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State of the Boston Market
Posted By: twhite on June 8, 2009, 1:35 pm
The state of the Boston housing market, defined here as single family, condos and multi-family dwellings, over the past 12-months can best be described as having experienced moderate declines in both home values and units sold--indicative of a "soft landing." Although declines in values or units sold may never be good news for homeowners, relatively speaking Boston has fared better than the national averages. And, in a city by city comparison, Boston is doing a lot better than many other cities hard hit by the recession, tight credit markets and high unemployment rates. Still, declining values--even if they're characterized as moderate declines--is not something homeowners want to hear, yet there it is.
Conversely, the news is good for buyers looking at the Boston market. For a qualified home-buyer, there are some great deals to be had if you know how and where to look.
By the numbers, over the past 12-months for single-family, condos and multi-family homes within Boston city limits, the median price of active "for sale" inventory has gone up 7% from $369,400 in May 2008 to $395,000 in May 2009, while the median price of sold properties has declined by 8% from $368, 500 in May 2008 to $337,500 in May 2009.
During the same period, there have more significant declines in the number of units currently on the market and the number of units sold. In May 2008, 5,600 units were on the market compared to 4,445 in May of 2009, representing a 21% decline. The number of properties sold has dipped 28% from 585 in May '08 to 423 in May '09.
For more detailed information, check out some of the real estate trends charts on the home page left sidebar, or for in-depth data sign up to receive the full trend reports via email under "email real estate trend reports" also on the home page's left sidebar.
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