Here’s your 2018 update on the Million Dollar + Single Family Home sales market in Reading, Massachusetts.
2018 saw 15 Single Family Homes sell over $1,000,000 in comparison to 2017 that saw 13 sales over $1,000,000. This almost quadruples the 2016 total of 4 single family homes sold over that mark!
Although the average home sold over a million was $1,193,000 in 2017, which averaged $83,000 OVER 2018’s average of $1,110,000, the price per square foot sold jumped from $304 in 2017 to $318 in 2018. To simplify this, a 3500 Square Foot house in 2017 would have sold for about $1,064,000 and in 2018 would have sold for about $1,113,000.
The other telling statistic is the average days until offer in 2017 was 57, and in 2018 it was 25, so offers were submitted 50% faster!
So, what does this mean moving forward to 2019? Well, the market is forecasted to “soften” a little, or - be a little more balanced. Which may mean that the higher end homes will see a little more time on the market and / or a little more negotiation in price and / or terms. As we know in any market, it comes down to supply and demand, however. Reading has just benefited from an override which increased the values of the schools and town amenities so this could keep the robust sales trend in this higher end on the up and up. Beyond the great schools, and wonderful neighborhoods, Reading will always benefit from the ease of getting into Boston via the commuter rail, which some neighboring towns do not provide.
At the current time in Reading, there are 8 Single Family homes on the market above $1,000,000 and the average listed price per foot is an incredible $359! The home to watch is 340 Summer Avenue, a 4500 Square Foot new construction 5 Bedroom / 3.5 Bathroom colonial on the market for $1,850,000. CLICK HERE for more info about this lovely home!
For more information on the Reading home sales market, contact President of Residential Sales, Paul Santucci 617-694-0004
61 Roma Lane, sold for $1,150,000 in 2018
The beautiful backyard of 33 Howard Street, Reading. SOLD for $1,230,000 in 2018