RE / MAX real estate Dave Stead Lamacchia Realty Kathy McSweeney
A few months ago, the real estate market was so concentrated with potential buyers that the open houses would have queues.
It was not uncommon for a well-priced home in almost any region to receive more than 30 offers. Now that summer is at its peak, the market still has not stabilized but is slowly returning to a less hectic state.
Activity in the single-family home and condominium markets remained strong in June, according to a new report from The Warren Group, a provider of real estate and transaction data.
In Worcester, single-family home sales rose 64.3% in June, with 138 sales and a median selling price of $ 350,000, 24.1% above the median of $ 282,000 in June 2020, while only 84 houses had sold.
Six months after the start of this year, 603 single-family homes have already been sold in Worcester, up 25.1% from the 482 homes sold through June of last year. At a median selling price of $ 325,000, homes are selling 20.4% more this year than homes last year, while the January-June median was $ 270,000.
Sales of condos in the city have seen a similar jump. The number of condos sold increased 45.5% in June with 48 sales at a median price of $ 212,500. Prices edged up 6.3% from the fixed level of $ 200,000 in June 2020. This year so far, 214 condos have sold in Worcester, 30.5% more than 164 last year. through June, at a median price of $ 180,000, just down 1% from $ 181,750 this time last year.
Central Mass. see a lot of action
RE / MAX real estate agent Dave Stead said central Massachusetts sees a lot of action as residents begin to recover from the COVID-19 pandemic. Stead said Worcester has been particularly busy.
“I feel like people are out of COVID and going out and looking to do things, and there’s a lot of activity going on,” he said. “The baseball park has been really exciting for people and they are going back to places with live music and different places and restaurants. All of these factors help Worcester.”
Action in Shrewsbury
Lamacchia Realty realtor Kathy McSweeney said she was seeing some action in Shrewsbury, where 28 homes are currently on the market. While the competition may be less aggressive than it was a few months ago, McSweeney said a home put on the market Wednesday will likely sell again the following Tuesday.
“If you price it right, they sell out quickly,” she said.
Shrewsbury saw a 104.3% increase in single-family home sales in June with 47 sales at a median price of $ 575,000, 35% more than the median of $ 426,000 in June 2020.
Condo sales in Shrewsbury last month also increased 44.4% from the previous June, with 13 condos sold last month and nine sold in June 2020. The median sale price was $ 303,000 in last June and $ 469,900 in June, an increase of 55.1%.
Holden and West Boylston “fairly rigorous” with sales
Stead said towns like Holden and West Boylston have been “pretty tough” on sales.
In June, Holden recorded 35 single-family home sales, up 52.2% from 23 sales the previous June. The median selling price last month was $ 401,000, an increase of 20.4% from $ 333,000 in the previous June. While Holden had 97 single-family home sales in the first six months of 2020, it had 123 in June. The year-to-date median selling price is up 18.6% from $ 349,000 to $ 414,000 so far this year.
West Boylston recorded 12 single-family home sales last month, a significant increase from a sale last June. This year, 39 homes sold in West Boylston for a median price of $ 377,200.
Stead said sellers are still receiving multiple offers on their homes in certain price ranges, although he sees less activity in the higher price ranges. He said he expects things to slow down, but with interest rates still low, buyer demand remains strong.
Advice to buyers: be patient
Buyer fatigue is a very real symptom of home search. Stead and McSweeney ask buyers to be patient.
“At some point for buyers things just have to work out,” Stead said.
McSweeney said she is seeing buyers raise their hands and resign from their current leases.
“Stick with it,” she said. “If this is the right house, it will work. Four months ago, when you told someone they were going to be in a multiple offer situation, some people would be afraid to do it. Now, they say to themselves “OK. I “will try.”
Worcester County as a whole recorded nearly 4,000 single-family home sales this year, with almost 1,000 in June alone. Last month, 983 homes sold, up 34.3% from the 732 sold the previous June. The median selling price last month increased 24.6%, from $ 315,000 a year ago to $ 392,500.
The median sale price of the 3,822 single-family homes sold so far this year in the county was $ 360,000, up 19.4% from $ 301,500 through June of last year.
Condo sales are also up from 166 last June to 233 in June, an increase of 40.4%, and 997 sold until June of this year. In June, the median price for condominiums was $ 275,000, up 13.7% from $ 241,850 in June 2020.
McSweeney and Stead both said the county has a lot to offer potential and current residents.
“I have lived in Worcester County all my life and I feel like they are finally getting it right with the opening of Polar Park and all the restaurants opening up there,” McSweeney said. “It’s finally a place to be. It’s not just an eight-hour town. People don’t just come to Worcester to work anymore.”