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Million dollar dropouts: Toney towns median home prices sink
By Jerry Kronenberg
Tuesday, November 7, 2006 - Updated: 10:05 AM EST
T
hree Greater Boston locales have dropped out of the exclusive million-dollar club - areas where median-priced houses cost $1 million and up.
Market tracker The Warren Group reported yesterday that Brookline, Dover and Lincoln s median prices all fell below $1 million in the nine months ended Sept. 30.
That leaves just downtown Boston, Weston, Nantucket and Chilmark on Martha s Vineyard as Bay State locales where median prices exceed $1 million.
What goes up must come down, said Tim Warren of The Warren Group, which first reported the slowdowns in its Banker & Tradesman newspaper. (Brookline, Dover and Lincoln) are all premiere communities where prices went up very far, very fast. But at some point, gravity takes over.
Warren said median prices tumbled to:
$944,750 in Brookline, from $1.1 million a year earlier;
$897,500 in Dover, from $1.05 million a year ago;
$875,000 in Lincoln, from $1.14 million in the same 2005 period.
The pullbacks don t surprise brokers.
David Wluka, president of the Massachusetts Association of Realtors, said people who list homes for $1 million or more tend to have more flexibility on pricing. In most cases, (a few thousand dollars either way) isn t as critical as it is to somebody selling a house for $300,000 or $400,000.
Brookline agent Aliza Dash said she thinks her town s prices have dropped because people aren t willing to pay astronomical prices for average houses any more.
But Dash actually sees some benefits to the lower costs. It s nice that we re getting back to realistic prices - or at least prices that aren t quite so outrageous, she said.
And not all of the news is bad for the Bay State s rich and famous.
The Warren Group said downtown Boston s median prices actually rose 11.8 percent over the past year to hit $1.66 million. That puts the Hub ahead of Chilmark as the state s most expensive locale.
Nantucket rounds out the state s three costliest locations, with median prices there rising 10.7 percent to $1.55 million.
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