The average sale price of townhouses at Spruce Pond rose 8.7% in 2021 to an all-time high of $447,811. It was the third year in a row of record high average sale prices at this sought-after condo community in Franklin, Massachusetts.
Highest sale price in 2021 for a home at Spruce Pond
53 Quince Landing sold for $475,000, making it the highest-price sale at Spruce Pond Village for the year just ended.
53 Quince had the original kitchen and baths that came with the unit when new. But it did have a two-car attached garage, a nice feature when most homes at Spruce Pond have only one-car garages. 53 Quince also had an additional finished living area in its basement, something that not all Spruce Pond units offer.
Lowest sale price at Spruce Pond for 2021
The lowest selling price at Spruce Pond in 2021 was the $425,000 paid for 7 Spruce Pond Road.
This unit also had the original kitchen and baths. 7 Spruce had only a one-car garage and its basement was unfinished. The unit did offer prime views of Spruce Pond.
Five Spruce Pond units sold in 2021
Five units at Spruce Pond Village changed hands during 2021, a slight up-tick of one unit from the four units that sold in 2020.
Four of 2021’s five sales at Spruce Pond were for over the asking prices. Just a sign of the times in the extraordinary real estate market we’ve been experiencing in Franklin, MA and across the Bay State!
The outlook for 2022
The market for townhouses at Chestnut Ridge in the year ahead will be greatly influenced by the direction of mortgage interest rates. There is a general expectation that rates will move higher in 2022.
While no one can predict the future with certainty, most experts expect that affordability will remain a major issue and that housing inventory will remain tight as 2022 gets underway. The expectation that mortgage rates will rise as 2022 progresses means that prospective home buyers may want to act soon to lock in an affordable interest rate . . . before borrowing costs climb significantly. Waiting to buy could mean paying more per month for your home if mortgage rates rise as expected later in the year.
For prospective home sellers, experts forecast that demand for housing will continue to outpace available supply, so long as mortgage rates remain at their current rock bottom levels. While this is generally good news for sellers because it means less competition, a combination of high prices and rising interest rates later in 2022 should narrow the pool of potential buyers who can afford to buy your home. The emphasis for home sellers in 2022 should be on selling your home earlier, rather than later, in the year. As soon as practicable in the new year, you should hire a real estate agent who utilizes technologically-advanced marketing tactics to reach qualified buyers and get your home on the market..
If you think you may be ready to buy or sell, give us a call at 508-561-6259 or use the contact form below. As local market experts, we can fill you in on any issues impacting your move and create a custom plan to help you meet your real estate goals.