Massachusetts Home Buyer Guide

Malden, MA Home Prices, Sales Decline

2009-12-10T07:45:00-05:00

Through September of 2009 the median price of single-family homes sold in Malden, Massachusetts was $258,000, down 26.5 percent compared to the same nine-month period in 2006.

From January to September of 2009 there were 137 single-family homes sold in Malden, MA, down 3.5 percent from 2008 and 18 percent from 2007. In the first nine months of 2007 there were 167 homes sold, the most in the last four years during the same nine-month period.

There have not been any drastic changes in the average amount of days properties spent on the market during the first 9 months of each of the past four years. The biggest change was from 2006 to 2007, with an increase of 11 days, or 10.8 percent.

The data come from the MLS Property Information, Inc.

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Malden, MA Real Estate Market Data

	Median Price	Number of Sales	Days on the Market
Jan-Sept 2006	$351,000	149	102
Jan-Sept 2007	$330,000	167	113
Jan-Sept 2008	$290,000	142	114
Jan-Sept 2009	$258,000	137	109

Haverhill, MA Home Sales, Prices Decline

2009-12-09T12:36:41-05:00

During the first nine months of the year, home sales in Haverhill, Massachusetts dropped in three out of the last four years. The only year that saw improvement in sales during this time period was 2008, with a 2.7 percent rise in sales compared to the first nine months of 2007.

Compared to 2006, there was a 24.4 percent decrease in home sales during the January to September period of 2009. There were 12.45 percent more homes sold in the first three quarters of 2008 compared to the same time period in 2009.

Until 2009, the amount of time homes were spending on the market was increasing steadily. During the last four years, 2008 had the longest average time that homes spent on the market, a full 23.9 percent higher than in 2006. In the first nine months of 2009, the average amount of time homes spent on the market in Haverhill, MA dropped by 11.7 percent, with homes on average selling in 128 days.

Since 2006 the median price of single-family home in Haverhill, MA has dropped each year during the first nine months. In the January through September period of 2009, the median prices of a home was down 22.4 percent, or $72, 050 lower, from 2006. From 2008 to 2009, median prices of single-family homes declined 7.4 percent.

The data come from the MLS Property Information Network, Inc.

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Haverhill, MA Real Estate Market Data

	Median Price	Number of Sales	Days on the Market
Jan-Sept 2006	$322,000	307	117
Jan-Sept 2007	$302,500	258	125
Jan-Sept 2008	$270,000	265	145
Jan-Sept 2009	$249,950	232	128

Pending U.S. Home Sales Rise Nine Straight Months

2009-12-07T22:57:16-05:00

October pending U.S. home sales have risen for nine months in a row, a first for the "Pending Home Sales Index" since its inception in 2001, the National Association of Realtors® (NAR) reported December 1, 2009.

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in October, increased 3.7 percent compared to September, and the index increased 31.8 percent from October 2008. The rise from a year ago is the biggest annual increase ever recorded for the index.

The PHSI in the Northeast surged 19.9 percent in October, and it is 44.2 percent above a year ago. In the Midwest the index rose 11.6 percent. Pending home sales in the South increased 5.4 percent. In the West the index declined 11.2 percent.

Brookline, MA Home Prices Surge, Sales Decline

2009-12-03T08:45:00-05:00

From January through September 2009, median prices of single-family homes in Brookline, Massachusetts increased 22.6 percent compared to the same time period in 2008. Since 2006 median home prices during the nine month period have risen $257,500 or 25.9 percent.

In 2009 there were 92 single-family homes sold in Brookline, MA through the third quarter, a 7 percent drop from the previous 99 homes sold during the first nine months of 2008. The largest drop was seen from 2007 to 2008 where there was a 35.7 percent drop in sales. Compared to 2006 home sales were down 30.3 percent in the first nine months of 2009.

Compared to the 2008 nine-month period, single-family homes that sold in 2009 spent 13.5 percent less time, or 15 days less on the market. Since 2007 homes have been spending less time on the market each year through the third quarter.

The data come from MLS Property Information Network, Inc.

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Brookline, MA Real Estate Market Data

	Median Price	Number of Sales	Days on the Market
Jan-Sept 2006	$992,500	132	128
Jan-Sept 2007	$1,079,500	154	146
Jan-Sept 2008	$1,020,000	99	111
Jan-Sept 2009	$1,250,000	92	96

Massachusetts Housing Inventory Declines

2009-12-02T08:45:00-05:00

The inventory of residential properties on the market as of October 31, 2009 decreased 15 percent compared to October 31, 2008 (from 45,118 listings in 2008 to 38,311 listings in 2009), and the October single-family supply is at its lowest since October 2002, the Massachusetts Association of REALTORS® reported November 24, 2009.

At the current sales pace, current inventory represents approximately 7.2 months of supply, down from 9.9 months of supply in October 2008. On a month-to-month basis, supply is down from 8.3 months in September. It is considered a balanced market when there are between 7.5 and 8.5 months of supply.

The inventory of single-family homes decreased 15 percent from October 2008 (31,912 listings in 2008 to 27,204 listings in 2009), and that translates into 7.1 months of supply in October 2009. This is down from 10.2 months of supply last year and down from 8 months in September. October supply is at its lowest since October 2002. The October peak was 40,254 homes in 2006. This is the 19th straight month that single-family inventory has gone down compared to the year before.

The condominium market saw October inventory decrease by 16 percent from last year (13,206 listings in 2008 to 11,107 listings in 2009), and that translates into 7.3 months of supply, which is down from 10.2 months in October 2008 and down from 8 months in September. It's the 19th straight month that condo inventory has gone down compared to the year before.

Massachusetts Pending Home Sales Increase

2009-12-01T08:45:00-05:00

The number of single-family homes put under agreement in October was up 27 percent compared to October 2008 (3,662 homes in 2008 to 4,652 homes in 2009), the Massachusetts Association of REALTORS® reported November 24, 2009.

On a month-to-month basis, single-family homes put under agreement were up 4 percent from 4,400 homes in September. The number of condos put under agreement in October was up 33 percent compared to October 2008 (1,319 units in 2008 to 1,983 units in 2009). On a month-to-month basis, condos put under agreement were down 15 percent from 1,770 units in September.

Pending sales or sales “under agreement” are homes that have a signed purchase and sale agreement, but have yet to close and be recorded.

Massachusetts Home Sales Surge In October

2009-11-30T05:45:00-05:00

Sales of both single-family homes and condominiums in Massachusetts increased by double-digit percentages in October compared to October 2008, The Warren Group, publisher of Banker & Tradesman, reported November 24, 2009.

It was the fourth consecutive month that single-family home sales increased and the second straight month of increases for condo sales. The home buyer tax credit certainly has played a role in the spike in home sales.

But while sales volume rose, median prices for both single-family homes and condominiums statewide slipped from year-ago levels.The decline in median home prices varies greatly depending on the community, with many communities seeing median price increases.

Single-family home sales shot up 17.2 percent to 4,295 from 3,664 in October 2008, posting the highest number of sales for the month of October since 2005. The 17.2 percent increase in October was also the biggest jump in year-over-year sales so far in 2009. Year-to-date sales dipped 1.4 percent to 34,176 from 34,651.

The median price for single-family homes sold in October fell 2.8 percent to $277,000 from $285,000 in October 2008. The drop was more moderate than in the winter months when year-over-year median price declines exceeded 10 percent. But October’s 2.8 percent slide in prices exceeded the modest 1 percent drop in September.

Meanwhile, condominium sales in Massachusetts increased 12 percent to 1,854 from 1,655 in October 2008. A total of 15,308 condos sold from January through October, down 13.3 percent from 17,659 in 2008.

The condominium market has really perked up. In the first six months of 2009, the condo market saw double-digit percentage declines in sales.

The median selling price for condos dropped 8.1 percent to $240,000 in October from $261,000 during the same month in 2008. The year-to-date condo price has retreated 8.5 percent to $255,000 from $278,629.

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Billerica MA Home Prices, Sales Decline

2009-11-29T06:30:00-05:00

During the first nine months of the year, January through September, median home prices of single-family homes in Billerica, Massachusetts have declined over the past four years, but have stabilized this year.

Median prices dropped only 1.6 percent in the nine-month period in 2009 compared to 2008. This was the smallest year-to-year difference in median home prices over the past four years.

In 2009 there were 205 homes sold, a 5.5 percent drop from the previous 217 homes sold in the same 2008 time frame. The largest drop was seen from 2007 to 2008 when there was a 17.8 percent drop in single-family home sales in Braintree, MA.

Compared to the 2008 nine-month period, single-family homes that sold in 2009 spent 18.5 percent, or 28 days less time on the market. From 2006 through 2008 homes took increasingly longer to sell. Over the past four years, the 2009 numbers were the closest to the 2006 numbers with only a 7.9 percent difference.

The data come from the MLS Property Information Network, Inc. Search Billerica, MA homes for sale.

Billerica, MA Real Estate Market Data

	Median Price	Number of Sales	Days on the Market
Jan-Sept 2006	$360,000	236	114
Jan-Sept 2007	$350,000	264	128
Jan-Sept 2008	$321,000	217	151
Jan-Sept 2009	$316,000	205	123

U.S. Existing Home Sales Increase In October

2009-11-28T13:28:34-05:00

Driven by the first-time buyer tax credit, existing-home sales showed another big gain in October, with a strong uptrend established over the past seven months, the National Association of Realtors® (NAR) reported November 23, 2009.

In addition, inventories continue to decline across the country.

Existing-home sales – including single-family, townhouses, condominiums and co-ops – surged 10.1 percent to a seasonally adjusted annual rate of 6.10 million units in October. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.

The five-minute video below is of a press conference releasing the NAR numbers and explaining the data in more detail.

Who Is The Typical First-time Home Buyer?

2009-11-17T19:29:00-05:00

First-time home buyers reached the highest market share on record during the past year, according to a National Association of REALTORS® (NAR) survey of home buyers and sellers.

The profile shows the median age of first-time buyers was 30, and the median income was $61,600. The typical first-time buyer across the U.S. purchased a home costing $156,000, down from $165,000 in the 2008 study, and plans to stay in that home for 10 years.

Fifty-five percent of entry-level buyers reported they financed their purchase with an FHA loan, while another 8 percent used the VA loan program.

First-time buyers who made a down payment used a variety of sources: 61 percent used savings and 22 percent received a gift from a friend or relative, typically from their parents. Six percent received a loan from a relative or friend, 6 percent tapped into a 401(k) fund, and 6 percent sold stocks or bonds. Ninety-six percent chose a fixed-rate mortgage.

First-time buyers often make financial sacrifices to purchase a home: 39 percent cut spending on luxury items, 38 percent cut back on entertainment and 30 percent cut spending on clothes.

Only 12 percent said financing their first home was more difficult than expected, but 13 percent of successful buyers said they had experienced a purchase agreement that was canceled, terminated or fell through; and 8 percent had been rejected by a lender. Buyers searched a median of 12 weeks and viewed 12 homes. Among buyers who used an agent, 63 percent selected a buyer’s representative.

Braintree, MA Home Sales Up, Prices Down

2009-11-17T11:19:31-05:00

During the months of January through September of 2009, the median price of a single-family home in Braintree, Massachusetts was $329,900, a decrease of 7.07 percent compared to the same nine-month period in 2008. Median prices have been dropping the last several years, with a 3.65 percent drop from 2006 to 2007 and a 4.05 percent drop from 2007 to 2008.

The lower prices in 2009 led to more home sales. The number of sales in Braintree, MA in 2009, January through September, was 161, an 11.81 increase from the same time period of 2008. The 2009 sales data was a 7.10 percent increase compared to the same months in 2007. In 2007, the number of homes sold between January and September 30th was 155, a 2.52 increase from 2006 which had a total of 159 sales.

The average amount of time a single-family home stays on the market in Braintree has a range of 12 days, staying between 90 and 102 over the past four years. Between the months of January and September of 2009, the average number of days on the market was 98, a 8.89 percent increase from 2008.

The data come from MLS Property Information Network, Inc.

Braintree, MA Real Estate Market Data

                    Median Price    Number of Sales    Days on the Market
Jan-Sept 2006: $384,000            159                            96
Jan-Sept 2007:    $370,000            155                            102
Jan-Sept 2008:    $355,000            144                            90
Jan-Sept 2009     $329,900            161                            98

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Dedham, MA Home Prices, Sales Decline

2009-11-11T10:01:13-05:00

During the first nine months of the year, the median price of a single-family home in Dedham, Massachusetts declined each year except for in 2008. In 2008 there was a 2.49 percent increase in median prices compared to the same time period in 2007. Compared to 2008, there was a 10.81 percent decrease in median price in the first three quarters of 2009.

In 2009, there was 31.52 percent decline in home sales (52 less) compared, the same nine-month period of 2008. There was 180 home sales in 2007 through Q3 in Dedham, MA.

Compared to the first nine months of 2008, homes on the market in 2009 spent on average 16 days fewer, or 14.41 percent less time on the market. Compared to the highpoint in 2007, homes in 2009 spent an average of 21 less days on the market, or 18.10 percent less time.

The data come from MLS Property Information Network, Inc.

Dedham, MA Real Estate Market Data

                       Median Price     Number of Sales       Days on the Market
Jan-Sept 2006:    $385,000                    160                         104
Jan-Sept 2007:    $361,000                    180                         116
Jan-Sept 2008:    $370,000                      165                         111
Jan-Sept 2009:    $330,000                    113                           95

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Home Buyer Tax Credit Extended And Expanded

2009-11-05T15:20:43-05:00

With the expiration of the first-time home buyer $8,000 tax credit set to expire in less than a month, the U.S. House of Representatives voted 403-12 November 5, 2009 to extend and expand the tax credit to include many buyers who already own homes, the Associated Press reported.

The U.S. Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday November 6, 2009.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time home buyers, defined as anyone who hasn't owned a home in the last three years, would still get up to a $8,000 tax credit. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.

The latest extension is expected to be the last.

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. The previous income limits were $75,000 for individuals and $225,000 for joint filers.

The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

U.S. Pending Homes Sales Up 8th Straight Month

2009-11-03T21:14:00-05:00

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, increased 6.1 percent compared to August, and the index is 21.2 percent higher than September 2008.

The index, which covers the United States, is at the highest level since December 2006, the National Association of Realtors® (NAR) reported November 2, 2009. The following is a video featuring the NAR chief economist Lawrence Yun.

Massachusetts Sept. Condo Sales Up, YTD Down

2009-11-03T12:05:30-05:00

Condominium sales in Massachusetts, which have plunged by double-digit percentages in 2009, took a turn for the better in September, marking the first year-over-year increase in condo sales in more than two years.

Condo sales increased 3.7 percent in September to 1,693 from 1,633 in September 2008. A total of 5,989 condos sold in the third quarter, 2.9 percent lower than the 6,166 condo transactions recorded in the third quarter of 2008.

In the first nine months of 2009, condo sales fell 15.9 percent to 13,453 from 16,004 during the same period in 2008.

September’s median selling price for a condominium declined 2.3 percent to $259,000 from $265,000. The third quarter median condo price dropped 4.2 percent to $273,000 from $285,000 in Q3 2008. Year-to-date, the median condo price has declined 8.2 percent to $257,000 from $280,000.