March 3, 2010 excerpts from Fed Beige Book:
Residential Real Estate
Home and condo sales continued to show significant year-over-year increases in December 2009, belying concerns that year-over-year declines would recur after the huge sales increases in November that were mainly attributed to the first-time homebuyer tax credit. Part of the continued strength may be due to the extension of the tax credit through April 2010 and expansion of the tax credit to include some existing homebuyers. Contacts report year-over-year home sales increases between 15 percent and 36 percent across the six New England states; condo sales increased between 29 percent and 66 percent year-over-year. January data from the Boston area show these home and condo sales trends continuing into 2010. While foreclosure sales and short sales made up 33 percent of sales in December in Rhode Island, this represents an improvement from 43 percent in December 2008.
Home prices also showed signs of improvement in December. While the median home price declined slightly year-over-year in December in New Hampshire, it increased modestly in Connecticut, Rhode Island, and Maine, and rose more substantially in Massachusetts (11 percent) and the Boston area (20 percent, and then 6 percent in January year-over-year). The median condo price fell year-over-year in December in Rhode Island but increased in Massachusetts, Connecticut, and New Hampshire. The median condo price in the Boston area increased 27 percent year-over-year in January.
Several contacts believe that sales will continue to increase year-over-year for the next few months while the expanded tax credit is still available. A Boston contact reports that traffic at open houses has been steady. Pending sales numbers for Massachusetts were strong in January.
My thoughts: This seems like an upbeat report. What are your thoughts?
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
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137 Charles Street
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