Sales of residential properties, including Wachovia bank homes for sale, declined in Massachusetts in September 2010 compared with the same month of 2009. According to housing industry observers, the uncertain future of the nation's economy has made buyers wary of making any investment in residential real estate.
Regular dwellings, Brockton foreclosures for sale and distressed properties in various areas of the state all recorded declining sales during the month. Statewide sales of houses posted a 13% drop when compared with sales levels recorded in September 2009. Analysts believe that the end of the tax credit still played a role in the September sales numbers.
They also reported that during the same period of last year, homebuyers were on a rush to close purchase deals on Massachusetts foreclosed homes and regular residential properties. The real property information firm, Warren Group, reports that September 2010 home sales have the lowest total compared with the same month since 1991.
Despite the lack of buyer interest in foreclosed homes and regular residences, including Wachovia bank homes for sale, prices of residential structures did not suffer much. The median price of a single family dwelling in the area during the month was $287,000 which represents a 0.35% increase when compared with September 2009 prices.
Based on the residential property sales under the Massachusetts Association of Realtors tracking, median price of regular residences and homes in bank foreclosure listings jumped by 1.7% in September 2010 to $295,000 compared with previous year's levels. However, analysts stated that the slight gain in prices indicates that the annual appreciation of house prices in the region, which was apparent during the start of 2010, is starting to dwindle.
In the Eastern part of the state, realtors are more optimistic about the path that home prices are taking. Most of them believe that the housing market is starting to stabilize and it is close to hitting the bottom. They stated that those who take advantage of the current buyers' market will gain the most benefits in the coming months.
In addition, most market observers believe that the improvement in Massachusetts' employment market will push the housing industry towards a recovery. They expect more buyers to close in on newly built dwellings and bank foreclosed homes, including Wachovia bank homes for sale, in the coming fourth quarter.
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