Declining MetroWest Home Prices Spike Interest
Click to view a chart of home price trends in MetroWest.
First-quarter housing activity in MetroWest is all over the map with some towns seeing continued price declines while other towns are seeing increases, according to statistics from the Boston-based Warren Group.
No matter where prices are, MetroWest real estate agents are seeing signs of hope.
"In the last three weeks I've definitely seen an increase in interest through phone calls about houses to people coming to open houses," said Lynne Hagopian a real estate agent with Hammond Residential Real Estate in Framingham. "At an open house two weeks ago, I had 19 people."
It's been awhile since she's seen this type of interest.
Bargain Basement
Prices may be helping to goose that activity in a number of MetroWest communities like Framingham, which saw median home prices drop about 15 percent from $318,000 in the first quarter of 2008 to $270,000 in the first quarter of 2009.
"If houses are marketed well and priced appropriately, they go faster," Hagopian said. She's also seen multiple offers on homes, something that hasn't happened in many months.
First-time homebuyers, who can get up to $8,000 in tax credits when they buy a home, are attracted to the real estate market now, she said. Many are looking at and buying lower-priced properties in Framingham, where single-family homes are currently ranging from the high $200,000s and the low $300,000s.
Michael Hughes, owner and principal broker of Hughes Home Real Estate in Natick, has also seen movement in the housing market.
"About eight weeks ago, we saw a little pop in the market," he said, with lower-priced homes in many MetroWest communities selling. He too has seen first-time home buyers looking to buy.
Natick home prices are holding up well despite the market downturn. In the first quarter of 2008, the median price for a Natick home was $372,950 and increased by more than 19 percent to $445,000 in the first quarter of this year, according to the Warren Group.
Natick isn't alone in seeing price spikes. Berlin prices increased almost 87 percent, going from $257,000 in the first quarter of 2008 to $480,000 in the first quarter of this year. Wayland prices rose too, going from $385,000 in 2008 to $610,000 in 2009, an increase of 58.4 percent.
Prices in Southborough are definitely benefiting the consumer, dropping almost 41 percent between the first quarter of 2008 and the first quarter of this year, from $585,450 to $346,000. Of all the MetroWest communities, Southborough lost the biggest percentage in homes prices from 2008 to 2009.
Ashland also saw a drop of almost 35 percent from $400,000 in the first quarter of 2008 to $261,000 in the first quarter of this year.
"Buyers are definitely in the driver's seat. I think most people understand that and want to get a good deal," Hughes said.
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