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