Central Mass. condo prices spiking as high as 27%
Photo | Courtesy Realtor.com
Kettle Brook Lofts, mill-converted lofts in Worcester
As single-family home prices rise, potential buyers have been considering a condominium as the alternative.
While condo prices remain cheaper than single-family dwellings in most Central Massachusetts communities, rising condo prices can keep first-time homebuyers on the sidelines.
In Worcester, the number of condo sales has dropped by 7% since January to 323 units. But as sales fell, prices rose by 27%, according to The Warren Group, the Peabody-based market tracker.
One year ago, the median price for a Worcester condo was $140,000. In November, the most recent data available, the median swelled to $177,500. That’s still less than $253,000 for the median single-family home, but the $37,500 price hike can be a deal killer for many buyers.
It’s the same story in Framingham, Marlborough, Natick, and Shrewsbury.
In Marlborough, condo sales dipped by nearly 7% while prices took off in 2019. The median reached $275,000 lin November, up from $225,000 last year, a 22% rise.
Condo prices in Framingham have seen a 15% increase compared to a year ago. While sales fell by 3.4%, the median price increased to $242,000, up from $210,000 one year ago.
There were few condo bargains in Shrewsbury as the median price was $322,500 in November. That’s up 14% from last year when it was $282,500.
Natick saw condo sales dip while prices continued to climb. The median condo cost was $329,000 in November, up from $307,000 a year ago.
Condo prices were flat in Northborough, as the median remained at about $322,000.
In Fitchburg and Milford, condo prices grew at a much slower pace compared to the rest of the region.
The median price for a Milford condo was $275,000 through November, up 2% from a year ago when the median was $270,000.
In Fitchburg, condo prices rose by 2.6% to $199,950 while sales were down by more than 17%.
For price-conscious buyers, one refuge may be Westborough. It was one of the few Central Massachusetts communities to see condo sales and prices dive.
Only 53 condos have sold from January through November, that’s down from 76 one year ago, a 30% drop. Prices fell as well. The medium condo cost was $311,000, down from $337,966, an 8% decline.
But the pickings are few. Only 10 Westborough condos were listed on Christmas Eve on the Shrewsbury-based MLS Property Information Network, the largest listing service in Massachusetts. For $316,420, there’s a one-bedroom in an over-55 community on Talbot Way. At the top end is seven-room townhouse on Simeon Howard Way in for $745,000.
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