An improving economy and rising home prices are helping fuel a real estate comeback out on Interstate 495, according to some observers.
Home sales through November 2012 were up in more than 15 communities along the I-495 corridor, compared with the same period in 2011, according to The Warren Group.
Medway, Hopkinton, and Northborough were among the towns that experienced the sharpest rise in home sales, the Boston-based real estate publisher and data firm reported.
Pictured is an aerial view of an I-495 intersection by Hopkinton. Next
Hopkinton saw a 3 percent price increase in home prices, to $535,000, to go along with its big jump in sales, Warren Group records showed.
Paul Yorkis, broker-owner of Patriot Real Estate in Medway, said he is seeing a mix of buyers looking for homes along I-495.
“As 128 gets saturated with sales and when inventory gets low and prices start getting very high, that is when buyers start saying, ‘What can I get farther west?’” Yorkis said. “Over time, that works its way out to 495.”
It’s a big change from two years ago, when buyers were hard to find along I-495. Next
With towns along Route 128 nearing or supassing price records set during the real estate boom of the mid-2000s, some home buyers are now looking farther west for more affordable prices in Medway and other towns along I-495.
“We are seeing the market really pick up and gain some steam,” said Thomas Skahen, co-owner and founder of Littleton-based PrimeTime Communities, which tracks new development in the suburban housing market. “We are going to see price increases again — there is not a lot of inventory.” Next
A number of towns have seen sales soar over the past year, with Hopkinton (37.5 percent), Medway (46.9 percent), Northborough (44.9 percent), and Wrentham (43 percent) leading the way, according to year-to-date sales numbers compiled by The Warren Group as of November. Next
As of November 2012, Plainville saw a 24 percent increase in home sales.
Ayer (20 percent ) , Milford (16.7 percent), Bellingham (8.4 percent), and Franklin (5.7 percent) also saw significant increases, the Warren Group reports. Next
Home prices along the I-495 corridor, with a few exceptions, have yet to turn around. Some towns saw significant declines in 2012, even as overall sales shot through the roof.
Medway saw prices fall 4.8 percent, to $313,000, while prices in Franklin dipped 4.1 percent to $350,000, Warren Group numbers show.
Still, those still slumping prices could be poised for a turnaround over the coming year, with the I-495 area experiencing a shortage of inventory similar to what is being seen closer to Boston, said Yorkis and others. Back to the beginning
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