The MA real estate market statewide statistics indicate a stabilization in the market with increased sales and prices in the fourth quarter. Year to date activity reports a decrease in values in homes and condos with overall a slightly lower than 2008. The first quarter of 2009 was one of the worst real estate markets in history and has a major impact on year-end averages. The first quarter of 2010 will be a key indicator in determining whether or not Massachusetts real estate has hit bottom.
MA Homes Sold 2009
Massachusetts single family home sales increased from 34,649 homes sold in 2008 to 36,243 in 2009. The peak for homes sold in the last four years was in 2006 with 40,908. Average selling prices fell -8% to $359,431 in 2009 from 2008 values and also reflects as a -26% from peak values in 2006 (430,164). The average days on market for 2009 was 129 days and the sales price to list ratio was 96%. The activity is at the low end of the market spurred by first time home buyers taking advantage of the $8000 tax credit. Fourth quarter statistics indicate a slight increase the average selling prices with a dramatic increase of units sold over 2008 numbers.
Average Selling Prices
MA condominium sales were down slightly from 15,696 units sold in 2008 to 15,301. The peak activity was in 2006 with 20,810 condos sold. Average selling prices continued to decline with values dropping from $338,042 in 2008 to $309,435 in 2009 as MA foreclosures became more prevalent. The peak values of $343, 198 occurred in 2007. 2009 DOM for condos was at 133 days and the sale price to list ratio was at 96%. Condo activity in the fourth quarter was up from 3124 to 4212 units sold with prices dropping slightly from $310,543 to $304,227.
Condos Sold - Four Year Trend
MA Condos Sold
