Have We Weathered the Economic Storm?
The Boston Real Estate market has not fallen as far as experts and professionals had originally predicted. The Second Quarter Citywide Link report has shown a significant increase in appreciation for the second quarter of 2009 to 103% from 95% for the first quarter. What does that mean? Well, home values have increased for this second quarter and homes are selling at a price that is much closer, if not more, than the asking price. This is a strong economic indicator that the demand to buy is out there.
Home sales peaked at the third quarter of 2008 for the city of Boston, with the average and median prices hitting a high of $692,610. This value then fell drastically after the market crash to $505,082. We still do not see the appreciation rate that we saw a year ago, however, we are still seeing a strong value in our homes throughout the city of Boston. Foreclosures, bank sales and short sales have certainly weakened the values on home around these repos, but even still, the sale prices in and around Boston have held strong to around 90-99% of the listing price. Not bad for a down market!