3rd Quarter Massachusetts Housing Market
Every quarter the Massachusetts Association of Realtors (a.k.a. MAR) compiles and compares the median selling prices and sales volume for 7 regions in the state of Massachusetts. Last week they released the 3rd quarter MA regional housing market reports as follows:
Quarterly Information:
The number of single-family homes sold in the third quarter of 2009 was up 5.6 percent compared to the same time last year (11,238 homes sold in 2008 to 11,863 homes sold in 2009). Median selling prices were down 4.1 percent from $318,000 in 2008 to $305,000 in 2009.
The condominium market experienced an increase of 2.3 percent in the number of units sold in the third quarter compared to the same quarter last year with 4,914 units sold in 2008 to 5,025 units sold in 2009. Median selling prices were down 2.5 percent from $280,000 in 2008 to $273,000 in 2009.
Quarterly Regional Sales Data:
Regionally, every part of the state saw an increase in sales of single-family homes compared to the same quarter last year, except for Cape Cod, which experienced a decrease 1.8 percent (850 homes sold in 2008 compared to 835 homes sold in 2009). Of the seven regions, Central Massachusetts experienced the largest increase in sales at 7.2 percent with 1,712 homes sold in Q3 2008 compared to 1,835 homes sold in Q3 2009.
All regions of the state continued to have decreases in median sale prices. The Greater Boston region experienced the smallest drop in median prices in Q3 with a decrease of only 1.1 percent over the same time last year from $465,000 in Q3 2008 to $460,000 in Q3 2009. The Southeast had the largest decrease in median prices at 6.3 percent from $240,000 in 2008 to $225,000 in 2009.
In the condo market, the Northeast region had the largest increase in sales, with a an 8.8 percent jump compared to the same quarter last year with 833 units sold in 2008 to 906 units sold in 2009. The Western region had the largest decrease in condo sales at 15.6 percent, going from 256 units sold in Q3 2008 to 216 units sold in Q3 2009.
Cape Cod was the only region to experience an increase in median prices with a 0.9 percent increase over the same time last year (from $235,000 in Q3 2008 to $237,000 in Q3 2009). The South Shore region experienced the biggest drop in median prices, with a significant 8.4 percent drop compared to the same quarter last year (from $226,250 in 2008 to $207,250 in 2009).
Multi-Family Sales:
The multi-family housing market experienced an 8.1 percent decrease in the third quarter of 2009 compared to the same time last year with 1,830 multi-family homes sold in 2008 to 1,682 in 2009. Median prices were down 1.6 percent compared to the same time last year from $212,500 in 2008 to $209,000 in 2009.
Downloads:
MA Real Estate Market Report Q3-2009 (38.3 KiB, 561 hits)
MA Real Estate Market Report Q2-2009 (29.0 KiB, 390 hits)
MA Real Estate Market Report Q1-2009 (37.9 KiB, 384 hits)
Hi, I'm Jake...and that's my dog. By day I'm Executive Director of Business Development at Barrett & Company Real Estate. By night I am part geek, struggling musician and frustrated writer. I started this blog mainly to learn WordPress, work on my design and writing skills, and showcase some folks with all kinds of talents and great stuff to say. (Read the long version if you dare) and please introduce yourself over on my Google+ Profile!
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