year-round, on the beach, close to the beach, abutting the Cape Cod National Seashore, in the village, with an in-ground pool, Circa 1890, with fireplaces galore, recently PriceChopped, move-in ready, and ready to rent – with a little something for everyone.

Map data ©2015 Google

What $1.5M Buys on Cape Cod

POCASSET
Kicking off in Pocasset with a 6BD, 4.5BA water view estate consisting of a main residence and carriage house on 1.13 acres. Asking price is $1,495,000.
580 SHORE RD, POCASSET, MA
WEBSITE
WEST FALMOUTH
When we first wrote about this circa 1890 charmer on West Falmouth Harbor, a commenter asked, “Wouldn’t you love to see Grandpa’s face when you tell him the ol’ family cottage is now worth $2 mil smackers?” Alas, two chops later, the ask is down to $1,500,000.
8 RICE STREET, FALMOUTH, MA 02540
WEBSITE
NEW SEABURY
For better or worse, the ’70s are alive and well in this 2,766-sq.-ft. home “on New Seabury’s prestigious Triton Way.” The .43 acre spread has an in-ground pool and is asking an even $1,500,000.
35 TRITON WAY, MASHPEE, MA 02649
WEBSITE
DENNIS VILLAGE
Built in 2006 on .55 acres, this 4BD, 4BA just “a stroll to beautiful Bayview Beach” features multiple fireplaces, built-ins galore, top of the line appliances in the kitchen and a finished lower level. Asking price is $1,495,000.
21 MONROE WAY, DENNIS, MA 02638
WEBSITE
HARWICH PORT
Once asking $1,895,000, this 3BD “in one of the most desirable neighborhoods in Harwich Port” is now hoping for $1,495,000. As for views and beach access, “step out to the front yard, look to your left and you see the ocean less than one tenth mile to Nantucket Sound.” So there’s that.
29 NEEL ROAD, HARWICH PORT, MA 02646
WEBSITE
EASTHAM
This 1940s compound on Cape Cod Bay includes a main house and guest cottage on .25 acres. The spread has views galore, an 800-sq.-ft. deck, and private stairs to the beach for $1,499,000.
760 CAMPGROUND ROAD, EASTHAM, MA 02642
WEBSITE
TRURO
This tricked-out .78 acres spread “on a hill abutting the Cape Cod National Seashore” features an in-ground pool, perennial gardens and a 3BD with a screened-in porch with a built-in grill and hot tub. A $255K pricechop in early May brought the ask down to $1,495,000.
1 NELSON DRIVE, TRURO, MA 02655
WEBSITE
PROVINCETOWN
Finally, to PTown. This West End contemporary features views of Provincetown Harbor and Long Point Lighthouse from the top floor, lots of parking and three bedrooms in 3,798-sq.-ft. Asking price is $1,495,000.
24 BRADFORD STREET, PROVINCETOWN, MA 02657
WEBSITE
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$589,000 On The Cape

Another great curbed.com comparison from Jazmine.

What $589,000 Buys You on Cape Cod Right Now

by Jazmine Donaldson

It’s time once again for Curbed Comparisons, where we break down what you can get at the same price point, style or size in five different Cape and Islands neighborhoods. This week, listings for $589,000.

359commercialc.jpg
[359 Commercial Street, Unit C, Provincetown via Zillow]

Here now, eight Cape Cod properties asking $589,000 – year-round, condos, Capes, close to the beach, in need of TLC, in the village, Circa 1775, overlooking Provincetown Harbor, with fireplaces galore, recently PriceChopped, move-in ready, and ready to rent – with a little something for everyone.

What $589K Buys on Cape Cod

CATAUMET
Kicking off in Cataumet with a classic suburban listing for a 1992 Colonial with 3BR, 2BA on a cul-de-sac. The .97 acre property is asking $589,900.
5 OLD CATAUMET PASSAGE ROAD, EAST FALMOUTH, MA 02536
WEBSITE
EAST FALMOUTH
This geographically inclined listing for a “remodeled California ranch” with “a new European style kitchen” and a family room featuring “a Tennessee marble floor” is yours for $589,900.
87 DAVISVILLE ROAD, EAST FALMOUTH, MA 02536
WEBSITE
NEW SEABURY
Here’s a 2,357sf fixer upper on .25 acres in New Seabury for $589,000. The 3BD comes with a sauna, three-season porch and is a “short walk to a fresh water beach.”
4 BLUE FIN, MASHPEE, MA 02649
WEBSITE
OSTERVILLE
Located on the spicy Nutmeg Lane is this 3BD, 2BA ranch. The Oyster Hills listing hit the market in June 2014 for $634,500 and is now hoping for $589,000.
25 NUTMEG LANE, OSTERVILLE, MA 02655
WEBSITE
HYANNIS
The original Nathaniel Snow House dates to 1775 and is named after the second owner, Winslow Gray. Asking price for the 7BR compound is $589,000.
9 GRAY LANE, HYANNIS, MA 02601
WEBSITE
DENNIS VILLAGE
First listed in September 2014 for $675,000, this 3BR Cape on 2.09 acres is now looking for $589,000.
102 ROBBINS CIRCLE, DENNIS, MA 02638
WEBSITE
CHATHAM
South of Route 28 is this 3BR, 2BA ranch “in move-in condition.” The 1,484 sf home is asking $589,000.
15 RUMSON WAY, CHATHAM, MA 02633
WEBSITE
PROVINCETOWN
On the market for the first time in almost 20 years is this 1BR, 1BA with an exclusive use deck. “This downtown penthouse water view condo is quintessential Provincetown!” Asking price is $589,000.
359 COMMERCIAL STREET, PROVINCETOWN, MA 02657
WEBSITE
See all available properties at Beachfront-Realty.com
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Low Interest Rates Continue – For Now!

 

Interesting post from Scott at Boston.com. The rate rise consensus has swung back and forth.  Rates will rise …rates will stay low.  Rates are staying low in the short term with increases likely in the long term. How’s that for hedging my bets?

 

How Long Will Low Interest Rates Continue to Help Buyers?

Gallery 1

After a disappointing federal jobs market report at the beginning of April, interest rates actually dipped again, skirting historic lows.

 

By Scott Van Voorhis

Boston.com Correspondent

Even in the super expensive Boston area, rising prices may be not necessarily be the biggest threat to buyers in finding a home they can afford.

Instead, an equal or even greater threat over the next few years may be the likelihood that the low-interest-rate gravy train will finally come to an end, experts say.

Overall, low interest rates have kept mortgage payments low, even as prices in a number of hot Boston-area neighborhoods and suburbs have blown past their price records of a decade ago, real estate stats show.

After a disappointing federal jobs market report at the beginning of April, interest rates actually dipped again, skirting historic lows.

Yet with the Federal Reserve having already signaled its plans to consider boosting the federal funds rate by as early as this summer, the writing is on the wall, said Svenja Gudell, Zillow’s senior director of economic research.

That, in turn, could have major implications for home prices and affordability, here and across the country.

“I don’t think this is the trend,” Gudell said of the recent interest rate dip. “We will see mortgage rates pick up in the long run.”

So how much of a difference do those killer low rates make when buying a house?

The prime rate on a 30-year-mortgage, as of April 9, was 3.66 percent, according to federal mortgage giant Freddie Mac, which surveys banks around the country.

If you took out a $500,000 mortgage to buy a three-bedroom house in Waltham, your monthly payments, at that rate, would amount to $2,290, according to Bankrate’s mortgage calculator.

Now let’s boost the interest rate to 6 or 7 percent. These are rates that were common on mortgages back in the 2000s and were not considered particularly high, either.

At 6 percent, the monthly payment on that Waltham house increases to $2,997 – a 30.8 percent increase.

Boost the rate up another point to 7 percent and the monthly payment jumps again, to $3,326, or a 45 percent increase.

As rates rise, buyers, already scrambling to keep up with rising prices could find themselves with diminishing buying power, at least for a time, anyway.

What happens after that will depend on what prices wind up doing.

In theory, as interest rates rise, sellers will eventually be forced to lower their prices or wind up missing the mark with buyers.

“As rates move, we will see some top down pressure on prices, especially in areas where housing is really too expensive,” said Gudell, the Zillow economist, pointing to Boston, San Francisco, and other high-priced markets.

Still, she doesn’t see rising rates triggering a housing crash, either.

There will be time for the market – and buyers and sellers – to adjust as well, Gudell believes. Rates won’t soar overnight, but are more likely to slowly edge up over time.

“I think the increase will be a gradual one,” she said. “At the end of this year, we will already start to see higher mortgage rates, but we are not going to see rates increase to 4.5 percent or 5 percent right away.”

 

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The Goode And Farmer Report – April 2015

 

The Goode And Farmer Report – April 2015 –

PROVINCETOWN

 

What a first quarter! Blizzards, arctic winds, record snowfall – it seemed like it would never end. But finally, spring is here!

It’s tough to identify trends in the first quarter with such a small sampling of information. Especially for a quarter rocked by historically severe weather. Yet with that said, first quarter results were surprisingly strong – a sure sign that demand remains high! For the most part, sales and prices have shown moderate gains and with warmer weather sure to come, the energy is right for a solid spring market.

In Provincetown there were 22 condominium sales in the first quarter vs. 24 last year. The median sales price was up 27% to $528K and the average sale price was up 15% to $528K. Sales volume was even with last years at $11M. The average price per square foot for condos sold was $563, up from $500 per square foot in the 1st quarter of 2014. There are 82 condos on the market with an average asking price of $590K and average price per square foot of $666.

The average sale price for a single-family home was down 5% to $1.03M from $1.08M. The number of single-family home sales in Provincetown increased by 50% to nine from six last year. There are 40 single-family properties on the market with an average asking price of $1.37M. There is still a shortage of inventory in this category that continues to have a direct impact on sales numbers.

 

ptown

 

 

 

 

 

 

 

 

 

 

 

Provincetown continues to lead the way on the Outer Cape with higher prices and a higher sales volume. It continues to attract international buyers as well as buyers from around the country who have visited over the years and who now want to have a home here.

We expect that the late spring will create a rush of buyer interest and range of new properties for sale. This delayed spring market coupled with consistent and pent up demand, as well as continued low interest rates, creates an historically opportune time for homeowners to sell.

 

TRURO AND WELLFLEET

 

The average sales price for single-family properties in Truro was up 26% to $922K from $733K in 2014. However, the median price was down 12% to $626K. The number of sales was up from eight to 10 this year. Currently,there are 103 single-family properties on the market with an average asking price of $891K.

In Wellfleet, the average sales price of single-family properties increased dramatically. The reason for this sharp increase was due to the sale of 95 Granny Treats Road – a single-family home that sold for $5.1M – that skewed averages much higher. The number of sales decreased by more than half to five units from 13 in 2014. There are 48 single-family properties on the market with an average asking price of $954K and a median asking price of $601K. Wellfleet is predominantly a single-family sales market as well.

 

truro

 

 

 

 

 

 

 

 

 

 

 

Even with the severe weather this winter and a shortage of inventory in some categories, we continue to see increased prices and sales numbers on the Outer Cape. This illustrates a very resilient market and strong buyer demand.

Please call or stop in if you are thinking of buying a home or selling your existing home, or if you are just curious to see what your home is worth. Our business philosophy has always been that the best-informed buyers and sellers are the most satisfied with their results. And that’s what we do best.

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Beachy Listings Under $300K

 

Fun post by Jazmine at Curbed.com. It is amazing what you can get for under $300K!

 

11 Beachy Outer Cape Listings Under $300K

 by Jazmine Donaldson, curbed.com

It’s time once again for Curbed Comparisons, where we break down what you can get at the same price point, style or size in Cape and Islands neighborhoods. This week, beachy Outer Cape listings for under $300,000.

outercape300.jpg

Here now, 11 beachy Outer Cape properties asking under$300,000. These Truro and Provincetown (sorry, Eastham and Wellfleet) listings are all condos – seasonal and year-round; from 186 to 651 square feet; asking $169,900 to $299,900 – located directly on Cape Cod Bay or within beachfront complexes. Onward to Commercial Street and Shore Road!

Outer Cape Beachfront Listings for Under $300K
566 SHORE ROAD, #2
Built in 1930, this 2BR, 1BA cottage condo is all of 320 square feet and, as the excited brokerbabble point out, “is right on the beach!” Asking price for Unit 2 is $299,900.
566 SHORE ROAD, TRURO, MA 02666
WEBSITE
556 SHORE ROAD, #6
“A direct waterfront dream can be yours!” So begins the brokerbabble for this 1BR, 1BA at Shoreline Beach Condominiums. Asking price for the 651 square foot unit is $299,000.
556 SHORE ROAD, TRURO, MA 02666
WEBSITE
544 SHORE ROAD, #9
Located on Beach Point, this 416 square foot cottage has water views and is just “steps away” the association’s private beach. Unit 9 is asking $297,000.
544 SHORE ROAD, TRURO, MA 02666
WEBSITE
496 SHORE ROAD, #9
Unit 9 is a 401 square foot waterfront condo at The Crow’s Nest Resort. The 1BR, 1BA features an outdoor area and an association beach. Yours for $289,000.
496 SHORE ROAD, TRURO, MA 02666
WEBSITE
355 COMMERCIAL STREET, #7
Unit 7 is a detached 1BR, 1BA condo in Angel’s Landing, a waterfront complex on Provincetown Harbor. The 282-square-footer comes with an exclusive use patio and access to the association deck. First listed in May 2014 for $299,000, a March chop has brought the ask down to $275,000.
355 COMMERCIAL STREET, PROVINCETOWN, MA 02657
WEBSITE
353 COMMERCIAL STREET, #18
Also located in Angel’s Landing is this updated and turnkey studio condo with “direct access to the gated brick patio and deck on the beautiful Provincetown Harbor beach.” Unit 18 hit the market back in 2012 for $294,000 and was chopped last month down to $260,000.
353 COMMERCIAL STREET, PROVINCETOWN, MA 02657
WEBSITE
482 SHORE ROAD, #6
This top floor 1BR, 1BA on Cape Cod Bay comes with parking for two and an exclusive use balcony with views from “Provincetown to the bridge.” The price tag is $259,000.
482 SHORE ROAD, TRURO, MA 02666
WEBSITE
482 SHORE ROAD, #18
Here’s another unit at the Seaside Inn complex. This 1BR, 1BA has an “exclusive use deck with a couple of more steps into the water” and apparently rents for $1,500 per week. Asking price is $259,000.
482 SHORE ROAD, TRURO, MA 02666
WEBSITE
482 SHORE ROAD, #19
Yet another Seaside Inn condo is looking for a buyer. This 1BR, 1BA is 384 square feet with a $259,000 ask.
482 SHORE ROAD, TRURO, MA 02666
WEBSITE
357 COMMERCIAL STREET, #2
Squeeze into this seasonal PTown condo for $245,000. Located in a waterfront complex, the attached cottage is all of 186 square feet and is being offered turnkey.
357 COMMERCIAL STREET, PROVINCETOWN, MA 02657
WEBSITE
496 SHORE ROAD, #7
Finally, back to The Crow’s Nest Resort. This 271 square foot unit is a foreclosure with a $169,900 asking price.
496 SHORE ROAD, TRURO, MA 02666
WEBSITE
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Pending Sales Surge Nationally

 
The pending sales report is always a few months behind, but it is all good news nonetheless. Excellent  post from KCM. Local conditions seem to be trending with the report. 
 

Pending Sales Surge: Great Sign for the Housing Market

 

by Pending Sales Surge: Great Sign for the Housing Market | Keeping Current Matters

The most recent Pending Homes Sales Index from the National Association of Realtors revealed that homes going into contract in February increased to their highest level since June 2013.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The Index is now 12.0 percent above February 2014. The index is at its highest level since June 2013, has increased year-over-year for six consecutive months and is above what is considered “the average level of activity” – for the 10th consecutive month.

Here is a graph showing the Pending Sales numbers:

Pending Home Sales | Keeping Current Matters

Here is a chart showing the Pending Sales increases by region:

Pending Home Sales By Region | Keeping Current Matters

Bottom Line

In an article from Investors’ Business Daily, Lawrence Yun, Chief Economist at the National Association of Realtors, explained what these numbers will mean to the overall market:

“It looks like the buyers want to come out to the market and they are eager to find the right home and make an offer. Therefore, I expect the second quarter of this year to be easily ahead of last year in terms of sales activity. Pending contracts are implying that the closing activity in coming months will be quite solid.”

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Boston’s Record Breaking Development

Great post by Scott at Boston.com

The Numbers Behind Boston’s Record-Breaking Year in Development

Gallery 1

Construction around Boston is in high gear (Pictured here: Milllennium Tower in Downtown Crossing).

By Scott Van Voorhis

Boston.com Correspondent

March 31, 2015 2:53 PM

Boston’s building boom is poised to shift into overdrive over the next few months as two big new tower projects come up for approval at City Hall.

A revised proposal to replace a four-story garage next to the TD Garden with a 46-story residential tower is working its way through the Boston Redevelopment Authority’s vetting process, said Brian Golden, director of the Boston Redevelopment Authority.

And the first of four towers that will replace the Government Center garage eyesore is also moving towards a final approval vote by the BRA’s board, Golden noted.

The progress on the big projects is the latest sign that the handoff of Boston’s development boom to Mayor Marty Walsh has apparently come off without a hitch.

During Walsh’s first year in office in 2014, the Boston Redevelopment Authority gave a green light to 62 projects across the city totaling more than $3 billion.

So far in 2015, City Hall’s development arm has approved another 16 projects, totaling more than $677 million, according to numbers complied by the agency.

“It quite literally has been one of the most active periods for building in Boston’s history.”

All told, 20 million square feet of new development has been green-lit by City Hall over the last few years but have yet to break ground, representing dozens of projects that are coming soon, according to BRA officials.

“That presents a very promising picture about all the projects that are in the pipeline and that will bear fruit in the coming two or three years,” Golden said.

Meanwhile, the amount of new office, lab, residential, and retail space currently under construction has also grown dramatically.

That number has nearly quadrupled to 15.6 million square feet, up from 4.5 million in 2012, according to Nicholas Martin, the BRA’s spokesman.

Projects that have won the blessing of city officials this year include the $290 million Fenway condo and apartment tower, The Point, and an $85 million plan to transform the Chain Forge Building in the Charlestown Navy Yard into a hotel.

“It quite literally has been one of the most active periods for building in Boston’s history,” Martin said.

The numbers also include thousands of new homes, condos, and apartments, with Walsh, like the late Mayor Thomas M. Menino before him, having pledged to make new housing a top priority.

Overall, the Walsh Administration has racked up numbers during its first 15 months in office that appear to match up favorably with Menino’s record — no small matter given Boston’s longest serving mayor’s intense focus on development issues in the city.

Under Walsh, the BRA signed off on plans for 4,158 residential units in 2014, rising to a total of 5,100 if the first three months of 2015 are included.

By comparison, City Hall’s development arm approved 3,898 residential units in 2012 when Menino was mayor. The $3.4 billion in overall development OK’d by the agency that year was on par with the $3 billion under Walsh’s first year.

Behind Boston’s development boom is a diverse economy that is spinning off jobs in a range of sectors, including high-tech, life sciences, and financial services, real estate experts say.

The Hub’s residential, hotel, retail, and office markets are some of the most highly rated in the country when it comes to interest by real estate developers, a new survey by PwC and the Urban Land Institute finds.

There is also pent up demand for new housing amid steady growth in Boston’s population as an eclectic mix of millennials, young families, and empty nesters rediscover urban living.

The big numbers should put to rest early concerns expressed by some in the business community that Walsh might slow down the pace of development in Boston, notes David Begelfer, chief executive of NAIOP Massachusetts, a trade group that represents developers from across the state.

“Things have been moving along,” Begelfer said. “Boston is in boom time right now and it’s not a bubble but a real boom. It is very rational development.”

 

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Baby Boomers To Have The Largest Household Growth

 

I found this very interesting….baby boomers aren’t just downsizing, but trading up, going across town and country…going with the “freedom threshold”. A great post by the KCM crew. (Keeping Current Matters)

Baby Boomers: Home Is Where The Heart Is

by 

Baby Boomers Find Freedom in Housing | Keeping Current Matters

Within the next five years, Baby Boomers are projected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard. Let’s take a look at why…

In Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices” they surveyed nearly 6,000 adults ages 21 and older about housing.

Crossing the “Freedom Threshold”

Throughout our lives, there are often responsibilities that dictate where we live. Whether being in the best school district for our children, being close to our jobs, or some other factor is preventing a move, the study found that there is a substantial shift that takes place at age 61.

The study refers to this change as “Crossing the Freedom Threshold”. When where you live is no longer determined by responsibilities, but rather a freedom to live wherever you like. (see the chart below)

Crossing The "Freedom Threshold" | Keeping Current Matters

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.” 

On the Move

According to the study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.

The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses”. See the chart below for the top 6 reasons broken down.

Reasons for Moving in Retirement | Keeping Current Matters

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with less children at home that they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home.

Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them.

“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”

Bottom Line

If your housing needs have changed or are about to change, meet with a local real estate professional in your area who can help with deciding your next step.

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Sales Rise In Suburbs – Slow Down In Boston

Interesting dynamics in the Boston and metro Boston markets – from Scott at Boston.com.

Sales rise in suburbs, slow down in Boston.

By Scott Van Voorhis

Boston.com Correspondent

 

boston-skyline*304xx700-467-0-29

 

 

 

 

 

 

 

 

Towns and neighborhoods across the Boston area posted big gains in both sales and prices in February, defying a winter that broke snowfall records and left many businesses reeling.

The suburbs led the way. Several communities are actually ahead of last year’s pace when it comes to home sales, according to numbers released by The Warren Group, publisher of Banker & Tradesman.

Cambridge proved as desirable as ever, with both condo and home sales rising markedly, as the median price of a house in the city hit $1.3 million.

Boston was more of a mixed bag; some neighborhoods posted strong numbers, but others all but fell off the map.

Overall, home sales across Massachusetts rose 4 percent in February, with the median single-family home price for the first two months of the year increasing 5 percent to $316,000, according to The Warren Group.

Condo prices rose 1.5 percent to $294,250, even as sales fell by 6 percent.

The Warren numbers, of course, only tell part of the picture, as some represent sales that were initially inked late last year, or in January of this year (before the storms) but which finally closed in February.

“The continued, sustained snowfall has been an incredible challenge for the region’s housing market,” said Dan Breault, EVP/regional director of RE/MAX of New England in a press statement. “Fortunately, spring is just around the corner and with low inventory and rising prices, we anticipate a busy spring season.”

Still, Greater Boston homebuyers proved to be a hardy bunch.

The western suburbs held up especially well, according to The Warren Group’s February housing report.

Framingham, Marlborough, Natick, Franklin, Medfield, Wayland, Lexington, Concord, Wellesley, and Weston all put in strong showings in February.

Sales so far this year are up by double digits in Framingham (20 percent), Franklin (118 percent), Concord (54 percent), Lexington (14 percent), Natick (15 percent), Wellesley (26 percent), and Needham (18 percent).

The dire cold may have made buyers stingier, as selling prices were down in a number of towns. Notable exceptions included Needham, whose median home price soared past $1 million after a 33 percent jump; Lexington, where the median price hit $875,000 after a 7.4 percent increase; and Natick and Framingham, which saw prices go up by 6 percent.

Quincy and Braintree were the stars on the South Shore, with sales for the first two months of the year rising 28 percent and 15 percent respectively. Median prices in both cities stayed just about even, at $360,000 for Quincy and $356,000 for Braintree.

North of Boston, Medford is off to a particularly fast start in 2015, with sales up 6 percent and median price up more than 10 percent, to $440,000. Sales in Reading are up 80 percent, though the median price fell 9 percent to $438,000.

But for Boston and Somerville, the latest home sales numbers for the first two months of the year had more downs than ups.

Somerville home sales plunged 36 percent, with just seven properties changing hands so far this year, while condo sales were down 14 percent. The median price of a condo dropped 6 percent, to $422,000.

In Boston, both condo and home sales were down in several neighborhoods.

South Boston saw home sales rise by a quarter, even as condo sales fell by 10 percent, while Jamaica Plain saw condo sales plunge by 25 percent, even as the median price rose nearly 20 percent to $426,500.

East Boston put in one of the strongest showings in the city, with condo sales up 46 percent for the year and the median price rising 10 percent to $385,000.

Downtown Boston saw condo sales drop by a quarter through the end of February, while the median price edged down 14 percent to $757,500.

Neda Vander Stoep, a broker in the Back Bay office of Coldwell Banker Residential Brokerage. “However, with inventory remaining low and plenty of buyers on the sidelines, properties that came on during the February storms were nonetheless quick to sell.”