City of Methuen Master Plan

Methuen Master Plan 2007
HOUSING SALES AND APARTMENT RENTAL TRENDS
In terms of single family homes, 476 single family units changed hands in 2005 representing an increase
of 185 (64%) units since 2000. Over 90% of the single family units that changed hands in 2005 were
existing units representing an increase of fourteen percentage points since 2000. Through the first five
months of 2006, 125 single family units were sold in Methuen suggesting a 35% decrease from the same
time period in 2005 (see Table 14).
The average sale price for all single family units sold in Methuen in 2005 was $353,286 representing an
increase of $134,127 (61% or about 10% per year) since 2000. Based on sales activity through the first
five months of 2006, the average sale price for all single family units dipped modestly compared to 2005
by approximately $10,000. Based on 2005 and 2006 sales activity, the average price for an existing single
family unit in Methuen was in the $325,000 to $340,000 range, with new units at the $500,000 price
point.
In terms of condominiums, 245 units changed hands in 2005 representing an increase of 170 (227%)
units since 2000. Almost all (98%) of the condominiums that changed hands in 2005 were existing units
representing an increase of twenty-eight percentage points since 2000. Through the first five months of
2006, 75 condominium units were sold in Methuen suggesting a 27% decrease from the same time
period in 2005.
The average sale price for all condominiums sold in Methuen in 2005 was $222,112 representing an
increase of $89,000 (67% or about 11% per year) since 2000. Based on sales activity through the first
five months of 2006, the average sale price for all condominiums increased compared to 2005 by
approximately $17,000. Based on 2005 and 2006 sales activity, the average price for an existing
condominium unit in Methuen was in the $210,000 to $220,000 range, with new units at the $500,000
price point.
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