The Hopedale real estate market was hot in 2016! In each segment of the town, prices and number of sales saw in most cases double-digit increases. According to data submitted to the MLS Property Information Network, the database used by real estate professionals in Massachusetts, the average sale price of single-family homes and condos was up 10.9%. In addition, the number of homes sold was up almost 9% for the year.
Analyzing data from specific neighborhoods clearly illustrates pricing trends for similar homes over time. Certain neighborhoods had an amazing year in 2016, the best of which was Pinecrest Estates. Pinecrest consists of almost 200 homes and is located between Freedom Street and Route 16 in Hopedale. Streets include Hammond Road, Westcott Road, and Moore Road as well as others. After a few disappointing years of sluggish prices, the neighborhood was a hot seller in 2016, with prices up 39.9%. The number of home sales doubled from 6 in 2015 to 12 in 2016. These numbers represent the highest average sale prices in Pinecrest since 2009, and the most homes sold in Pinecrest in one year since 2000!
Harmony Estates, located off Greene and Plain Streets and including Harmony Drive, Larkin Lane, and Rockridge Road, also had a terrific year. With a 16.6% increase in price, and a 60% increase in number of transactions, these 1990s homes sold quickly with average days to receive an offer dropping from 68 to just 17!
Condominiums also sold very well in Hopedale with sale prices up 10.5%. Laurelwood drove this trend, with their three-bedroom units seeing the highest price increase of 11.8%. The number of sales in Laurelwood hit 20 in 2016, up from 16 in 2015.
Analysts and area real estate experts predict another great year in 2017. It unlikely that prices will increase as dramatically as in 2016, however many homeowners may choose to cash in on the increased home values and market their home. According to the Mortgage News Daily website, a site which tracks average mortgage rates in Massachusetts, 30-year mortgage rates rose from around 3.5% in late October 2016 to over 4% as we entered 2017. Fear of mortgage rates continuing this increase may be the motivation some buyers and sellers need to jump into the market this Spring.
David Hodgdon is a Real Estate agent at Millennium Realty. He has lived with his family in Hopedale since 2002, and is a member of the Massachusetts Association of Realtors. Dave welcomes your questions and comments, and can be reached at dave@davidhodgdon-realtor.com or 508-246-8311. Please feel free to contact him with specific questions about sales data not mentioned above. Sales information according to data entered into MLS Property Information Network.
Issue Date:
February, 2017
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