You can’t find more trusted data than what is released by The Warren Group. Better than from MAR/NAR, of course.
The Globe ran an interview with Timothy Warren, Jr, chief executive of the company, in today’s paper.
Now, data and forecasts/predictions are two different things, of course. But, Mr Warren’s opinions are as good as any, right?
From today’s Q&A:
Q. How long did it take to climb out of the ’90s slump?
A. It was a very slow recovery. After prices stopped falling in 1993, it took six years for the Massachusetts median price to exceed its level before the slump started.
People say, ‘When is the recovery going to start?’ I say maybe next year, but after the recovery starts it might take five years.
What is a “recovery”? I would assume the generally-accepted definition is “higher prices”.
So, what do you have here? Prices down 1-3% in Greater Boston over the past two years. Perhaps another 1-3% drop over the coming 18-months.
Then, what, higher prices?
If you’re looking to buy a home in the area, do you take that as comfort or as a warning?
Source: Will home market blossom in spring? A cold hard look – The Boston Globe