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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Hampshire Spotlight: Pelham
IN PERSON
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After joining Berkshire Bank 10 months ago, Malia Lazu had an eye-opening experience when she discovered how few women of color held executive roles at banks. Although she had consulted with financial institutions, Lazu had not worked at a bank until Berkshire hired her as an executive vice president and chief experience and culture officer.
WEEK OF MONDAY, FEBRUARY 17, 2020
RESIDENTIAL REAL ESTATE BY THE NUMBERS
53 percent Only 53 percent of homeowners who buy young are likely to remain homeowners eight years later. See Lew Sichelman’s column on page 4. Source: National Association of Home Builders
$310,000 The median single-family sales price in Brockton last year. See Bram Berkowitz’s story on this page. Source: The Warren Group’s Statistics Module
6.9 percent The median single-family sales price in Brockton jumped 6.9 percent last year. See Bram Berkowitz’s story on this page. Source: The Warren Group’s Statistics Module
2019 IN REVIEW
GREATER BOSTON’S MOST AFFORDABLE HOUSES
HOT HOUSING MARKET
BOOSTS ONCE-OVERLOOKED PLACES
COMMUNITY
2019 SALES
2019 MEDIAN SALE PRICE
PRICE CHANGE FROM 2018
LAWRENCE BROCKTON LOWELL HAVERHILL WHITMAN ROCKLAND AVON EAST BRIDGEWATER WEST BRIDGEWATER DRACUT METHUEN LYNN RANDOLPH HANSON ABINGTON
261 873 558 486 144 178 67 173 94 317 513 651 289 141 181
$295,000 $310,000 $316,375 $347,500 $349,950 $355,000 $356,000 $364,900 $364,950 $365,000 $370,000 $375,000 $379,000 $380,000 $380,000
7.27% 6.9% 7.25% 5.3% 6.05% 4.44% 3.49% 1.08% 7.37% 3.3% 5.71% 8.7% 3.41% 2.7% 0.66%
• Single-family homes • Excludes communities with fewer than 50 sales • Source: The Warren Group
1.5 million Single women own 1.5 million more homes than unmarried men. See Lew Sichelman’s column on page 4. Source: LendingTree
18 percent The jump in Concord’s median singlefamily sale price in 2019. See Bram Berkowitz’s story on this page. Source: The Warren Group’s Statistics Module
582 The number of housing units in Pelham. See the Town Spotlight in By the Numbers on page 6. Source: U.S. Census Bureau
-5 percent The decline in Weston’s median home sale price in last year. See Bram Berkowitz’s story on this page. Source: The Warren Group’s Statistics Module
Brockton Area, Springfield, Chicopee Among 2019’s Winners BY BRAM BERKOWITZ SPECIAL TO BANKER & TRADESMAN
T
he real estate market in the commonwealth stayed hot in 2019, as demand continued to overwhelm available inventory in a story that has now played out in Massachusetts over the last several years. The number of single-family sales ticked down slightly, rising to 59,178, a decrease of 1,067 from 2018. The median sale price across Massachusetts rose to $400,000 in 2019, an increase of 3.9 percent from the median in 2018. The picture for condominiums was similar:
24,533 sales statewide, up all of 35 from 2018, and a median sale price of $380,000, up 4.14 percent from the year before. Amid this generally strong market – stronger still in Greater Boston – several areas bucked the trend. Brockton and its suburbs offered a pocket of affordability last year. And at the high end of the single-family market, many towns traditionally in high demand saw softness while the list of “million-dollar” towns gained new entrants. But in the Pioneer Valley, limited inventory pushed up demand and prices in onceoverlooked communities like Chicopee. Continued on Page 10
$1.42 million The median home sale price in Weston in 2019. See Bram Berkowitz’s story on this page. Source: The Warren Group’s Statistics Module
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
C O S T E S C A L AT I O N
L O N G T E R M S A D VA N TA G E
Spaulding, Children’s Acquiring Own Properties
Low Rates, Recent Changes Make 504 Loans a Popular Investment
By Steve Adams | Banker & Tradesman Staff
By Diane McLaughlin | Banker & Tradesman Staff
Hospitals Face Short-Term Businesses Turn to SBA Loans Housing Crunch to Buy Instead of Lease
Commercial Real Estate PAGE 7
Banking & Lending PAGE 9