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Boston Real Estate Market Report

Recent market data provided by the Greater Boston Association of REALTORS® of which we are members, for the month of May reveals the market continues to be favorable for buyers due to extremely low interest rates and for sellers because of the lower supply of available inventory from which buyers may choose. While prices continue to be affordable, single family median prices have gone up 7.4% year-over-year while condominium medium prices have dropped slightly by 4.3%. You must consider PRICES AND INTEREST RATES when determining what’s affordable for you and what’s really happening in the market!

The average amount of time homes are staying on the market has decreased year-over-year as well as month-over-month while the amount of inventory has decreased; in 2009 the average single-family (SF) home was on the market for 114 days, this year that number was reduced to an average of 91 days. For condominiums (C) the number of days on the market dropped to 102 days from 110.

Interest rates continue to be low, but since there is a general lack of real estate inventory the market could shift to one that favors the buyer, to one that will favor the seller. Data shows, there is currently only 5 mo. (SF) and 5.5 mo. (C) of real estate inventory compared to a ‘balanced’ market which usually has a 7.5 - 8.5 months supply.

Statewide, the Massachusetts Association of REALTORS® (MAR) reported that May was the 7^th straight month that sale prices have gone up and that the year-over-year sales increase is the largest annual May increase on record (since MAR has kept track of monthly numbers) for both single-family (31%) and condominiums (32%). This increase could be attributed to buyers taking advantage of the Home Buyer’s tax credit before it expired.

This is great news for people hoping to sell their Boston property, as it shows us that demand for Boston real estate is currently greater than supply. As market values of property are steadily increasing sellers will encounter more willing buyers that have fewer options from which to choose while facing increasing prices.

It’s important to realize that each market has sub-markets and other factors affecting prices – price, area, size, condition, percent of owner occupancy of building, etc. To make a good decision when buying or selling, you need to make an informed one! Having guidance from an experienced Boston Realty Advisors agent is the key to making the most of your personal situation.

If you’re still not convinced that now is the time to buy, you can browse our extensive inventory of Boston area apartments on MyBostonApartment.com.

by David Friedberg, REALTOR, CRB, CNS

Boston Realty Advisors

Chief Executive Officer / Director Residential Division

Posted at 07/07/2010 09:34 AM

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