Everyone seems ready to agree to this being a volatile marketplace. Houses selling fast, over fair-market-value, and a limited inventory to keep buyers hungry enough for whatever is thrown at them. 

I don’t know about you, but I prefer a more balanced marketplace and not being left to that which lingers in a market. In this column you’ll find concise data points and a couple thoughts as to where the market is headed.

Q3 encompasses July to September; in the Real Estate calendar those are the sacrosanct months following the all important latter part of Q2 in which the majority of Real Estate transacts here. In Q3 Worcester five hundred nineteen single-family homes transacted. That may seem like a staggering amount, but it isn’t. The average sale price (city-wide) during Q3 was $256,417 just a hair under the average list price. Average Days to offer was 30 and the Average Days on Market was 40. Those numbers are city-wide through all value ranges. The tabs below will give you information regarding the major zip-codes. If you want a closer look at where your property falls in the marketplace contact me via email, allen.greenman at thisweekinworcester dot com.

 

The Reasonable Value Range for 01602 rests between the mid $200’s just up to the high $300’s with rare creep into the lower-mid $400’s for a very significant property. This makes 01602 a desirable benchmark for the city. It houses Worcester State University, borders the Regional Airport, Art Museum, Elm Park, WPI, and local historic districts. Home to fan-fav West Side BBQ.

Barring Distressed Properties the average sale price holds at $271,156 with an average $/SqFt of $163.

Some Notable Sales in this area include:

  • 28 South Lenox Street
  • 19 South Lenox Street
  • 10 Audubon Road
  • 87 Coolidge Road

The Reasonable Value Range for 01603 rests between the low to mid $200’s with rare creep into the lower $300’s for an in-demand property. This makes 01603 a good buy in it’s up and coming neighborhoods. Bordering the College of the Holy Cross and housing the enormous Hope Cemetery, this hamlet is easy-on and easy-off Rt.290 near the Auburn line. Home to fan-fav Livia’s Dish.

Barring Distressed Properties the average sale price holds at an average sale price of $237,553 and $/SqFt of $173.

Some Notable Sales in this area include:

  • 278 Wildwood Avenue
  • 15 Carleton Street (New Construction)
  • 48 Royal Road
  • 7 Blaine Ave

The Reasonable Value Range for 01604 rests between the upper $200’s to mid $300’s only and for very desirable homes values can crest into the $400’s. One of the few water-bordering zip-codes in the city, and home to Broad Meadow Brook this zip code has many attractive condominium developments. Home to fan-fav Wholly Cannoli!

Barring Distressed Properties the average sale price holds at $271,972 with an average $/Sq.Ft of $180.

Some Notable Sales in this area include:

  • 6 Anderson Ave
  • 367 Bridle Path (Waterfront)
  • 8 Creslan Drive
  • 38 Etre Drive
The Reasonable Value Range for 01605 is between the low-mid $200’s with a strong mid-range in the $300’s. Sales in the low to mid $400’s for significant properties. 01605 is a desirable benchmark for the city.

This zip-code sprawls across a significant part of the city, and is home to UMass Medical School, Green Hill Park, BioTech parks, and the beautiful Beechwood Hotel. 

Barring Distressed Properties the average sale price holds at $287,461 with an average price  $/Sq.Ft of $177.

Some Notable Sales in this area include:

  • 5 Tattan Farm Road
  • 21 Nizam Drive
  • 6 Grove Heights Drive
  • 49 Bullard Ave


The Value Range for 01602 in Worcester is solidly between the mid to upper $200’s and strong throughout the $300’s with very minor movement into the mid $400’s for a top-quality property. This makes 01606 bit more competitive than 01605. This zip-code features the quaint Sears Island addresses, fan-fav Elsa’s Bushel & Peck, a Summit Staple and the prestigious Worcester Country Club where I’m not allowed to play golf because I am terrible at it.

Barring Distressed Properties the average sale price holds at $270,639 with a $/Sq.Ft of $183.

 

Some Notable Sales in this area include:

  • 14 Reardon Street
  • 29 SouthView Road
  • 79 Sears Island Drive
  • 25 Watt Road (a remodeled Westinghouse/Norton model)

The Reasonable Value Range for 01609, arguably the cities more prestigious zip-code rests between the mid 300’s just and $400’s, with value’s pushing into the $500’s and $600’s for significant properties. Bramble Hill the famed Higgins Estate that has been severely neglected just transacted for $820,000 largely for the 17 acres it sits on. This zip code is home to Assumption College, WPI, fan-fav The Sole and The Boynton. It also hosts some of Elm Park, one of the oldest public parks in the country.

Barring Distressed Properties the average sale price holds at $387,250 with a $/Sq.Ft of $160.

Some Notable Sales in this area include:

  • Bramble Hill – 757 Salisbury Street
  • 24 Willowbrook Lane
  • 6 Surrey Lane
  • 21 Aylesbury Street

Considering the upcoming arrival of the Worcester Sox, the continued efforts to improve public works and education, redesign of Kelley Square and additional BioTech Park resources being added it is hard to imagine the City of Worcester not on a continued rise, a gradual but quicker pace to success. This will undoubtedly be reflected in home values as more Boston area denizens are pushed West; and just like so many dominoes they will begin to land more in Worcester. The City will shed it’s 2nd City shadow, and stand equal in parts with Boston and Providence. Worcester is finally getting all the right cylinders firing, in-time, and we’re going to start ahead full-throttle. This may be Worcester version 4.0 but as we see in all other things revised, remade and improved, it’s already better. 

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