If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

In what would be a surprise to many, the Massachusetts Real Estate Market did not go in the tank as many had expected in the 4th quarter. While the rate of appreciation was not stellar, housing prices still rose 1.5 percent on slower volume. The market may be finding its equilibrium instead of going into a prolonged slide.

With the amount of debt taken out on the properties in Massachusetts, the marketplace is much more fragile that most in the country. If Massachusetts can have a soft landing from the impressive run up over the past few years, the market will end up in a very good place.

The Massachusetts Association of Realtors’ statistics, which cover about 80 percent of all home sales in the state, did portray a market that is losing steam, at least for single-family houses. While the median price hit $350,000, sales of such homes fell 8.1 percent in the fourth quarter of 2005 from the same period in 2004.
“Our strong seller’s market has been replace by a more balanced one that will help stabilize home prices,” said David Wluka, president of the Massachusetts Association of Realtors.
The condo market, however, continues to be strong. Sales volume climbed in the fourth quarter, rising 6.8 percent, and the median price hit $270,000, a 3.8 percent increase. Condo sales in the final quarter accounted for 32 percent of all residential sales, the largest ever recorded.

Bay State Q4 home sales reflect a slowing market - 2006-02-16.

Related posts:

1. MA Condo Sales Surge 12%
2. Worst Year Since 1990 For Massachusetts Real Estate
3. Massachusetts Home Sales Slump at Mid Year Mark
4. Boston Real Estate Market Slows
5. Florida Real Estate Shows Big Gains