According to a new report from The Warren Group, the publishers of Banker and Tradesman and The Commercial Record, the numbers for Massachusetts home sales are down more than 20% for the first half of 2011, and at the lowest level since 1991.
Although this may not necessarily be news to celebrate the economy’s comeback, the silver lining appears. Buyers in the Boston real estate market can rest assured knowing that it is a great time to purchase their first home, or buy a vacation home. Boston area condos, especially those in the established regions such as the Back Bay and Beacon Hill, are resistant to fluctuations or decreases in value. Investing in a property in either of these neighborhoods will provide a strong sense of security that your property will not only retain value, but should substantially increase in value over time.
The Wall Street Journal recently posted an article highlighting important reasons why now is a good time to buy a home. Perhaps even more importantly, the article speaks to why there are numerous indications that today’s great deals may not last long, including the fact that Moody’s Analytics has predicted that distressed sales numbers will start to decrease in 2013, which, as a result, should drive home sales upward shortly thereafter. Although home sales may be depressed for the year, the “good time to buy” sentiments are also echoed in portions of the June analysis from The Warren Group.
For example, despite home sales being down in 2011, year-over-year home prices increased for the second consecutive month in June, and the median sale price in Massachusetts for single-family homes increased from $325,000 in June 2010 to $325,850 in June 2011. In the condo market, condo sales decreased, but the median sales price of condos increased from $282,000 in June 2010 to $295,000 in June 2011.
An increase in prices for two straight years appears to indicate that buyers are returning to the market, albeit carefully, and there is reduced downward pressure on the prices of homes, both of which are indicators of positive change for the Massachusetts housing market.
If you’re searching for your dream home, what are you waiting for? Now is the perfect time to move forward; it provides the best opportunity for you to purchase property at a fantastic value, regardless of your price range. There are plenty of amazing listings currently available, one of which may be exactly what you’ve been looking for!
Contact a realtor at CondoDomain today to get started with your search.