Massachusetts Home Buyer Guide

Massachusetts Home Sales Up August 2011

Sales of both Massachusetts single-family homes and condominiums increased in August 2011, The Warren Group, publisher of Banker & Tradesman, reported September 27, 2011.

August was the first time this year both property types posted a sales increase during the same month.

A total of 4,203 single-family homes sold in Massachusetts in August, a 15 percent increase from 3,652 sales in August 2010. The sales numbers represented the second consecutive month of year-over-year sales increases. August marked the second time sales have surpassed 4,000 this year. Year-to-date sales remain down 12 percent at 25,101, compared to 28,564 during the same eight-month period a year ago.

It should be noted that August 2010 had the fewest homes sales of any August in two decades.

The median price of single-family homes slid 3.4 percent to $305,700 in August 2011, down from $316,500 a year earlier. The median price for homes sold January through August was $296,000, down 1.3 percent from $300,000 in the prior year.

In August, Massachusetts condominium sales increased 5.8 percent, the first time this year that condo sales rose from a year ago. A total of 1,716 condos sold in August, up from 1,622 a year ago. Year-to-date condo sales are down nearly 22 percent, dropping to 10,012 from 12,830 during the same eight-month period last year.

The median condo price dropped 2 percent in August to $292,500, down from $298,500 a year earlier. The year-to-date median price of condos was $276,625, up almost 4 percent from $266,000 a year ago.

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Plymouth, MA Home Prices Flat First Half of 2011

The median price of single-family homes in Plymouth, Massachusetts stabilized in the first half of 2011 as sales decreased, according to data compiled using MLS Property Information Network, Inc, a local multiple listing service.

The median price of single-family homes increased 0.2 percent in the first half of 2011 compared to the previous year, a difference of only $500.  Single-family home sales in Plymouth, MA decreased 14.6 percent in the first six months of 2011, a difference of 35 sales compared to the previous year. 

From January through June 2011, the median price of condominiums decreased 22.8 percent, or $49,480 compared to the first half of 2010.  With more affordable prices, condominium sales jumped 37.3 percent, a difference of 19 sales. 

The median price of multi-family homes fell 15.3 percent in the first half of 2011 compared to the previous year, a difference of $52,500.  Sales of multi-family homes fell 50 percent in the first six months of 2011, a difference of five sales compared to the same six-month period in 2010.

Plymouth, Massachusetts Real Estate Market Activity

                            Sales / Median Price

Single family:
Jan.-June 2010 – 240 / $276,500
Jan.-June 2011 – 205 / $277,000

Condominiums:
Jan.-June 2010 – 51 / $216,980
Jan.-June 2011 – 70 / $167,500

Multi family:
Jan.-June 2010 – 10 / $342,500
Jan.-June 2011 – 5 / $290,000

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Haverhill, MA Median Home Prices Increase July 2011

The median price of single-family, condominium and multi-family homes in Haverhill, Massachusetts increased in July 2011, according to data compiled using MLS Property Information Network, Inc, a local multiple listing service. 

The median price of single-family homes increased 14.3 percent in July 2011 compared to the previous year, a difference of $37,450.  Single-family home sales in Haverhill, MA declined 25 percent, with nine less sales in July of 2011. 

Condominium sales in Haverhill, MA increased in July, a difference of six sales compared to July 2010, a 40 percent rise. The median price of condos increased 13.6 percent in July 2011, a difference of $21,000 compared to July 2010. 

The median price of multi-family homes sold increased 76.2 percent in July 2011, a difference of $80,000. Sales also jumped up, with 10 more sales in July 2011 than one year earlier.

Haverhill, Massachusetts Real Estate Market Report 

                Sales / Median Price 

Single-family Homes:
July 2010 - 36 / $262,450
July 2011 - 27 / $299,900

Condominiums: 
July 2010 - 15 / $154,000
July 2011-  21 / $175,000

Multi-family Homes:
July 2010 - 3 / $105,000
July 2011-  13 / $185,000

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Andover, MA Home Prices Decline First Half of 2011

The median price and sales of single-family homes in Andover, Massachusetts both decreased in the first two quarters of 2011, according to data compiled using MLS Property Information Network, Inc, a local multiple listing service. 

The median price of single-family homes fell 7.2 percent in the first half of 2011 compared to the previous year, a difference of $37,000.  Single-family home sales in Andover, MA fell 6.3 percent in the first six months of 2011, a difference of eight sales compared to the previous year.  

In January through June 2011, the median price of condos jumps 26 percent, or $61,000 compared to the same period in 2010.  The increase in price apparently deterred condo buyers. Condominium sales fell 26.5 percent, a difference of nine sales.  

The median price of multi-family homes rose 25.5 percent in the first half of 2011 compared to the previous year, a difference of $65,000.  Sales of multi-family homes rose 50 percent in the first six months of 2011, a difference of only one sale compared to the same six-month period in 2010.


Andover, Massachusetts Real Estate Market Activity Report

                             Sales / Median Price 

Single family: 
Jan.-June 2010 – 127 / $512,000
Jan.-June 2011 – 119 / $475,000

Condominiums: 
Jan.-June 2010 – 34 / $235,000
Jan.-June 2011 – 25 / $296,000

Multi family:
Jan.-June 2010 – 2 / $255,000 
Jan.-June 2011 – 3 / $320,000

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Bridgewater, MA Home Prices Decline First Half 2011

The median price of homes in Bridgewater, Massachusetts decreased in the first half of 2011, according to data compiled using MLS Property Information Network, Inc, a local multiple listing service.
 
The median price of single-family homes declined 6.1 percent in the first half of 2011 compared to the previous year, a difference of $18,200.  Single-family home sales in Bridgewater, MA were flat with 69 sales in both the first half of 2010 and 2011.

In January through June 2011, the median price of condominiums decreased 13.1 percent, or $20,900 compared to the first half of 2010.  Condo sales plummeted 48.3 percent, a difference of 14 sales.  

The median price of multi-family homes fell 14.3 percent in the first half of 2011 compared to the previous year, a difference of $33,000.  Sales of multi-family homes fell 50 percent in the first six months of 2011, a difference of three sales compared to the six-month period in 2010.

Real Estate Market Report for Bridgewater, Massachusetts

                            Sales / Median Price 

Single-family homes:
Jan.-June 2010 – 69 / $298,000
Jan.-June 2011 – 69 / $279,800

Condominiums: 
Jan.-June 2010 – 29 / $159,900
Jan.-June 2011 – 15 / $139,000

Multi-family homes: 
Jan.-June 2010 – 6 / $230,000
Jan.-June 2011 – 3 / $197,000

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North Andover, MA Home Prices Increase First Half of 2011

The median price of homes in North Andover, Massachusetts increased in the first half of 2011 while sales decreased, according to data compiled using MLS Property Information Network, Inc, a local multiple listing service. 

The median price of single-family homes increased 2.3 percent in the first half of 2011 compared to the previous year, a difference of $11,100.  Single-family home sales in North Andover, MA decreased 8.8 percent in the first six months of 2011, a difference of eight sales compared to the previous year. 

In January through June 2011, the median price of condos jumped 30.1 percent, or $52,900 compared to the first half of 2010.  Condominium sales fell 3.9 percent, a difference of just two sales.  

The median price of multi-family homes fell 13 percent in the first half of 2011 compared to the previous year, a difference of $39,000.  Sales of multi-family homes in North Andover were up 33.3 percent in the first six months of 2011; however, that was a difference of only one sale compared to the same six-month period in 2010.

North Andover, Massachusetts Real Estate Market Report

                            Sales / Median Price 

Single-family Homes: 
Jan.-June 2010 – 91 / $473,900
Jan.-June 2011 – 83 / $485,000

Condominiums:
Jan.-June 2010 – 51 / $176,000
Jan.-June 2011 – 49/ $228,900

Multi-family Homes:
Jan.-June 2010 – 3 / $300,500
Jan.-June 2011 – 4 / $261,500

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More Massachusetts Homeowners 'Underwater'

Nearly a quarter-million homes have negative equity in Massachusetts, a number that has grown roughly 5 percent over the past year, the Boston Business Journal reported Tuesday, September 13, 2011.

A home is considered “underwater” when its mortgage exceeds the property’s overall value. Although the percentage of Massachusetts homes that are underwater is quite a bit lower than the national average (15.7 percent in MA, 22.5 percent nationally), Corelogic, a provider of financial, property and consumer information, reported that Bay State percentages are trending upwards while the national average declines.

As of the end of June, 15.7 percent of Massachusetts homes were underwater compared to 14.9 percent at the third quarter 2010, a difference of 11,846 homes (234,443 in June 2011, 222.599 in September 2010).  The Boston-Quincy metro region saw negative equity rates rise from 15.7 percent in September 2010 to 16 percent in June 2011.

Nationally, negative equity rates dropped to 22.5 percent in June, down from 23.1 percent at the end of 2010.

$5,000 Grants For First-time Military Buyers

Active duty personnel, veterans, retired members of the military, and employees of the U.S. Department of Defense and the Department of Homeland Security are eligible to apply for up to $5,000 in down-payment and closing-cost assistance in the purchase of a first home.
 
The national nonprofit Pentagon Federal Credit Union Foundation is offering the assistance through its Dream Makers program and says the grants can be applied to a mortgage from any financial institution.

You're eligible for a Dream Makers grant if:

1. You're Military (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee.
2. You're a first-time home buyer, or you have not owned a home for the last three years, or you have lost your home through divorce or disaster.
3. The gross household income, including allowances, that you use to qualify for your mortgage loan is:
   - A maximum of $55,000 per year, or
   - A maximum of 80% of your community’s median income based on your family size

S&P/Case-Shiller Index: U.S. Home Prices Increase Q2 2011, Boston Remains One of the Healthiest Markets

National home prices increased 3.6 percent in the second quarter of the year compared to the first quarter, yet were down 5.9 percent compared to the second quarter of 2010, CNNMoney.com reported August 30, 2011.

The gains came after three consecutive quarters of decreasing home prices in the U.S. The data come the S&P/Case-Shiller Index.

The year-over-year price drop of 5.9 percent was larger than expected, with experts forecasting a 4.7 percent decline. Most metropolitan areas across the country saw increased prices month-over-month (1.1 percent nationally), with Boston prices rising 2.4 percent in June.

Karl E. Case, cofounder of the housing index, said the Boston Area continues to be one of the healthiest real estate markets nationwide, The Boston Globe reported August 31, 2011. Even though values here have fallen about 15.3 percent since their peak in September of 2005, that is only about half the decline in values for the 20 cities tracked by the index.

The Boston region’s housing numbers for June represent the third biggest increase in home values for that month nationwide, after Chicago and Minneapolis, according to the index.

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Franklin, Massachusetts Home Sales, Median Home Prices Declined in the First Half of 2011

The median price and sales of homes in Franklin, Massachusetts decreased in the first half of 2011, according to data compiled using MLS Property Information Network, Inc, a local multiple listing service.

The median price of single-family homes declined 4.3 percent in the first half of 2011 compared to the previous year, a difference of $16,250.  Single-family home sales in Franklin, MA fell 12.1 percent in the first six months of 2011, a difference of 14 sales compared to the previous year. 

From January through June 2011, the median price of condominiums plunged 21.7 percent, or $61,450 compared to the first half of 2010.  Franklin condo sales fell 27.8 percent, a difference of 15 sales. 

The median price of multi-family homes fell 5.2 percent in Q1 and Q2 compared to the same period in 2010, a difference of $15,000.  Sales of multi-family homes increased 66.7 percent in the first six months of 2011, a difference of only two sales compared to the same six-month period in 2010.

Real Estate Market Report for Franklin, Massachusetts

          Sales / Median Price

Single-family Homes:
Jan.-June 2010 – 116 / $380,000
Jan.-June 2011 – 102 / $363,750

Condominiums:
Jan.-June 2010 – 54 / $282,950
Jan.-June 2011 – 39 / $221,500

Multi-family Homes:
Jan.-June 2010 – 3 / $287,500    
Jan.-June 2011 – 5 / $272,500

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Energy Efficiency Federal Tax Credit 2011

In 2009 and 2010 installing a new energy-efficient heating and air conditioning system would have qualified you for as much as a $1,500 tax credit. Although 2011 does not offer the same savings, there is still some incentive to upgrade your system before the year’s end, USA Today reported August 22, 2011.

Tax credits for energy-efficient home improvements were extended by congress to run through 2011; however, maximum credits were dropped from $1,500 to $500. The amount you can claim on specific projects was also capped, with a new heating and cooling system saving you up to $300 and new windows up to $200. 

The credit may only be applied once per person over the lifetime of the law, so a new home or a new project does not qualify you for another tax break if you have already taken advantage of the program in a previous year.

The savings may be modest, but there is no guarantee the credits will be extended again in 2012, so now is the time to take advantage.

To get more information on tax credit eligibility click here.

Zillow Reports Boston Area Home Values Fall Q2 2011

Home values in the Boston Area fell 2.8 percent in the second quarter of 2011 compared to Q2 2010, a small drop compared to the national average, Banker & Tradesman reported August 9, 2011.

According to a Zillow.com report, nationally home values dropped 6.2 percent year-over-year (from Q2 2010 to Q2 2011), and have fallen 28.8 percent from the peak of home values in June, 2006. Boston values on the other hand have only dropped 20.6 percent since the peak in 2006, and have actually increased 2.1 percent from the first quarter of this year.

The Zillow report also noted that 11.8 percent of Boston Area homeowners are underwater on their mortgages, meaning their homes are worth less than they owe on their mortgage. Nationally, that number is about 26.8 percent.