As those of us in the real estate business know, not every community is in the midst of a real estate slump. After some significant declines in home sales and median price, Amesbury, Massachusetts has seen its real estate market come alive.

The median price of a single-family home in Amesbury, MA has been unpredictable over the past four years.  The largest difference in prices was seen from 2007 to 2008, where there was a 25.6 percent decrease in median prices from January through September; however, in 2009 home prices jumped up by 7.9 percent.

During the first nine months of the year from 2006 through 2009, the amount of single-family homes sold in Amesbury, MA has fluctuated greatly. During the nine-month period in 2007, home sales rose 27 percent compared to the same time period in 2006. In 2008, home sales then dipped down to 68 homes sold, a 46.46 percent decline in sales. In 2009 there were 81 home sold, or a 19.1 percent rise in sales compared to the first nine months of 2008.

In 2007 homes were spending 38 more days on the market than the previous year.  Since 2007 homes have been selling faster. In 2009 homes spent 24.7 percent less time on the market compared to the high in 2007, and 12.2 percent less time than in 2008.

The data come from the MLS Property Information Network, Inc.

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Amesbury, MA Real Estate Market Data

	Median Price	Number of Sales	Days on the Market
Jan-Sept 2006	$345,000	100	144
Jan-Sept 2007	$375,000	127	182
Jan-Sept 2008	$279,000	68	156
Jan-Sept 2009	$301,000	81	137

Between the months of January and September of 2009, the median price of single-family homes sold in Duxbury, Massachusetts was $480,000. This was down 27.8 percent compared to January through September of 2008. From 2006 to 2007, the median price increased 2.8 percent, and increased another 3.9 percent from 2007 to 2008.

In the first nine months of 2009, January through September, the number of sales recorded was the lowest in the past four years. The amount of sales in the nine-month period of 2009 was 85, down 4.5 percent from the 2008 number of 89 sales. This came after a decrease of 18.4 percent from 2007 to 2008.

The number of days single-family homes have been on the market in Duxbury, MA fluctuated in each of the past four years. In 2009, single-family homes sold during the first nine months were on the market an average of 188 days. This is a 7.4 percent increase from the 2008 number of 175 days. In 2007 there was a 10.9 percent increase over the 2006 average of 183.

The data come from MLS Property Information Network, Inc.

Duxbury, MA Real Estate Market Data

	Median Price	Number of Sales	Days on the Market
Jan-Sept 2006	622,500	112	183
Jan-Sept 2007	640,000	109	203
Jan-Sept 2008	665,000	89	175
Jan-Sept 2009	480,000	85	188

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Single-family homes sold in Marshfield, MA between January 1st and September 30th in 2009 had a median price of $320,000, a decrease of 15.8 percent compared to the same period in 2008, which had a median price of $380,000. From 2007 to 2008 there was an 8.4 percent decrease in median price and from 2006 to 2007 a small increase.

During the nine-month period of 2009 in Marshfield, Massachusetts there was a 3.7 percent decrease in sales (129) compared to the 134 sales in 2008. From 2007 to 2008, sales went from 170 to 134, a 21.2 percent decrease. This was following an approximate 7.6 percent increase from January through September of 2006 compared to the same time period of 2007.

The average number of days a single-family home stayed on the market in first nine months of 2009 fluctuated throughout the past four years. In 2009, the average number of days on the market was 180 days, a 15.38 percent increase from the 2008 average of 156 days on the market.

The data come from MLS Property Information Network, Inc.

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Marshfield, MA Real Estate Market Data

	Median Price	Number of Sales	Days on the Market
Jan-Sept 2006	409,250	158	136
Jan-Sept 2007	415,000	170	170
Jan-Sept 2008	380,000	134	156
Jan-Sept 2009	320,000	129	180

Multi-family home sales were up 5.2 percent in 2009 compared to 2008, from 6,348 homes sold in 2008 to 6,681 homes in 2009, the Massachusetts Association of REALTORS® reported January 26, 2010. 

Median sales prices for multi-family homes decreased 10.6 percent from $212,500 in 2008 to $190,000 in 2009.

Bank-owned multi-family homes, which typically need tens of thousands of dollars in repairs, certainly brought the median price down.

The median price for single-family homes sold in Merrimac, Massachusetts during October of 2009 was $290,500, a decrease of 32.4 percent when compared to the previous October. The decline in October 2009 median price followed a 3.9 decrease from October 2007 to October 2008, with a median price of $430,000. During October 2006, the median price was at its lowest in the past four years, at $290,000, although only one home was sold.

The number of sales has remained reasonably low, with a range of 3 sales, during the month of October from 2006 to 2009. The most sales recorded in the month of October were in 2007, with four sales.

In October 2009, the average number of days single-family homes spent on the market was 164 days. This was a 32.5 percent decrease when compared to October 2008, but a 18.8 percent increase when compared to October 2006. There was an 82.6 percent increase from October 2006 to October 2007, and a 3.6 percent decrease from October 2007 to October 2008.

The data come from the MLS Property Information Network, Inc.

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Merrimac, MA Real Estate Market Data

	Median Price	Number of Sales	Days on the Market
October 2006	290,000	1	138
October 2007	447,500	4	252
October 2008	430,000	3	243
October 2009	290,500	2	164

Massachusetts home auction announcements rose slightly in 2009, The Warren Group, publisher of Banker & Tradesman reported January 21, 2010.

A total of 19,441 auction announcements were tracked in 2009, a 0.9 percent increase from 19,270 in 2008. Auction announcements in December 2009 totaled 1,931, a 13.3 percent decline from 2,226 in November, but a 60.1 percent jump from 1,206 during the same month in 2008.

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A total of 1,884 Massachusetts single-family home sales were of bank-owned properties, representing 4.5 percent of all single-family homes sold in 2009, The Warren Group reported January 26, 2010.

Bank-owned properties accounted for 5.2 percent of all single-family home sales in Massachusetts in 2008.

A total of 1,035 sales were of bank-owned condos, accounting for 5.5 percent of all condo sales last year. That is an increase from 2008, when Massachusetts bank-owned condo sales represented 4.5 percent of all condo transactions.

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The number of foreclosures initiated in Massachusetts increased 28.1 percent in 2009 to 27,928 from 21,804 in 2008 but 2009's numbers reflected a 5.5 percent decline compared to 2007, The Warren Group, publisher of Banker & Tradesman, reported January 21, 2010.

Meanwhile, the number of completed foreclosures declined 25.4 percent to 9,269 last year from 12,430 in 2008, but 2009 had 21.1 percent more completed foreclosures than the 7,653 foreclosures recorded in 2007.

Foreclosure petitions, the first step in the Massachusetts foreclosure process, reached 2,060 in December, a 6.4 percent increase from 1,937 in November and 26.8 percent higher than the 1,625 petitions filed in December 2008. The number of foreclosure petitions exceeded 2,000 for every month in 2009 except January and November.

In December, there were 857 foreclosure deeds, a 22 percent jump from November’s 702 deeds, but an 8.4 percent decline from the 936 deeds recorded in December 2008. Foreclosure deeds represent completed foreclosures. Foreclosure deeds fluctuated throughout the year, peaking at 978 in January 2009.

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The number of single-family homes put under agreement in October was up 27 percent compared to October 2008 (3,662 homes in 2008 to 4,652 homes in 2009), the Massachusetts Association of REALTORS® reported November 24, 2009. 

On a month-to-month basis, single-family homes put under agreement were up 4 percent from 4,400 homes in September.  The number of condos put under agreement in October was up 33 percent compared to October 2008 (1,319 units in 2008 to 1,983 units in 2009).  On a month-to-month basis, condos put under agreement were down 15 percent from 1,770 units in September.

Pending sales or sales “under agreement” are homes that have a signed purchase and sale agreement, but have yet to close and be recorded.

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The inventory of residential properties on the market as of October 31, 2009 decreased 15 percent compared to October 31, 2008 (from 45,118 listings in 2008 to 38,311 listings in 2009), and the October single-family supply is at its lowest since October 2002, the Massachusetts Association of REALTORS® reported November 24, 2009. 

At the current sales pace, current inventory represents approximately 7.2 months of supply, down from 9.9 months of supply in October 2008.  On a month-to-month basis, supply is down from 8.3 months in September.  It is considered a balanced market when there are between 7.5 and 8.5 months of supply.

The inventory of single-family homes decreased 15 percent from October 2008 (31,912 listings in 2008 to 27,204 listings in 2009), and that translates into 7.1 months of supply in October 2009.  This is down from 10.2 months of supply last year and down from 8 months in September.  October supply is at its lowest since October 2002.  The October peak was 40,254 homes in 2006.  This is the 19th straight month that single-family inventory has gone down compared to the year before.
 
The condominium market saw October inventory decrease by 16 percent from last year (13,206 listings in 2008 to 11,107 listings in 2009), and that translates into 7.3 months of supply, which is down from 10.2 months in October 2008 and down from 8 months in September.  It's the 19th straight month that condo inventory has gone down compared to the year before.