Massachusetts Housing Market Showing Signs of Recovery

By
Real Estate Agent with The Buyers' Counsel

sold sign on a houseNew numbers reported by the Warren Group shows the number of single-family homes in Massachusetts sold in July jumped nearly 12 percent compared to the same time last year.  This was the first time since December 2008 that home sales have increased year-over-year.  

These figures are unusual in Massachusetts since June is typically the biggest home sale month of the year - not July.  CEO, Timothy Warren cited this as a hopeful sign.  

"This is a much-needed boost for the state's housing market," he said in a statement. "We haven't had a double-digit gain in monthly home sales since last October. And the declines in home prices have been getting smaller every month." 

Some first time home buyers who have been sitting on the fence have decided that this year's combination of low interest rates, low housing prices along with the government's $8,000 first time home buyer tax credit, has made this a year to make their dreams come true. 

Condominium sales have also gained strength and were up for the first time since August 2007.  

While median prices for single-family homes and condos were down, they were still at their highest point since August 2008.  The number of pending sales (homes under agreement) was also up in July 4 percent from last year.  It was the second straight month of year-over-year gains. 

Gary Rogers, President of the Massachusetts Association of Realtors said, "While it is only one month, the number of homes put under agreement are up, which means there is a good chance we could see additional months of increased sale ahead." 

Before the celebration begins, there are some facts to be pondered.   One is that the tax incentive program, which has injected new life into the market, is scheduled to be discontinued on November 30.   Although there is some hope for an extension of the program, it is far from a sure thing, so and the race is still on for hopeful home buyers to beat the deadline.

We are far from being out of the woods yet, but I think these numbers should provide fuel for some cautious optimism in the days ahead.   

Related Posts:

Sales are Up at Luxury Home Builder    

Subscribe to my blog

Copyright 2009 - Claudette Millette, President,TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts - Serving Massachusetts Home Buyers Since 1992 

 

Serving Home Buyers in:  Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough

Posted by

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Massachusetts
Groups:
Rainmaking - Internet Marketing Strategies
The Lounge at Active Rain
"Whacked"!!!
Club Chaos
Addicted to Active Rain
Tags:
massachusetts housing market
warren group
claudette millette
mass housing recovery
mass housing report

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
1,368,734
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

A well written post about your area, Claudette!

Aug 26, 2009 06:59 AM #1
Rainmaker
403,659
Claudette Millette
The Buyers' Counsel - Ashland, MA
Buyer, Broker - Metrowest Mass

Loreena:

Thanks very much.  It's always good to hear your opinion. 

 

Aug 26, 2009 07:26 AM #2
Rainmaker
122,554
Jim Valentine
RE/MAX Realty Affiliates - Gardnerville, NV

Good information - positive yet cautiously optimistic.  Good advice.

Aug 27, 2009 02:50 AM #3
Rainmaker
403,659
Claudette Millette
The Buyers' Counsel - Ashland, MA
Buyer, Broker - Metrowest Mass

Jim:

Thank you for your comment.  I do want to be positive right now and I think there are reasons to be, but, with restraint. 

Aug 27, 2009 03:13 AM #4
Rainmaker
382,670
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Hi Claudette: I hope you are right - I am cautiously optimistic too!

:)

Aug 27, 2009 08:17 AM #5
Rainmaker
403,659
Claudette Millette
The Buyers' Counsel - Ashland, MA
Buyer, Broker - Metrowest Mass

Hi, Matt:

Let's keep our fingers crossed.

 

 

Aug 27, 2009 08:21 AM #6
Rainmaker
374,302
Donna Yates
BHGRE - Metro Brokers - Blue Ridge, GA
Blue Ridge Mountains

Claudette:  It's so good to read encouraging news about other markets.  June, July and August have been busier here in the Georgia mountains than has been in 17 months!  We are cautiously optimistic and although we expect more foreclosures, we are hoping that we are seeing light at the end of the tunnel.  Once these tax credits go away, I guess we'll see just how real these encouraging signs are.

Aug 29, 2009 02:13 AM #7
Rainmaker
403,659
Claudette Millette
The Buyers' Counsel - Ashland, MA
Buyer, Broker - Metrowest Mass

Donna:

I am hoping for the tax credits to be extended (and maybe even increased). I think that would be great for the real estate market. 

Aug 29, 2009 02:36 AM #8
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
403,659

Claudette Millette

Buyer, Broker - Metrowest Mass
Ask me a question
*
*
*
*
Spam prevention

Additional Information