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MASSACHUSETTS BOARD OF REALTORS

 

 

Massachusetts

 

    UNEMPLOYMENT MEDIAN-SALE PRICE INCOME/HOUSING COSTS
  Barnstable Town 7.4% $306,978 38%
  Boston-Cambridge 7.1% $337,879 34%
  Pittsfield 7.4% $185,412 32%
  Springfield 8.9% $183,002 27%
  Worcester 8.4% $210,842 23%

 

Massachusetts Home Sale Prices Chart- 2010 to 2011

massachusetts real estate chart 2012

 

Expiration of National Flood Insurance Program would impact Bay State buyers

 

 

MASSACHUSETTS REALTOR NEWS

 

The Massachusetts Association of REALTORS® (MAR) reported today that July sales were up for the first time in six months compared to the year before as median prices were down. Condominium sales were also up on a year-over-year basis as median prices were essentially flat.

 

“It’s good to see sales increase over the same time last year, but talk over the past couple of months about the debt ceiling has definitely caused some qualified buyers to hold off on making purchases,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “With prices continuing to be more affordable and interest rates also appearing to be headed to new record lows, those planning to buy a home are in a good position to do so.”

 

There were *3,890 detached single-family homes sold this July, a 14.04 percent increase from the 3,411 homes sold the same time last year. On a month-to-month basis, home sales were down 14.64 percent from 4,557 homes sold this past June.

 

The median selling price for single-family homes in July was $315,000 a drop of 3.1 percent compared to $325,000 in July 2010.  On a month-to-month basis, the July median selling price was down 3.08 percent from $325,000 in June.

 

The July condominium market was up 13.35 percent compared to the same time last year (from 1,288 units sold in 2010 to 1,460 units sold in 2011).  On a month-to-month basis, condominium sales were down 20.95 percent compared to the 1,847 units sold this past June.
 
Condominium median selling prices in July were essentially even from the July 2010 median price (from $284,700 to $285,000 in 2011). This is the fourth straight month of year-over-year increases. On a month-to-month basis, the median selling price of a condominium was down 2.4 percent from a June median of $292,000.

 

Looking forward, REALTORS® are concerned that if National Flood Insurance Program (NFIP) lapses (which it is set to do on September 30, 2011 if not extended by Congress), that future home sales will be impacted in the Bay State.  If the program goes away, home buyers along the Massachusetts coast and flood-prone areas will not have access to affordable flood insurance.

 

“If a buyer is unable to obtain affordable flood insurance, there is a good chance they won’t be able to get a mortgage or close on the house,” said Cadigan, “So, not only does the lack of flood insurance result in a potential sale falling through, but it will also keep middle-income buyers from accessing good quality homes that just happen to be located in areas with a higher risk for flood.”
 

For the past several years, Congress has been approving short-term extensions of the NFIP's authority to issue flood insurance policies while they continue to debate long-term fiscal reforms to the program. Twice in 2010 Congress allowed the NFIP to lapse for multiple weeks at a time, which halted tens of thousands of real estate transactions in areas where home buyers are required to purchase flood insurance to obtain a mortgage.
 

Inventory and Days on Market
The inventory of single-family homes as of July 31, 2011 decreased 4.1 percent from July 2010 (35,006 listings in 2010 to 33,556 listings in 2011) which translates into 10.7 months of supply in July 2011.  This is up from 9.6 months of supply last year and down from 11.1 months in May. 

 

The inventory of condominiums on the market in July went down 16.1 percent compared to the year before (13,639 listings in 2010 to 11,438 listings in 2011), which translates into 9.4 months of supply, which is up from 9.0 months in July 2010 and down from 10.1 months in June. 

 

Detached single-family homes stayed on the market an average of 99 days in July 2011 compared to an average of 92 days in July 2010.  Condos stayed on the market an average of 101 days, essentially the same as the average in July 2010 (102 days).  On a month-to-month basis, days on market for single-family homes were down from 103 days in June, while condos were down from 105 days.

 

 

 

 

 

 

 

 

 

50-STATE REALTOR EMAIL LISTS

ALABAMA
14,550 REALTOR EMAILS

ALASKA

1,260 REALTOR EMAILS

ARIZONA
57,908 REALTOR EMAILS

ARKANSAS

7,959 REALTOR EMAILS

CALIFORNIA
210,776 REALTOR EMAILS
COLORADO
33,083 REALTOR EMAILS
CONNECTICUT
17,237 REALTOR EMAILS
DELAWARE
8,008 REALTOR EMAILS
FLORIDA
165,998 REALTOR EMAILS
GEORGIA
48,565 REALTOR EMAILS

HAWAII

13,178 REALTOR EMAILS

IDAHO
8,825 REALTOR EMAILS

ILLINOIS

84,576 REALTOR EMAILS

INDIANA
18,684 REALTOR EMAILS

IOWA
9,140 REALTOR EMAILS
KANSAS
17,237 REALTOR EMAILS
KENTUCKY
13,148 REALTOR EMAILS
LOUISIANA
15,283 REALTOR EMAILS
MAINE
6,006 REALTOR EMAILS
MARYLAND
17,237 REALTOR EMAILS
MASSACHUSETTS
30,293 REALTOR EMAILS

MICHIGAN
27,719 REALTOR EMAILS

MINNESOTA

34,329 REALTOR EMAILS

MISSISSIPPI
7,176 REALTOR EMAILS

MISSOURI
29,832 REALTOR EMAILS
MONTANA
7,413 REALTOR EMAILS
NEBRASKA
5,828 REALTOR EMAILS
NEVADA
25,112 REALTOR EMAILS
NEW HAMPSHIRE
6,978 REALTOR EMAILS
NEW JERSEY
46,446 REALTOR EMAILS

NEW MEXICO

7,882 REALTOR EMAILS

NEW YORK
68,609 REALTOR EMAILS

NORTH CAROLINA

60,640 REALTOR EMAILS

NORTH DAKOTA
1,687 REALTOR EMAILS

OHIO
33,288 REALTOR EMAILS
OKLAHOMA
12,048 REALTOR EMAILS
OREGON
16,638 REALTOR EMAILS
PENNSYLVANIA
38,129 REALTOR EMAILS
RHODE ISLAND
6,665 REALTOR EMAILS
SOUTH CAROLINA
19,459 REALTOR EMAILS

SOUTH DAKOTA

2,049 REALTOR EMAILS

TENNESSEE
25,403 REALTOR EMAILS

TEXAS

105,364 REALTOR EMAILS

UTAH
17,139 REALTOR EMAILS

VERMONT
3,560 REALTOR EMAILS
VIRGINIA
41,656 REALTOR EMAILS
WASHINGTON
29,090 REALTOR EMAILS
WEST VIRGINIA
2,509 REALTOR EMAILS
WISCONSIN
20,412 REALTOR EMAILS
WYOMING
2,441 REALTOR EMAILS

 

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