From House Savey web site:
In the Greater Boston market, the number of sales is down 9.8% year-to-year. It is worth noting that the number of sales began to increase in March 2008, peaked in June 2008, then began to drop off a bit; October 2008 was the final month of a relatively healthy sales period and since then (three months ago) the number of sales has dropped 55%. It’s important to point out that reported “Sales” in January – which are actual closings (transfer of title) – reflect buying activity in the range of 60 days prior; in this case, November 2008, traditionally a very slow sales period.
Average Sale Prices have dropped 20% year-to-year, and 8.3% in the in just the past 3 months. It’s interesting to note that for the most part, sales prices generally followed the same curve as the number of sales, peaking in June, then starting to drop off again; however, prices have not dropped as dramatically since October as the number of sales, i.e. a drop of 8%. Every county in the Greater Boston region has experienced the decrease in sale prices year-to-year; Suffolk County has suffered the worst with prices decreasing by 32.2%; Norfolk County has fared the best, with a decrease of just 11.9%