Johnson Woods in Reading - is it a Good Value vs Single Family Homes in town?
Built in the mid-2000s, Johnson Woods in Reading, MA is a 166 Unit association featuring multi-level townhouses and floor-through condominiums. Owners (and tenants) rave about the amenities: exercise and clubroom, garage parking, manicured common outdoor and private areas, NO SNOW Shoveling!
Dramatic ceiling height, gleaming hardwood floors, fantastic use of space (yeah new construction!), modern fits and finishes from gorgeous baths to wonderfully appointed kitchens, fireplaces, and huge windows are other features that keep the residents here smiling, and attracting new owners. AND with home sizes averaging 2600 Square Feet and 2-3 bedrooms, they obviously will compete with single-family homes in Reading.
The question is: how does it compare to the value of single homes in Reading?
Let's take a look at 2 Homes that sold at Johnson Woods in 2015 and how the seller's of those homes faired verses similar sized homes in Reading. Remember: this has been a VERY strong seller's market over the past year, however, 2005 was ALSO a fantastic year if you were a home seller.
The first home to sell at Johnson Woods in 2015 was a 3520 Square Foot, 3 Bedroom, 3.5 Bathroom Townhouse with both Garage and Outdoor parking spaces.
This home was first purchased in 2005 for $620,000 and sold in March 2015 for $675,000. That's an 8% market value increase.
Here's the average sale of the 9 single family homes SOLD in Reading between 3200 - 3700 SF in Reading in 2005: $725,878.
And here's the Average Sale of that size home in 2015, where 13 of that size homes was sold: $717,115.
To be fair, let's look at the average price per foot, as we can't really use the square footage range as a perfect indicator. The average Price Per Square Foot sold in Reading for a single family home between 3200 - 3700 Square Feet in 2005 = $210.
And In 2015?.......EXACTLY $210. So, no real market increase in those 10 years vs that home in Johnson Woods, that increased 8%.
Ok, so to be fair, I took a look at another townhouse that sold at Johnson Woods this year, and compared it to it's original sale, this time in 2010. So, we have a 2400 Square Foot, 3 Bedroom, 2 Full / 1 Half Bath home that sold for $590,000 in 2015. In 2010, this home sold for $569,000. That's close to 4% market value increase.
So, here's the sales data to compare for the single family homes sales in that size range in both 2010 and 2015: In 2010, 13 Single Family homes sold in Reading between 2300 - 2500 Square Feet, with an average Price Per Square Foot SOLD of $248. In 2015, 19 homes were sold in that size range, with an average of $250 per square foot. That's an average of less than 1%, compared to the almost 4% value increase the townhouse at Johnson Woods gained in those 5 years.
For more information about Reading MA home values and Johnson Woods, please contact:
Paul Santucci | President of Residential Sales | True North Realty | 617-694-0004