According to the Warren Group, 2010 is starting with some positive signs for single family homes selling in Massachusetts. January 2010 prices for homes sold in Massachusetts sold for 9.6% more than homes sold in January 2009. This is the second month in a row that prices have risen about 10% compared to the previous year. This rise has increased the Massachusetts median single family home price to $285,000.00 from $260,000.00. The volume of homes sold rose nearly 12% going from 1926 to 2153 units sold compared to January 2009.Similarly Massachusetts January 2010 condominum sales rose as well. Condo sale prices increased nearly 17% rising from $209,900.00 to $245,000.00 compared to January 2009.The volume of condominiums sold in MA increased 25%. Massachusetts sold condominiums increased from 807 units sold in January 2009 to 1011 units sold in January 2010.Some of this positive news can be attributed to the Federal Tax Credit which is due to expirelater this spring. There is speculation that it will be increased as it was in December of 2009 but many first time buyers faced with the possibility of it not being extended and enjoying the lowest home prices in a decade are taking advantage.Increased lending is also a contributor to the positive numbers. A year ago our finance and lending institutions we’re in a very precarious situation and there we’re a number of doomsday scenarios ending in a country wide depression.Whether you agree or disagree with the federal bailout of the banks and lending institutions it seems to have accomplished its mission. Lenders are providing loans which is decreasing the overall real estate for sale inventory especially the number of forclosed homes.Will this trend continue? Time will tell but let’s keep an eye on the statistics for June and July which are typically very busy sales months and will be the first months after the Tax credit expires… if it expires.
About Randy Tibbetts
