Home Sales Drop, Prices Rise in Natick Real Estate Market

Earlier in February, one of the top real estate firms in the state released its annual list of the top 25 best places to live in Massachusetts.

But, unlike in 2013, Natick wasn’t on it.

Now, after completing a deep report of Natick’s 2014 real estate market, that real estate company tells us why.

McGeough Lamacchia Realty compared numbers from the 2013 housing market with the 2014 housing market and found that Natick home sales have dropped and market prices have risen significantly.

A total of 585 homes sold at an average sale price of $454,826 in Natick in 2014, which is 51 fewer homes and 12.83 percent higher than in 2013 respectively. Realtors say higher prices are part of a larger trend across the state that led to Massachusetts home sales to be down by 1 percent in 2014.

The totals broken down by type of home sold show a majority of homebuyers are looking for single-family homes:

• Single-Family Homes: 371 sold in 2014 versus 384 in 2013, for an average price of $525,095 which is a big increase from the previous year’s average of $478,874.
• Condominiums: 191 condos sold in 2014 versus 235 in 2013 at an average price of $346,031, a nice jump from 2013’s average of $285,876.
• Multi-Family: 23 homes sold in 2014, as opposed to 17 in 2013. The average sale price in 2014 was $493,353, a boost from the previous year’s average price of $424,369.

While it may not be surprising that homebuyers tend to gravitate to single-family homes, McGeough Lamacchia showed that the average price for one of these houses varies greatly even between Natick and its neighbors.

Even with the price jump, Natick remains an affordable place to live as compared to surrounding towns. A single-family home in Wellesley, Dover, Weston, Wayland and Sherborn can cost up to $1,085,599 more than the average price in Natick.

As of Feb. 24, there were 23 single-family homes on the market in Natick with an average price of $778,956. Natick also has 13 condos available, average price $503,484, and one multi-family homes whose owner is asking $405,000.

McGeough Lamacchia realtors say now is the best time to put your home up for sale in Natick since inventory will most likely rise after the snow finally melts and lower supply often results in higher prices.

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