Lowell Lofts Year End Report January 2022
Dear Neighbors, Welcome to 2022! Here is the “LowellLofts Report” for end of the year 2021. 2020 and 2021 proved to be record-breaking years for real estate. We are still setting record breaking numbers but 2022 should be a little different. The market that we are in is not expected to be like the ones we have seen for the last couple of years. The chances for multiple offers are still likely, but the odds of getting an offer with those insane terms we were seeing (i.e., thousands over the asking price, no contingencies, etc.) is less likely. Pricing is going to be key in this market. Pricing correctly may get you multiple offers and many times offers over asking. Looking for that “pie in the sky” sales number when 1st listing rarely works and you end up chasing the market with price drops. Price what the market dictates NOT what you think its worth!
Those buyers who have been considering purchasing a home this year might want to consider doing it sooner than later. Sellers who are thinking of selling should also do so sooner rather than later. Inventory right now is at an all time low. With spring around the corner many sellers wait till warmer weather and risk having their property on market with competition for buyers, many times the competition is right in your own building. Don’t wait!
Looking at the sales numbers for 2021. The average Days To Offer (DTO) was 31. The average sale price for condos in downtown in 2021 was $299,543. The average sale price in 2020 was $260,065. That is a significant increase (13%) in value in just 1 year. The average price per sq ft on average for a 1200sq ft condo is approximately $275 sq ft. Many properties have appreciated upwards of 20% but those numbers a cooling a bit.
The downtown market is still at the highest price point ever. If you know of a neighbor, friend, or downtown owner looking to sell, I can help. Don’t wait till spring. NOW is the time to list! Avoid the spring competition.
LowellLofts.com has compiled a 2021 sales analysis for each downtown property on page 2. Please review and call us anytime with questions on your building or any specific unit. I can send you detailed info on each building.
LowellLofts.com, we are the “downtown” market experts. We are the most active office in the downtown market.
Our specialty, focus, and concentration is your neighborhood, “downtown Lowell”.
We look forward to working with you.
THE LOWELL LOFTS Year End REPORT 2021
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CONDOS/LOFTS SOLD JAN 1 – December 31, 2021 |
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CONDOMINIUM PROJECT |
Units Sold |
|
Selling Prices Low$/HI$ |
Days to Offer |
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558 Merrimack |
1 |
|
$394,900 |
9 |
|
269 Dutton St |
|
|
|
|
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261-265 Dutton St Lofts |
1 |
|
$359,900 |
6 |
|
American Textile Museum 491 Dutton St |
4 |
|
$331,000- $468,900 |
55 |
|
Ayer Lofts 172 Middle St |
10 |
|
$226,000 - $293,000 |
11 |
|
Bagshaw Mills 128 Warren St |
1 |
|
$240,000 |
38 |
|
Birke Building 61 Market |
3 |
|
$316,500 - $355,500 |
14 |
|
Boott Cotton Mills 130 John St |
16 |
|
$219,000 - $399,900 |
34 |
|
Claflin Block/58 Prescott St. |
1 |
|
$349,000 |
4 |
|
Canal Place I 200 Market St |
11 |
|
$270,000 - $338,000 |
29 |
|
Canal Place II |
7 |
|
$185,000 - $436,500 |
32 |
|
Canal Place III |
9 |
|
$164,000 - $227,000 |
19 |
|
One City Square 92 Central 88 Prescott |
1 |
|
$259,999 |
157 |
|
Cotton House Lofts 240 Jackson |
8 |
|
$275,000 - $334,999 |
15 |
|
15-17 Kearney Sq + (36 Prescott) |
5 |
|
$460,000 - $569,000 |
121 |
|
226 Central |
1 |
|
$370,000 |
165 |
|
Fairburn Building 10 Kearney Sq |
3 |
|
4293,000 - $315,000 |
14 |
|
Fiske Building 219 Central |
3 |
|
$229,900 - $236,500 |
24 |
|
Keith Academy |
2 |
|
$219,000 - $254,000 |
35 |
|
Ladd's Gallery/Dutton St. |
1 |
|
$245,000 |
16 |
|
Lurana Place/19 Paige St. |
|
|
|
|
|
Market Gallery 165-181 Market |
3 |
|
$339,000 - $504,000 |
49 |
|
Mollers Lofts/23-33 Middle St. |
2 |
|
$155,000 - $218,000 |
36 |
|
Renaissance on the River 52 Lawrence Dr |
9 |
|
$307,000 - $368,000 |
14 |
|
Renaissance on the River 35 Riverwalk Way |
5 |
|
$258,000 - $300,000 |
21 |
|
Trio Lofts 30 Market St |
|
|
|
|
|
16 Merrimack St |
5 |
|
$137,500 -$160,500 |
156 |
|
160 Merrimack St |
1 |
|
$264,500 |
2 |
|
Total Units SOLD thru MLS |
112 |
|
$137,500 - $569,000 |
31 |
|
ALL DOWNTOWN Average Sq Ft Sale Price $275 |
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|
|
|
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Average Sale Price - $299,543 |
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|
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Average Days To Offer 31 |
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Average Living Are Sq. Ft 1122sq ft |
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