Condominium sales in Massachusetts have been pretty sluggish for the last six months and prices have slumped considerably.
Tougher lending requirements are putting the squeeze on the condo market, according to a recent story in the Boston Globe.
In fact, the median price for condos sold so far this year dropped 14.4 percent to $226,750 from $265,000 a year ago, according to the latest numbers from The Warren Group.
But there are some communities where condo prices are on the rise.
In Somerville, the median condo price jumped 14 percent to $384,500 from $337,000.
Fall River’s condo prices shot up nearly 9 percent to $137,000 from $126,000.
In Waltham, the median condo price is $23,000 higher, reaching $296,000.
Condo prices also climbed in places like Woburn and Cambridge.
Why are these communities bucking the trend?
Source: Banker & Tradesman