Massachusetts Foreclosures Plummet to .3% of Households
February 26th, 2008
Sounds exciting doesn’t it? The statistic is real, but the presentation of the facts is the point. This .3% of households number is actually a 186% increase from Jan 2007, based upon a report from RealtyTrac.com.
I am getting calls every week to head out to a bank owned property and secure it. We then clean it up and list the property on MLS. In my personal business, this niche of the market is growing fast. But in today’s age of selling newspapers with headlines, lets give out a dose of Number Reality…
- The National Rate of Foreclosure is only 1.033%.
- 30% of all homes are owned mortgage-free.
- The top 10 foreclosure areas have had extreme price change over the past 5 years.
- The 7 top states with the best price appreciation (last 5 years) averaged a 91.6% increase.
This is a great real estate market for Buyers, and it is a challenge for a Seller to make their property stand out to the small number of Buyers out there, but the market is still solid.
The MAhome Team covers Metrowest Boston. We have 18 towns that comprise this service area. Here are the combined stats for both single family and condos compared to last year:
- 2779 listings compared to 2765 last year.
- Average Days on Market: 184 vs. 172 last year.
- Median Price dropped from $379900 to $349900 in Jan 07, an 8% drop.
As a full time Realtor, I am not interested in selling a newspaper or hyping up the marketplace. Sellers are not going to do as well as they could have on price a year ago, but my Buyers are going to have many choices and some good values.
My pledge to you is that I will try to communicate numbers here on the Metrowest Blotter as accurate and unbiased as possible.
Categories: Market Conditions, Real Estate
This entry was posted on Tuesday, February 26th, 2008 at 9:01 am and is filed under Market Conditions, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
