The first few months of 2009 were tough times in the economy the same way the last quarter of 2008 was. Nobody knew what was going to happen in the next hour on the stock market, never mind next month! Confidence was low and most people who were even considering buying a property were on the fence at best.
Here are some quick highlights of the 2009 first quarter report (percentage is versus same time period 2008)
Citywide number of total sales = 339 (-33.40%)
Citywide average sales price = $593,668 (-14.63%)
Citywide Median Sales Price = $410,000 (-13.68%)
Citywide Average Price Per Square Foot = $522.44 (-9.74%)
Citywide Median Price Per Square Foot = $484.62 (-12.03%)
Citywide Average Days on Market = 123 (110)
Here is some positive news for you:
Back Bay Average Selling Price = $1,280,257 (+14.06 %)
North End Average Selling Price = $495,615 (+26.59 %)
Seaport Total Sales = 19 (+35.71 %)
Those numbers were through the end of March. Since then I we have actually become extremely busy and have seen very high traffic at open houses throughout the city. I put three properties under agreement on Monday alone. I think we have seen the bottom for the stock market and have started to see a significant rebound of over 20% from the lows. Historically this has signaled the end of a recession/depression. We will probably continue to see some bad unemployment numbers but that is not unusual for 4-12 months after the bottom of the market.
With rates still historically low, the new first time home buyer tax credit, and prices having come down or stayed level, I think even more buyers will continue to step up to the plate and begin purchasing property.
If you’d like the full 87 page Boston Real Estate Market Report, please contact me at nwarren@warrenre.com and I will send you the PDF.
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