111 Lowell Street, Lexington $530,000

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1 111 Lowell Street, Lexington $530,000

2 About 111 Lowell Street, Lexington You ll fall in love with this charming ranch abutting the peaceful, private Whipple Hill conservation land. This delightful and lovingly maintained home welcomes you with curb appeal galore. A large picture window fills the beautiful formal living room with lots of natural light. The living room features hardwood floors, recessed lighting, and a wood-burning fireplace with a stylish white mantel to add ambiance and style. A lovely built-in China cabinet in the hallway offers the perfect place to store family treasures and collectibles. The spacious and efficient kitchen, with its open floor plan, is the heart of the home and a place where the whole family will want to gather as the chef prepares culinary delights on the gas range. The hardwood floors are stunning and a convenient pantry allows for extra storage space. The kitchen flows seamlessly into the dining room with a cathedral ceiling and large picture windows. Step outside from the kitchen to marvel at the beautiful, wooded lot that is home to many mature trees and perennial plantings offering a nature oasis with plenty of privacy. The backyard is the perfect place for outdoor entertainment and relaxation. The dining room opens to the heated sunroom through a sliding door. Large windows and skylights let in plenty of natural light. The sunroom offers built in shelving for storage. Curl up with a book beneath the skylights in the cozy loft area awaiting you above the sunroom. This is the perfect space to relax and be close to nature year round. Two generously sized bedrooms await you on the opposite wing of this wonderful home. The inviting master bedroom is full of natural light and offers his/hers closets, hardwood floors, built in drawers, and access to the backyard through a sliding door. The second bedroom features hardwood floors and a large closet for storage. The fresh and inviting full family bath is beautifully tiled in subtle tones with a tub/shower and an updated, modern vanity. The lower level features the laundry area, plenty of storage space, and access to the home s attached garage. The garage offers convenient exterior access, parking, and additional storage. This picture-perfect home has it all including an ideal location situated near peaceful conservation land and within the sought after Harrington School district. Imagine going for long walks from your backyard in conservation land that others need to drive to in order to enjoy this wonderful natural environment. Enjoy an outdoor lifestyle yet live within commuting distance to Boston. What a wonderful opportunity to live in one of Lexington s finest neighborhoods. Information Total Rooms: 6 Bedrooms: 2 Bathrooms: 1 Parking: 1 Car Garage, 3 Off Street Living area: 1072 sq ft (Includes Sunroom) Lot Size: 0.33 Acres Heat/Cool: Gas/Forced Hot Water Radiators Year Built: 1952 Taxes: $6,585 (2016) Grade School: Harrington ES Middle School: Clarke MS High School: Lexington HS Features Wood Burning Fireplace Hardwood Floors Built In China Cabinet Fresh and Inviting Kitchen Cathedral Ceiling in Dining Room Sunroom With Skylights and Loft French Drain System Solar Power Hot Water Radiators Abuts Whipple Hill Conservation Land

3 MASTER BEDROOM 11'3 11 x11'6 11 KITCHEN X DINING X HALL X SUNROOM X BEDROOM 12'11 11 X LIVING ROOM X SIZES AND DIMENSIONS ARE APPROXIMATE, ACTUAL MAY VARY POWERED BY matterport

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6 Lexington Market Summary Analysis of the Lexington real estate market for 2016 has one clear finding: NOT ENOUGH INVENTORY. Demand was very strong and multiple offers were common in some price ranges resulting in an average sales to list price ratio of 99%. After a flattening of the average sales price in 2015 the average sale price rose 5.6% in It is worth noting that although 50% of homes sold at asking price or more, 50% of homes sold for below asking price. New construction continues to be a large component of the market. As in prior years, the luxury market is not as strong as the lower price points. With the economy remaining strong and consumer confidence continuing to grow, demand in the town is likely to remain strong although political uncertainty and projected increases in the mortgage interest rate in 2017 may dampen price appreciation. Inventory Home Sales Average Home Prices 2016 Sales Distribution Housing inventory is a monthly snapshot of the number of homes available to buy. The bottom of the market was in 2009 and the number of homes available for sale were at historic highs. The available inventory dropped to the lowest levels seen in a decade in 2013, and this trend continued in 2014 and The extremely low inventory in the initial months of 2015 was due to the severity of the last winter. With such low inventory this raises the question; Is this caused by low supply (fewer sellers in the market) or high demand (increasing numbers of buyers wanting to buy a home in Lexington)? The following graph shows that this is caused by increased demand The total number of homes sold per year has been relatively static since the Lexington housing market recovered from the downturn in 2008/2009. Since 2012, the number of homes sold, that come on the open market via MLS, was approx per year. It is important to note that 12% of sales are direct-to-builder off-market teardowns. With such high demand in the market, especially at the lower price points, these sellers would be better off selling on the open market. With static supply, it is increased demand (highly rated schools, convenient to Boston, community dynamics) that is the reason for the low inventory levels we are seeing in today s housing market. High demand leads to appreciating prices, and average home prices in Lexington are at an all-time high. Home prices are rising in almost all towns in Eastern Massachusetts - in the in-demand towns (towns with strong school systems and close-in towns) prices started to rise immediately after the lows of 2009; whereas in towns with less demand (towns with not as strong a school system, and further out from Boston) we saw prices remain flat and only begin to rise in In Lexington, after rising steadily since the downturn in 2009, the average home price peaked in 2014 and remained flat in 2015 the result of an increased number of lower-priced homes (less than $1 million) and fewer higherpriced homes (over $2 million) selling saw a return to rising prices with a 5.6% increase in average home prices to an all-time high of $1.2 million. In 2016, homes sold in the Lexington market consisted of new construction (16%), off-market teardowns (12%) and existing homes (72%). In 2015 we saw a shift in the sale price distribution with more lower-priced homes (under $1 million) selling. This was partially due to the severity of the prior winter. In 2016 the price distribution returned to the norms commonly seen. Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period Jan 2007 through Dec 2016.

7 Property School Hospital Swimming Library Mapbox, OpenStreetMap, Information on schools provided by greatschools.org 2016.

8 For more information and a 3D tour Dani Fleming Listing Agent Dani.Fleming@MAPropertiesOnline.com Left to Right: Adam Principato, Rachael Ades, Dani Fleming, Marcus Collins mobile.111lowell.com