I remember it so well, and had already predicted this before Warren Group reported this numbers moths ago. The day after Christmas Massachusetts got hit by big snow storms, and snow storm repeatedly came one after another every single week in January. That month, I didn't see as many houses came on the Market like last years, even worse, number of buyers called me to request showings in January was only two!!! I wasn't shock, and it was very simple. Everyone was busy cleaning up their driveway, sidewalk and deal with family regarding the 5 feet of snow we got last Winter. Plus, no one wanted to drag the whole family out in the snow.
In Banker and Tradesman, reported by Warren Group this morning, Mass home sales drop 12.5% in February compared to last February and the median home price for Single-family Home drop 5.5% as well.
If you understand that Real Estate is about "Location" may be you might even consider "Micro Location". Even the number of State wide doesn't look too good, but in my so called "Micro Local" Newton, Brookline, Watertown, and Belmont are not in that bad, Number of home sold may be down but the price is not, especially when the interest is on the rise, buyers acted responsively in locking the rate. Making decision before the rate go up too high could safe a lot of buyers mortgage payment. In a change of 1% in interest, is almost like buyers pay more than 10% more in home price. So in my local market, is a story no one is reporting.
If you are interested in your local report, talk to local Real Estate Agent...not news paper.
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