Price Per Foot By Town: 2013

2013 Average sale prices per square foot for Metrowest and surrounding towns:

Marlborough $166

Medway $179

Ashland $189

Millis $193

Framingham $195

Holliston $198

Hopkinton $204

Southborough $212

Walpole $214

Sudbury $233

Sherborn $238

Norwood $244

Medfield $251

Natick $256

Waltham $258

Wayland $268

Dover $272

Westwood $306

Lincoln $324

Needham $331

Lexington $352

Weston $362

Newton $372

Wellesley $401

Multi-Family Properties in Natick, Wellesley, and Newton

With sale prices and mortgage rates at a low and rents on the increase, more and more people are buying rental properties. While it can be difficult for a new investor to get financing on a property that is not a primary residence, cash buyers, owner-occupants, and those with a history of rental income or sufficient income to qualify for more than one mortgage if necessary, can do very well both in the short term and long term with multi-family homes. Rental income can provide immediate cash flow, while buying at the bottom of the market, particularly a property that has room for improvement, can generate a profit when sold years later.

In Natick, Wellesley, and Newton, the average sale price of a multi-family property increased 8% from an average of $528,000 in 2010 to $571,000 in 2011 (not accounting for sales that could take place during the 23 days left of the year). Still, there are good deals out there, particularly for anyone with the resources to handle a fixer-upper. 36 multi-families are currently on the market in these towns, from 2-family homes to mixed use buildings.

The following is a great calculator to determine return on investment, taking several factors into account: http://www.goodmortgage.com/Calculators/Investment_Property.html

For more information, please find my contact information as well as search for properties at www.torykeithrealestate.com.

Metrowest September 2011 Market Update - Natick, Wellesley, and Newton

The fall housing market is well underway! Here are the key facts, with comparisons from last month, for Natick, Wellesley, and Newton:

In Natick, there are currently 85 single family homes on the market for an average list price of $599,000. 26 homes have sold in Natick in the past month for an average of $488,500 (up 7% from last month) after 69 days on the market (faster than an average of 95 days last month).

In Wellesley, there are currently 146 single family homes on the market for an average list price of $1,751,000. 16 homes have sold in Wellesley in the past month for an average of $1,170,000 (down 14% from last month) after 99 days on the market (faster than an average of 126 days last month).

In Newton, there are currently 193 single family homes on the market for an average list price of $1,188,000. 52 homes have sold in Newton in the past month for an average of $893,000 (down 2% from last month) after 80 days on the market (slower than an average of 70 days last month).