Prices seem to be stabilized due to limited inventory supply, and with mortgage interest rates still low there are opportunities to be had by savvy buyers who have cash to purchase or have the down payment needed for financing.
Boston, Massachusettes (PRWEB) November 11, 2011
Homes.org, a fast growing real estate search portal, is now teaming up with local professionals to bring buyers and sellers information on the Boston real estate market. Overall the Boston area real estate market has seen second quarter declines in single family homes compared to 2010, however the condo market is looking a bit stronger, especially in the luxury market during the third quarter.
"The downtown Boston condominium market has shown sign of marked improvement year-to-date in 2011, particularly in the higher price segments, " says R. Wayne Lopez, principal at RESIS, a real estate consulting service in Boston, MA.
"The high-end of the market is steady performing: as of 3Q reports, sales over one million dollars are up 6% from last year and account for 14% of total sales year-to-date. Sales in the $500,000-$999,999 price segment are also up 6% from last year," Mr. Lopez added. An example of this trend can be seen at 45 Province, a development Lopez and RESIS are selling in Midtown, where 34 sales this year are a huge increase from the 12 sales at this time last year.
But Lopez adds that not all market segments are enjoying such an upswing. ",The under $500,000 price segment is down 2%. The lower price segment continues to suffer from the new lending restrictions, which often require 20% or more down payment for purchases. Prices seem to be stabilized due to limited inventory supply, and with mortgage interest rates still low there are opportunities to be had by savvy buyers who have cash to purchase or have the down payment needed for financing. With the high cost to rent in downtown Boston continuing to escalate, more and more people who were reluctant to buy in the last few years due to global economic factors have found a sense of comfort with the local market fundamentals and are re-entering the market as buyers."
Boston, MA Real Estate Market Information and Statistics
Zip Codes in the City: 02108–02137, 02163, 02196, 02199, 02201, 02203, 02204, 02205, 02206, 02210, 02211, 02212, 02215, 02217, 02222, 02228, 02241, 02266, 02283, 02284, 02293, 02295, 02297, 02298
Population (city): 617,594
Total Households (2005-2009): 237,397
Greater Boston Real Estate Board Sales Data
Median Home Value (2005-2009): $404,500
Median Sales Price (Single Family Homes in 2nd Quarter): $360,000
Median Sales Price (Condos in 2nd Quarter): $386,750
Average Days on Market (Single Family Homes in 2nd Quarter): 105
Average Days on Market (Condos in 2nd Quarter): 99
Homes Sales in 2nd Quarter (condos and single family): 1,383
RESIS 3Q Downtown Boston Condominium Report Sales Data
Average price (3Q 2011): $669,650 (up from $653,679 last year)
Median price (3Q 2011): $470,000 (up from $460,000 last year)
Foreclosures (September 2011): 1 in 1,886
Renters vs. Owners: 62.7% vs 37.3%
Type of Home:
5% Single Family
Popular Neighborhoods Seeing Improvements:
- Back Bay
- Beacon Hill
- Mission Hill
- South End
- West End
To learn more about real estate in Boston, MA, please visit: http://www.Homes.org
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.