July home sales in Massachusetts and on the North Shore
The following numbers come from the Massachusetts Association of REALTORS® (MAR). Surprise surprise, prices are down as are the number of units sold. It is interesting to note that condo prices statewide dropped a very small amount on average. The towns north of Boston were hit a little harder, with both single-family and condo prices dropping 12.1% versus a year ago. As always, real estate is local, and some towns are very insulated from the effects of these price drops. That said, it is quite a buyer’s market right now, with plenty of inventory and lower prices. When this whole thing turns around, it will turn sharply, so if you are thinking about buying, don’t get caught on the other side when prices increase dramatically. It looks like next year will be the low point, so save that money and give me a call when you’re ready to buy!
MA Detached Single-family Home Sales and Median Selling Prices
July 2007 July 2008 % Change
4,363 3,928 -10.0%
365,775 326,500 -10.7%
MA Condominium Sales and Median Selling Prices
July 2007 July 2008 % Change
1,933 1,804 -6.7%
293,500 284,000 -2.9 %
North Shore Detached Single-family Homes Sales and Median Selling Prices
July 2007 July 2008 % Change
373 328 -12.0%
385,000 338,075 -12.1%
North Shore Condominium Sales and Median Selling Prices
July 2007 July 2008 % Change
158 156 -1.2%
262,500 230,625 -12.1 %