Worst Year Since 1990 For Massachusetts Real Estate
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While this is not surprising to those watching the market, Massachusetts had its worst year for real estate in over a decade. While on paper this is a tough year, the price drops are not even touching the equity developed over the past few years so the only ones that are getting dinged are the people who bought after the summer of 2005.
Market tracker The Warren Group today reported that total 2006 sales volume fell back to 1995 levels, while prices dived more than in any year since 1990. “Sales are still falling . . . and prices are still under pressure as buyers and sellers are sorting out the market,” Warren Group CEO Tim Warren said.
Warren reported that median house-sale prices fell to $325,000, down 5.8 percent - the biggest one-year drop in 16 years. It’s also the first time prices have fallen for a year as a whole since 1993. Additionally, Warren said the number of houses changing hands declined 14.4 percent to just 54,203 properties - the lowest volume since 1995.
The condo market fared little better. Warren said median condo prices fell to $275,000, down 1.2 percent — the first annual decline since 1992.
Condo sales likewise dropped 12.9 percent to 30,203 units. That’s the biggest decline since 1990. However, sales still managed to surpass any year on record except 2005, when the condo market remained strong for much of the year. via the BostonHerald.com
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Comment by kustuckey on 22 January 2007:
It’s all about the right edge of the chart.
You mentioned that the ones that bought in 2005 or 2006 are the only ones getting “dinged”.
Let’s go to the proverbial right edge of the chart…buyers in 2007…2008…..2009…
Most likely “dinged” as well….
Comment by Diana Chaplin - Weston on 13 February 2007:
I am not sure that the hard times have reached everywhere, it seems like we havent seen the bubble start to burst in Weston yet — we still have lots of bidding wars.