Tip O'Neill (former Speaker of the House) used to say that "All politics is local". THE SAME IS TRUE FOR REAL ESTATE!
Is the real estate sky really falling nationwide, or is that a gross generalization? In Florida, Arizona, or California that might be true. But what about Massachusetts? What's happening locally?
The only real estate conditions that impact you are in the area where you want to buy or sell or refinance. What you read/see/hear in the media paints the real estate market with too broad a brush to be useful. They report National trends or Regional trends. Their reports aren't local enough.
The facts below, actual sales, are what's REALLY happening with real estate in MA. This isn't crystal ball stuff, it's real.
So, scan the actual sales info below and come up with your own conclusions. Is the sky really falling or is the 8th best year on record still pretty good.
Let me know what you think?
2007 year-end and December housing numbers
Massachusetts Association of Realtors released its housing sales numbers for 2007 and the month of December. Despite the troubles in the sub prime market and the tightening of credit, it was still the 8th best year on record for residential sales, which include single-family and condo sales
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2007 Single Family Home Sales and Median Selling Prices
2006 | 2007 | % Change | 43,379 | 41,510 | -4.3% | $350,000 | $345,500 | -1.3 % |
2007 Condominium Sales and Median Selling Prices
2006 | 2007 | % Change | 20,747 | 19,789 | -4.6% | $275,000 | $282,000 | 2.5% |
2007 Multi-Family Home Sales and Median Selling Prices
2006 | 2007 | % Change | 6,674 | 5,070 | -24% | $360,000 | $321,750 | -10.6% |
December 2007 Single-Family Home Sales and Median Selling Prices
December 2006 | December 2007 | % Change | 3,166 | 2,532 | -20% | $335,000 | $323,000 | -3.6% |
December 2007 Condominium Sales and Median Selling Prices
December 2006 | December 2007 | % Change | 1,544 | 1,107 | -28.3% | $270,000 | $270,000 | 0% |
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