Banker & Tradesman: July 18, 2022

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2022’s HOT TOWNS SPECIAL REPORT ON PAGE 10

ANNIVERSAR Y RR EE AA LL BY THE NUMBERS

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NM F OA RT M EESST TA A T TE E& &F I FN IANNACNI CA IL A IL N F OI R I OANT SI I ONNC ES I1 N8 C 7 2E

County close-up: Dukes and Nantucket Spotlight: Edgartown

IN PERSON

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1 8 7 2

Under its new CEO Peter Gottlieb, Hobbs Brook Real Estate is diversifying the geography and asset mix of its real estate portfolio. The Waltham-based developer traditionally focused on suburban office park development is now broadening its investment criteria to include other asset categories and markets across the U.S.

WEEK OF MONDAY, JULY 18, 2022

RESIDENTIAL REAL ESTATE BY THE NUMBERS

37 percent The year-over-year growth in Brookline’s median single-family sale price. See Cameron Sperance’s story on this page. Source: The Warren Group’s Statistics Module

$7,258,821

HOT TOWNS

PRICES ON THE RISE IN

CENTRAL MASSACHUSETTS

The sale price of the most expensive house in this week’s Gossip Report. See page 9. Source: The Warren Group

51 percent The year-over-year growth in Dennis’ median condominium sale price. See Cameron Sperance’s story on this page. Source: The Warren Group’s Statistics Module

10th The Worcester area has the 10th-fewest number of listings affordable to someone earning $50,000 a year. See Cameron Sperance’s story on this page. Source: National Association of Realtors

27 percent The year-over-year growth in Pittsfield’s median single-family sale price. See Cameron Sperance’s story on this page. Source: The Warren Group’s Statistics Module

99 The street number of the fifth house in this week’s Gossip Report. See page 9. Source: Public record

22 percent The year-over-year growth in Plymouth’s median condominium sale price. See Cameron Sperance’s story on this page. Source: The Warren Group’s Statistics Module

8,848 square feet The size of the largest home in this week’s Gossip Report. See page 9. Source: The Warren Group

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.

Lower Prices, Remote Work Heighten Demand Near Worcester BY CAMERON SPERANCE BANKER & TRADESMAN STAFF

C

entral Massachusetts, it’s your time to shine in the spotlight of being a hotter-thanhot housing market. Sales figures in recent months show several towns in Worcester County like Northborough, Webster, and Grafton seeing some of the highest jumps in home prices from a year ago.

Don’t pour one out for Nantucket or the glitzy “W towns” around Boston like Wellesley and Winchester quite yet. Home sales in all these enclaves are healthy and home prices remain high. But it is a remarkable ascent for towns and cities to the west that have waited in the wings for decades for Greater Boston’s economic boom times to distribute deeper into Massachusetts. “There are so many great communities out here. People used to think if you went beyond Interstate 495 all you’d see was cows, and that’s not the case anymore,” said Kathy McSweeney, a broker associ-

ate at Lamacchia Realty and president of the Realtor Association of Central Massachusetts. “There’s really a lot going on out here.

Area Offers ‘Bang for Your Buck’

Both condominium and single-family home sales prices in Central Massachusetts are on the rise. The average price of a condo in the region was $281,157 in May 2019, according to the Multiple Listing Service data provided by the RACM. That number swelled to $360,641 in May of this year. Continued on Page 10

N O R T H W E S T PA S S A G E

SOUTHBOUND TRENDS

Suburb Seeks to Capture Economic Driver

Demand Stays Strong in Bristol County Mortgage Market

Burlington Plants a Biotech Flag By Steve Adams | Banker & Tradesman Staff

Commercial Real Estate PAGE 7

Train Lures Investors to the South Coast By Diane McLaughlin | Banker & Tradesman Staff

Banking & Lending PAGE 9


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Banker & Tradesman: July 18, 2022 by The Warren Group - Issuu