The suburbs surrounding our city of Boston are some of the most
affluent, charming and historic areas to live nationwide. As we recently
discussed some of these localities have even been recognized by
being ranked as some of the best places to live compared to other
towns around the country. Well, the western suburbs are doing just
as well.
We recently discussed just how
successful the Boston real estate market
has fared throughout the recent economic downturn compared to other
cities. Much of the United States is still finding it extremely
difficult to see any sort of progression in the market with regards
to the frequency of home sales and the average sales prices.
Boston, for an array of reasons that we frequently discuss, and the
western suburbs in particular, are realizing an upward trend of
late.
Much of the reason for an increase in sales prices in and around
Beantown is because of the fantastic universities, hospitals, the
growing biotech, high-tech and financial services industries; and
simply because there have been a shortage of homes for sale.
This lack of inventory
with still strong demand is causing a trickle-down effect that
has spread outwards from the city limits to affect the suburban
locations.
As we learned from an article concentrating on the western
suburbs that can be read below, the Cavalier family is a prime
example about just how difficult it now is to successfully close on
the home of your dreams in the suburbs. While there are undoubtedly
many wonderful homes and condominiums on and off the market, the
issue is that asking prices are extremely high today. This fact is
going against the Cavaliers and other individuals conceptions that
all of the markets in the United States are now ideal places to
find a home at a reduced price. Certainly this is no longer the
case.
Some of the western suburbs in question are places like Dover, Weston, Concord, Wayland, Newton,
Sherborn, Acton, Lexington and
Needham. The more popular ones have been Lexington, Needham and
Newton in terms of the amount of transactions from 2011. For all of
these towns, the Massachusetts Association of Realtors reports that
sales in December of 2011 increased by 11% compared to the same
month a year prior. In terms of price changes, Lexington, for
example, realized the smallest price increases in 2011 compared to
2010 with a 1.1% increase in the median prices for a single-family
home to $701,000. The neighborhood with the most drastic change
year-over-year, was none other than Dover with a 13.6% increase to
$940,000.
Condominium sales in
Boston have been thriving especially in the more high-end
sector. Well, it must be known that the condominiums in the suburbs
are also blessed with this same upward trend. Concord, Lexington,
Newton, Sudbury, Wayland and Wellesley all brought forth great
numbers with Newton improving the least by a mere 0.1% all the way
to Lexington that climbed 23.2% in 2011. Acton actually did poorly
with an 11% decrease in condominium sales prices last year.
It is becoming increasingly clear that the lifestyle that comes
with living within one of the many picturesque suburbs of Boston is
ever so high in demand. The world-class school systems, close
proximity to the city for commuters, social and recreational
activities available, safety and history that these locations are
known for are just some of the countless reasons for their success
holding on through the recent years in the real estate market.
Whether it be Boston, the western suburbs, or anywhere else in the
great state of Massachusetts, you are bound to fall in love.
More Information: Boston.com