Would you believe that at least in some towns surrounding
Boston, the median
house prices achieved are close to the 2005 levels? Apparently,
there is data that supports how in 2011 compared to 2010, there was
a minuscule 0.1% increase in home prices. However in addition the
estimated 1.4% increase from 2011 to 2012, still rather diminutive,
is still a positive sign nonetheless.
As we discussed in several blog posts earlier, a very causative
reason for this improvement can be linked to the growing assortment of
biotech and high-tech firms that are aiding in the economys
recovery in the Greater Boston area. They have provided jobs,
established Boston as a destination for
growth in their fields, built up our infrastructure and have
impacted the real estate market as these highly-skilled people
obviously need comparable places to live.
Some of the towns worth mentioning that have shown hints of
stability regarding their median house prices from 2010-2011 are
the following:
- Needham – +$20,000 to $650,000, just short of
$663,750 median price from 2005 - Lexington –
+$10,000 to $704,500, basically matching the $705,000 median price
from 2005 - Wellesley –
+$15,000 to $881,500, however still $90,000 short of the median
price numbers from 2005 - Newton – +$17,000
to $752,000, close to the $760,000 median price seen from 2005
Not all towns have of course succeeded in increasing the median
price rates as those listed above. Some of these include Medford,
Braintree, Quincy, Weymouth, and Franklin. On the other hand, there
is still evidence pointing to the fact that even some of these
areas are still stabilizing and that drastic increases or decreases
in home values are starting to level off.
On the whole, this is an uplifting way to bring in the new year
with regards to the future outlook of our real estate climate. We
can only hope that these positive trends continue!
More Information: Boston.com
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