Published in the January 11, 2018 edition
By GERI FARRELLY
Broker/Owner
Farrelly Realty Group
NORTH READING — Happy New Year, and here’s to a happy, healthy and prosperous 2018 for everyone living in, or affiliated with, North Reading.
Our town continues to flourish and grow, the reviews on the Middle School/High School complex are in from many students and parents indicating that our education system is continuing to provide an excellent education and is a great environment to promote learning by all. With that said, our school system and overall sense of community continues to drive people to North Reading to put down their roots. Our housing market is healthy and continues to be in very high demand.
Main Street is also showing signs of revitalization with older buildings in need of repair being replaced with newer, more modern facilities. Although some people would love to see other types of businesses, it is a start and we are headed in the right direction. This alone may spur businesses to move to Main Street, which will assist our economy overall. The sale of the Berry Property has also helped with the town’s economic picture. The land has been cleared for an over-55 development (Martin’s Landing) to be built by Pulte Homes. Please check back to this section and, as the development progresses, we will forward the information on to you.
As far as our town’s real estate transactions, a lot did not change over this past year, the exception being an increase in home values. We believe this is happening because of the great desirability to live in North Reading and its proximity to Boston, New Hampshire and the North Shore. New buyers say their primary reasons to move to North Reading are our school system, community events and sports programs. It is so nice to see a small town prosper while continuing to hold on to its fundamental principles of a close-knit community.
In 2017, we had 177 single family homes sold, as compared to 180 single families in 2016. The lowest priced home was sold for $188,000 while the highest priced home sold for $1,220,000. Compared to 2016 the lowest priced home was sold for $165,000 and the highest priced home sold for $1,285,000, a difference of $65,000 less than 2016. The average list price was $595,118; the average days on market was 49.46 days; the average days to offer was 29.76 and the average sale price was $595,506. The average sale price in 2016 was $565,906.
The condominium market also held steady in 2017. There were 53 condominiums sold last year as compared to 54 in 2016. The lowest priced condominium sold for $100,000 while the highest priced condominium sold for $636,950 on Brassie Way at The Greens. By comparison, in 2016 the lowest priced condo sold for $117,000 and the highest priced condo sold for $720,000 for a free-standing unit located on Spoon Way, also at The Greens. Even with a little less revenue at both the lower end and at the higher end of the condominium market in 2017, the average sale price in North Reading rose to $342,600 as compared to 2016 at $320,868, an increase in overall value of $21,732.
Only one multi-family home in town was sold in 2017. Listed for $499,999, it sold for $520,000. Similarly, in 2016 only one multi-family home was sold for $450,000. North Reading has few multi-family homes, with most concentrated in the center of town. With more people moving to North Reading, I would think that the multi-family market will continue to increase in profitability, always with consideration to condition and location.
There were three land listings in 2017 as compared to four in 2016. The lowest priced lot of land sold for $169,900 while the most expensive was four lots on Nichols Street totaling $715,500. The average sale price for land in 2017 was $342,600 as compared to $302,250 in 2016, not including the 14.9-acre lot on Park Street that sold last year.
Overall, every segment of our real estate in town has shown a great increase in value. This shows that even in uncertain times real estate is still a very good investment.
A seller’s market
We are continuing to see multiple offer situations in all segments of the market with the exception of the land market. This continues to make it difficult to be a buyer in today’s real estate world and, at times, stressful to be a seller. We have had great success over the past several years helping both buyers and sellers experience positive real estate transactions.
If you are considering a real estate transaction in the future, please give us a call. I personally have had my hand on the pulse of the North Reading real estate market for the past 14 years (March of 2004). I have been the number one Realtor in North Reading for the past six years and own a successful office in North Reading with an incredibly hard-working, honest and professional staff of Realtors. You have a choice when it comes to real estate. Please consider Farrelly Realty Group when you are thinking about real estate. You will notice a difference. Happy New Year from all of us at Farrelly Realty Group. Please call 978-664-3700, email info@FarrellyRealty.com, or visit our website at FarrellyRealtyGroup.com.
