Brockton is the 6th largest city in Massachusetts. Located in Plymouth county, Brockton's proximity to Route 24 allows a commuter draw from the Boston employment markets.
With a population of around 94,000 people, Brockton is a city that has been hit hard by recent hard economic times. While the numbers show a marginal increase in the volume of single family real estate transactions in the first half of 2008 (292 properties) vs the first half of 2007(262 properties), it is clear that Brockton is suffering the effects of the market downturn.
The first half of 2007 had a much higher average sales price of $261,105.00, selling in an average of 138 days on the market vs the first half of 2008 where the average sale price is down to $212,286.00, and the average days on the market is up to 137 days.
The period between July 1, 2008 and September 30, 2008 recorded 180 properties being sold for an average price of $184,433.00
All numbers are taken from MLS, and are based on single family homes only. Analysis of these conditions make it clear that it is a stronger buyers environment for those people who are in the market for their first home, or those looking to upgrade to a larger home, and investors.
Buyers and Upgraders will have the ability to capitalize on low interest rates, potentially gaining significant equity when the market rebounds. Those looking to upgrade will need to be sure to analyze the sale of their current home in order to maximize any potential long term gain and minimize short term losses.
It is not a good market to downsize unless a financially imperative situation exists. In a bad financial situation, it is important to take the first steps immediately and mitigate your losses and damage to your credit, exploring avenues such as short sales.
A Short Sale is when the lender agrees to settle the loan for less than you owe. The benefit of a Short Sale is that they stay on your credit report for less time than a foreclosure and have a much less damaging effect.
In summary, the market climate in Brockton, MA has created an excellent opportunity for investors, buyers and upgraders to look for home.