slides: Central Mass Towns Top Statewide Real Estate Ranking

Friday, May 03, 2013

Ashley Klann, GoLocalWorcester Contributor

Central Mass towns are sweeping a list of the hottest spots in Mass for real estate this spring. Data compiled from The Warren Group shows that these local towns are seeing the highest increases in home sales, and falling foreclosures in 2013.

McGeough and Lamacchia Realty compiled the data which compared home sales for the first quarter of 2013 to home sales for the same period in 2012. The recent report shows the largest increases in the average home selling prices, factors used to determine whether a town is becoming a sought after location for homeowners.

Methodology

According to the real estate group’s information, towns they looked at had to have a minimum of 25 home sales and double digit median selling prices increases in the first quarter of 2013 to be considered for the list.

“Homeowners thinking about selling should take advantage of this market,” says John McGeough, one of the group’s co-brokers and owners. “We’re even seeing multiple offers on homes because of the low inventory.”

The group says that two major trends showed for this quarter that positively affected home prices for these towns – an increase in new construction home sales and fewer foreclosures.

The data also showed average home prices for the first quarter in 2013 increased 4.7 percent overall compared to the first quarter in 2012. Data also showed 23 percent fewer homes on the market than this time last year and more buyers, which contributed to the increase in home prices.

Overall, first quarter home sales in the Bay State for 2013 increased 2.5 percent compared to last year, even with low housing inventory levels.

The Top Towns

McGeough and Anthony Lamacchia, co-brokers and owners of McGeough Lamacchia, examined the list and saw that all of the towns had characteristics home buyers are looking for when choosing where to live: amenities like shopping, parks, and cultural attractions, affordability, good school systems and commutes, low crime rates and an overall high quality of life.

“Some of these towns were even finalists last year for Money Magazine’s Best Places to Live in America.” said Lamacchia.

The ranking included 25 towns, and Central Mass took four of the top five spots.

Bringing up the end of the list were Attleboro, Lexington, Carver, New Bedford, Dracut, Bourne, Newburyport, Bedford, North Attleboro, Winchendon, Hyannis, Yarmouth, Marshfield, Allston, and Tyngsboro.

The top ten consisted of Acton, coming in first, followed by Whitinsville, Gardner, Roxbury, Wrentham, Dudley, Sudbury, Wedway, Southborough, and Seekonk.

Foreclosures in the Mix

According to the rankings, foreclosure numbers in the area have seen a recent decline.

“Seeing four consecutive months of petitions below 1,000 is a promising sign,” said Timothy M. Warren Jr., CEO of The Warren Group. “The improved jobs picture and lenders’ willingness to do short sales and loan modifications are helping to fuel the decrease. Hopefully this continues and improves consumer confidence as well.”

The group reported that foreclosure activity in Massachusetts dropped again in February, thanks to improving economic conditions and a revitalized real estate market. Foreclosure petitions – the first step in the foreclosure process in Massachusetts – dropped more than 38 percent in February. There were 856 petitions, down from 1,394 in February 2012. So far this year, there were 1,796 petitions filed, down 34 percent from 2,727 during the same period last year.

The Warren Group also tracked a decrease in auction announcements in February. A total of 330 auctions were announced in February, a 76 percent drop 1,384 in February 2012. Year-to-date announcements totaled 669 – a 77 percent decline from 2,960 during the same period last year.

(Central) Mass Appeal

Acton earned the top spot in the listing, as well as Money Magazine’s Best Places to Live in America. The Central Mass town saw the largest increase in home prices over the last year. According to figures from the Warren Group, many of the home sales in Acton for the first quarter were new construction. The median price for a home in Acton was $400,000, an increase of almost 63% over last year.

Whitinsville snagged the second spot. McGeough and Lamacchia Realty said that the town’s public schools have a high student to teacher ratio. Like Acton, a large percentage of the home sales this quarter were new construction. Homes in Whitinsville sold for $185,000, a 61% increase over the same time period last year.

Gardner came in at number three on the list, based on its 59 percent increase in home prices. “In recent years Gardner had been affected by the economic downturn but this is a good sign the city is recovering,” the real estate group said.

At number five, Wrentham saw an increase of 43 percent compared to the first quarter in 2012. The median home price in Wrentham is $360,000. McGeough and Lamacchia Realty said that the Central Mass town has New England charm and easy access to Gillette Stadium and Cape Cod, as well as many local outdoor attractions.