massachusetts real estate: Nearly One in Five Greater Boston Homeowners Have No Equity in Their Homes - 03/09/11 04:21 AM
The recent downturn in the housing market has wiped out the home equity of nearly one in five homeowners in the Greater Boston Area, according to new research by CoreLogic, a real estate research firm.
The Boston Business Journal reported March 8, 2011 that the research found that nearly 16 percent of homeowners, or 62,957 residences, in the Boston-Quincy metropolitan area had mortgage balances that exceeded the value of their houses. Another 3.5 percent homeowners, or 13,861 homes, were nearing the point of having negative equity in their home as of the end of 2010.
Around the nation, 23 percent of … (2 comments)

massachusetts real estate: Massachusetts Home Sales Plunge in August - 10/10/10 03:46 AM
Sales of Massachusetts single-family homes in August 2010 declined to the lowest level in more than two decades while the median price slightly increased, The Warren Group, a publisher of real estate data, reported September 28, 2010. A total of 3,659 single-family homes sold in Massachusetts in August 2010, an 18.5 percent drop from 4,492 sales in August 2009. It represented the second consecutive month of year-over-year sales declines, and the first time sales have fallen below 4,000 in the month of August since The Warren Group began tracking data in 1987. Prior to last month, the lowest number of single-family … (3 comments)

massachusetts real estate: Massachusetts Home Prices, Sales Up In February - 03/31/10 03:22 PM
The following is a press release from the Massachusetts Association of REALTORS®.
WALTHAM, Mass. – March 31, 2010 – The Massachusetts Association of REALTORS® (MAR) reported today that median prices of single-family homes were up 7.7 percent compared to February 2009 while condominiums were up 12.8 percent compared to the same time last year.
Home sales have now increased for eight straight months and were up 14.3 percent compared to the same time last year while condominium sales were up 14.8 percent.
“February was another good month for the Massachusetts real estate market as momentum continues to build toward more normal … (1 comments)

massachusetts real estate: Homes Sales, Prices Up in Massachusetts - 03/19/10 03:08 AM
Median prices for single-family homes and condominiums in Massachusetts increased significantly in January compared to January 2009, The Warren Group, publisher of Banker & Tradesman, reported February 23, 2010.
The median price for single-family houses sold in January rose 9.6 percent to $285,000 from $260,000. It was the second consecutive month that median prices for single-family homes increased by nearly 10 percent when compared to the prior year; however, last month’s median selling price was 12 percent lower than it was in January 2008.
Sales of single-family homes jumped 11.8 percent to 2,153 from 1,926 in January 2009, posting the fourth … (0 comments)

massachusetts real estate: Amesbury, Massachusetts Home Prices, Sales Up - 02/02/10 12:26 PM
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 … (1 comments)

massachusetts real estate: Duxbury, Massachusetts Median Home Price Plunges Nearly 28% - 02/02/10 12:19 PM
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 … (0 comments)

massachusetts real estate: Massachusetts Multi-family Sales Rise - 01/31/10 06:20 AM
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.
(0 comments)

massachusetts real estate: Massachusetts Prices, Sales Continue Decline in May - 06/23/09 02:19 AM
The median price of a single-family home in Massachusetts declined 11.8 percent in May 2009 compared to the same period last year, and single-family sales dropped 15.3 percent, The Massachusetts Association of REALTORS reported June 23, 2009.
I must admit, I expected the sales numbers to be much better, either flat or slightly higher on a year-over-year basis. The decline in median price does not surprise me.
Why? Everyone I speak with is busy, including other agents, home inspectors and mortgage professionals. Sure, the mortgage people were busy with refinances, but many told that home purchases were picking up quite a … (0 comments)

massachusetts real estate: Q1 Tewksbury, MA Sales Up, Prices Down - 06/15/09 04:27 AM
Tewksbury, Massachusetts recorded a gain in the number of sales of single-family homes last quarter, as compared to Q1 2008 and Q1 2007.  During the first quarter of 2009, 30 homes sold.  This represents an increase of 7.14 percent from the 28 sales of Q1 2008, and is 15.38 percent more than the 26 sales during the first quarter of 2007.
The median price of single-family homes in Tewksbury dropped from the first quarter last year, down from $326,000 to $307,450 in Q1 2009, and a decline of 5.69 percent.  Last quarter’s median price is 15.76 percent below Q1 2006.
On … (0 comments)

massachusetts real estate: Massachusetts Home Sales. Prices Plunge in January - 02/27/09 03:05 AM
Single-family home sales in Massachusetts dropped 10.3 percent in January while median prices plummeted by 20.2 percent compared to January 2008, The Warren Group, publisher of Banker & Tradesman, reported February 24, 2009.
The Massachusetts median home price dramatically dropped to $259,250 from $325,000 in January 2008. January marked the fifth consecutive month that single-family median home prices have been off by double-digit percentages. The $259,250 median price is the lowest it’s been since March 2002.
There were 1,908 single-family home sales in January, down from 2,126 in January 2008. It was the lowest sales volume for the month of January in the … (3 comments)

massachusetts real estate: Acton, MA Real Estate Market Data - 02/06/09 08:04 AM
The median price of a single-family home in Acton, MA rose 0.75 percent in 2008 compared to 2007, rising from $549,900 to $554,053.
The median home price in 2005 was $614,116.
Home sales in Acton, MA declined 10.1 percent in 2008, falling from 167 sales in 2007 to 150 sales. Single-family home sales are off 26.8 percent compared to the 205 sales in 2005.
The average number of days on the market declined 24.8 percent in 2008, falling from 121 days in 2007 to 91 days.
The data comes from MLS Property Information Network, Inc., the multiple listing service used by … (0 comments)

massachusetts real estate: 2009 Massachusetts Real Estate Survey - 02/06/09 07:55 AM
Where do you think the real estate market in Massachusetts is headed?
Give me your thoughts. Take a five-minute survey. Thank you!
(0 comments)

massachusetts real estate: Buy Now Or Wait For Better Deals? - 02/06/09 07:50 AM
I received the following in an email from a Beverly, MA real estate agent today.
“Some people say they want to wait for a clearer view of the future. But when the future is again clear, the present bargains will have vanished. In fact, does anyone think that today’s prices will prevail once full confidence has been restored?”
That comment was made 77 years ago by Dean Witter in May of 1932 – only a few weeks before the end of the worst bear market in history. History continues to provide us valuable lessons for the future, if we are willing to … (4 comments)

massachusetts real estate: Merrimac, MA Home Sales Down, Prices Up - 01/12/09 12:04 PM
Merrimac, Massachusetts home sales declined from 30 single-family home sales from January through September 2007 to 19 sales during the same period in 2008, a 36.6 percent decline; however, the median price of a single-family home increased 5.8 percent from $359,000 (2007) to $380,000 (2008).
During the same period in 2006, the median price for a single-family home in Merrimac, MA stood at $345,000. In 2005, the median home price was $365,000
Merrimac, MA   
Single-family Market Data   
Jan. 1st through Sept. 30th   
Year    No. of Sales
2005    48
2006    33
2007    30
2008    19

Year    Median Price
2005    $365,000
2006    $345,000
2007    $359,000
2008    $380,000

Year    DOM
2005    105
2006    195
2007    192
2008    … (0 comments)

massachusetts real estate: Massachusetts Home Sales Fall Off A Cliff - 01/04/09 11:46 AM
I am not surprised by the November home sales figures. After the financial crisis hit in September, home buyers disappeared.
The number of single-family home sales recorded in Massachusetts declined 18.4 percent in November, compared to November 2007.
The steep decline came after two consecutive months of home sales increases in Massachusetts.
The data comes from The Warren Group, a publisher of real estate data.
Home prices for the month fell 16.7 percent, to a median price of $275,000, the steepest home-price decline in more than 20 years.
Meanwhile, the condominium market, which experienced more moderate sales declines in September and … (0 comments)

massachusetts real estate: Lawrence, Massachusetts Multi-family Homes See Sales Spike, Inventory Down 45 Percent From Year Ago - 12/01/08 01:05 PM
Sales of multi-family homes in Lawrence, MA, which have seen prices drop more than 40 percent in just the last year or so, surged during the first nine months of the year, up 351.6 percent from the same period in 2007, The Eagle-Tribune reported December 1, 2008.
According MLS Property Information Network, Inc., there presently are 222 multi-family homes for sale in Lawrence, MA; however, on December 1, 2007 there were 407 multi-family properties on the market, so inventory of multi-family homes is down 45 percent.
Search for Lawrence, MA multi-family homes.
Read The Eagle-Tribune Article.
(0 comments)

massachusetts real estate: North Andover, MA Real Estate Market Data - 12/01/08 08:03 AM
Bucking the trend in most Massachusetts communities, North Andover, MA posted a 3.9 percent increase in the median price of a single-family home through the first three quarters of of 2008 ($509,300) compared to the same nine-month period in 2007 ($490,000).
The data comes from the MLS Property Information Network, Inc.
Sales of single-family homes, on the other hand, declined 11.9 percent, from 159 sales  to 140.
The median price of a condo in North Andover decreased only 0.2 percent during the first three quarters of 2008 compared to the same period in 2007.
Condominium sales declined 26 percent, from 115 to 85.
I … (0 comments)

massachusetts real estate: Your Own Attorney or The Lender's Attorney? - 12/01/08 07:56 AM
Boston Real Estate Now, Boston.com's real estate blog, had a post by exclusive buyer agent Rona Fischman about whether a Massachusetts buyer should use his or her own attorney or just use the lender's closing attorney. Below is the post in part.
"Here are the options:
"Why hire a separate attorney?
The attorney represents the lender at closing. Therefore, the attorney is not on the buyer’s side when he/she is reviewing the Settlement Statement. What if there is an overcharge?
The closing attorney makes a commission on title insurance. Can the buyer get a good legal opinion in this situation? Will … (2 comments)

massachusetts real estate: MA Home Sales Rise For Second Straight Month; Prices Continue Decline - 11/26/08 05:29 AM
Single-family home sales in Massachusetts increased nearly 14 percent in October compared to October 2007, the second consecutive month that sales increased in the Commonwealth, The Warren Group, a publisher or real estate data, reported November 25, 2008.
Prices continued to fall, with the statewide median home price falling by more than 10 percent during October compared to the previous year.
Single-family home sales rose 13.7 percent to 3,698 from 3,253 in October 2007; however, year-to-date sales declined 12 percent. A total of 34,668 single-family homes sold in the first 10 months of 2008, down from 39,383 during the same period in … (2 comments)

massachusetts real estate: Boston Prices Fair Better Than Most Large Cities - 11/26/08 05:25 AM
The Boston Metropolitan Area showed a 5.7 percent decline in home prices in September compared to September 2007, according to the S&P/Case-Shiller Home Price Indices, a monthly report that tracks U.S. home prices in 20 metropolitan areas.
Only Charlotte (3.5 percent), Dallas (2.7 percent) and Denver (5.4 percent) had smaller price declines.
Phoenix was the weakest market, reporting an annual decline of 31.9 percent, followed by Las Vegas, down 31.3 percent, and San Francisco, which saw a drop of 29.5 percent. Miami, Los Angeles, and San Diego did not fair much better with annual price declines of 28.4 percent, 27.6 percent and … (1 comments)

 
Richard Rosa, Exclusive Buyer Agent (Buyers Brokers Only, LLC)

Richard Rosa

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Haverhill, MA

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