August 28, 2009 Andrea McDonough

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!

Andrea McDonough

Andrea McDonough is a motivated and knowledgeable sales and leasing agent with a prior background in economics and commercial property investments. Andrea graduated from St. Lawrence University with a degree in Economics. Prior to joining the Bushari Group, she worked for C.B. Richard Ellis on the Capital Markets Team, where she focused her efforts on research, marketing and analysis. Andrea is training to run the Boston Marathon in 2009 and has run more than 40 races since 2001. She continues to increase her road biking mileage and plans to bike Central New York’s “Ride for Missing Children” in 2009. Andrea is also a “Big Sister” for the Big Sister’s of Massachusetts Bay and coach’s figure skating in her spare time.

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