Lowell Deeds

Yesterday, the Massachusetts Association of Realtors released their September 06 statistics… and as you might have expected, the news isn’t good. Home sales dropped 24% while prices fell 5.3% last month. The median price of a single family home slumped to $341,000 a 6% decrease from last year’s $359,900.
September 06 posted the slowest sales in a decade. It is obvious we are in the middle of a market correction. This is the eighth straight month that housing prices in Massachusetts have either fallen or flat lined… And things aren’t much better for condominiums…Condo sales fell 28% last month,…but there is some good news…condo prices didn’t drop in September. The Massachusetts Multiple Listing Service (MLS) currently lists 64,000 properties on the market. This is 14% higher than September 05. It is unlikely that prices will increase or stabilize until the present inventory shrinks.