This is kind of like a back handed compliment. June sales of Massachusetts condos posted only a 5.7% decline in price over the same period last year. This is the smallest year-over-year drop in pricing since last August and is much smaller than the double digit declines we had seen in earlier months this year. The median price point for a MA condo in June was $278,624 which is down from $295,500 of June 2008.
With only 7,464 condos being sold so far in 2009 compared to 9,838 in 2008, volume is down dramatically. According to the Warren Group, it was the weakest first two quarters of a year since 1995.
My Thoughts: Due to the tax credit there are a lot of first time home buyer’s out there right now picking up the less expensive units. The Jumbo mortgage market is still holding down sales of higher priced properties thus bringing down the median price point. I think once this loosens up we will begin to see a rise in the median.
