Fewer gross sales, greater costs in October

With summer season gross sales over and actual property stock shrinking, October noticed a lower in gross sales for each single-family properties and condos on a year-over-year foundation with costs nonetheless holding excessive, in keeping with the most recent month-to-month report from The Warren Group.

Final month, 5,285 single-family properties have been bought throughout the commonwealth, a 21.2% lower from 6,704 gross sales in October 2020.

Worcester County noticed a 19% drop in single-family dwelling gross sales in October, with 781 properties bought final month and 965 bought in October 2020. Nonetheless, the median sale value rose to $375,000 final month rising by 10.3% in comparison with October 2020’s median value of $340,000.

This 12 months, 7,247 properties have been bought within the county by October at a median value of $373,000, a 2.1% enhance in year-to-date gross sales and 15.5% enhance in median value.

In Worcester, 27.6% fewer single-family properties have been bought this October in comparison with final 12 months, with 118 properties bought at a median value of $340,000. In October 2020, 163 properties have been bought at a median value of $307,000, 10.7% lower than the median value final month.

To date 1,114 single-family properties have been bought within the metropolis this 12 months, 8.2% greater than 1,030 bought by October final 12 months. The median value of properties bought in Worcester additionally noticed a soar, from $281,075 final 12 months to $335,000 by October this 12 months, a 19.2% enhance.

Within the neighboring city of Shrewsbury, dwelling gross sales this October mirrored gross sales final October, with 32 single-family properties bought this October and 33 bought the 12 months earlier than.

The common dwelling in Shrewsbury bought for $557,500 this October, in comparison with $455,000 a 12 months in the past, a rise of twenty-two.5%.

Shrewsbury noticed a ten.4% enhance in dwelling gross sales this 12 months in comparison with final 12 months by October, with 297 bought by October final 12 months and 328 bought this 12 months. Costs additionally rose on this 12 months’s sellers’ market, up 11.5% in comparison with final 12 months with the common dwelling in Shrewsbury promoting for $535,000 this 12 months and $479,900 by October final 12 months.

In Northborough, single-family dwelling costs made a major leap final month. The median value in October rose to $685,000, a 55.5% enhance in comparison with the earlier October’s median value of $440,450. Fifteen properties have been bought within the city final month, about the identical because the 12 months prior when 16 properties bought, however this 12 months 4.4% extra properties have been bought by October, with 142 this 12 months and 136 the 12 months earlier than.

Harvard additionally noticed a profitable soar in its median dwelling value final month because it broke into the thousands and thousands. With solely seven dwelling gross sales in October, a 22.2% lower from October final 12 months, its median sale value was $1,030,000 final month. This can be a 50.4% enhance in comparison with October 2020, when the median sale value of a house in Harvard was $685,000.

The city of roughly 6,600 residents noticed a pair vital gross sales in October, equivalent to a waterfront dwelling on Naked Hill Pond which bought for $1.2 million and a country farmhouse-style dwelling bought for $1,177,000.

With costs seemingly snowballing greater all over the place, Southbridge stays one of many few cities within the county the place one should purchase a house for lower than $280,000. Final month 18 single-family properties bought in Southbridge at a median value of $258,500, a slight lower from final October’s median value of $262,500 when 15 properties have been bought.

To date this 12 months, 142 properties have bought in Southbridge at a median value of $273,750, 16.5% greater than its median value of $234,900 by October 2020 when 135 properties bought.

For condos within the county, 213 condos have been bought in October at a median value of $290,000. Each numbers mirror apartment gross sales in October 2020, when 215 have been bought at a median value of $288,000.

Throughout the state, 15.8% fewer condos have been bought final month in comparison with the 12 months earlier than, with 2,089 final month and a couple of,482 in October 2020. The median sale value rose 3.7% from $410,000 final October to $425,000 this October.

This text initially appeared on Telegram & Gazette: actual property Shrewsbury Northborough Southbridge Harvard The Warren Group

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