Massachusetts Real Estate Market: When will My Home Value Return?

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Massachusetts Real Estate Market: When will Home Values Return?

There are good signs all around your home when it comes to the Massachusetts real estate market.

Massachusetts, in fact, is one of just a few states to experience a double-digit increase in May. According to the Fiserv Case-Shiller Analysis, your home’s value in Massachusetts is expected to return to peak levels by 2013-2014.

Consumer Confidence Reigns

If sales continue their dramatic uptick, this prediction could very well be spot-on. The increase in sales across Massachusetts appears to be from a variety of sources, including an increase in consumer confidence, low mortgage rates and the homebuyer tax credit.

May 2010 saw 3,716 homes sold in Massachusetts, compared to 2,833 for the same period in 2009; that’s an amazing 31 percent increase and the eleventh month of increased sales for the state, according to the MLS Property Information Network.

Although prices didn’t keep up with sales, they did start to rise modestly. The median price for a single-family home in Massachusetts rose five percent to $298,500 in May. This marked the sixth consecutive month for year-over-year price increases for the state.

Single-family homes in Boston improved from 64 sales in May 2009 to 103 sales in 2010. Median home prices also rose to $356,000, up from $346,750 from a year prior. Most of the homes sold in Boston have been in the $250,000 to $399,999 range.

In addition, condo sales across the state showed dramatic signs of growth. May 2010 posted 1,610 condo sales – which is 26 percent higher than the same time a year prior. Median homes prices for condos remained relatively flat, however, at $264,000.

In Boston, 404 condo properties were sold, compared to 308 in May 2009. Median prices for condos went up to $365,000 from $346,750 a year earlier.

The Stabilization of the Housing Market

Across the board, many real estate agents have seen an overall stabilization of the Massachusetts housing market. The confidence in the housing market continues to improve, which is therefore reflected in home sales and home values. Although some individuals question whether the homebuyer tax credit has had the biggest impact on May’s home sales, most real estate experts agree that home sales would not be as strong if it wasn’t for excellent consumer confidence across the state.

It is also important to point out that a stable job market is also a main source of consumer confidence in the housing market. Overall, home values in Massachusetts are on a strong, upward cycle, thereby boding well for predictions that your home’s value will return by 2013-2014


10 Largest Cities in Massachusetts:

1. Boston 589,141   6. Brockton 94,304
2. Worcester 172,648 7. New Bedford 93,768
3. Springfield 152,082 8. Fall River 91,938
4. Lowell 105,167 9. Lynn 89,050
5. Cambridge 101,355 10. Quincy 88,025

 

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