Massachusetts real estate turned in a pretty good showing during the first three months of the year, despite the record rains and widespread flooding that plagued the Commonwealth in March.
Bad weather, flooded basements slow sales and delay closings?
A series of massive storms during March 2010 created record rainfall in Massachusetts. All the bad weather made road travel difficult and likely reduced March home selling activity in the state.
Because the majority of real estate closings come at the end of each month, the March 28 – March 30 storm that flooded basements across Massachusetts very likely triggered the postponement of a significant number of home sale closings that would otherwise have been reflected in the first quarter 2010 real estate results.
First quarter 2010 video recap of the MA real estate market
You can view a special video recap of the MA real estate market for the first quarter of 2010 by clicking the embedded video above or by clicking this link. This video was created to give you useful insights into the current state of the housing market in MA.
The video also places particular emphasis on Franklin, MA real estate activity for the quarter just ended.
So watch the video and click to find out what the current value of your home is in today’s improving real estate market.
Massachusetts real estate in 2010
This blog post will highlight four important developments in the overall Massachusetts real estate market so far this year.
15% rise in MA home sales
Despite the bad weather in March, home sales recorded on the Massachusetts MLS (MLSPIN) rose over 15% for the first quarter of 2010. This was the first increase in MA home sales during the initial three months of any year since a modest 4.5% uptick back in 2007.
Note that we’d need to see MA homes sales continue to go up for several more quarters before declaring a pronounced real estate rebound in the Commonwealth.
Lower inventory levels
Another stat to look at when analyzing real estate activity is the amount of housing inventory; taken together with home sale volume, movement up or down in inventory levels can present an accurate picture of the current health of any real estate market.
The standing inventory of homes for sale across Massachusetts has been declining for the last two years.
The decline has been steady and consistent: there were 10.7 months of housing inventory in Massachusetts during March 2008; that declined to 9.1. months of inventory for March 2009; and there was another decline to 7.7 months’ worth by March 2010.
It’s an encouraging sign that first quarter home sale volume was up in Massachusetts along with the continuing absorption of housing inventory.
Days on market (DOM)
A third useful gauge of the health of a real estate market is days on market. (“DOM” is the average number of days homes are on the market before finding a buyer.)
DOM in Massachusetts had risen sharply after the real estate market topped back in 2005; this meant that asking prices were meeting pronounced resistance from home buyers.
Succeeding years had seen first quarter DOM in MA plateau at approximately 150 days. That it was taking five months to sell a home was a sign of a buyer’s market in Massachusetts.
This year we finally saw improvement in DOM in Massachusetts.
First quarter DOM for all of Massachusetts fell to 128; let’s hope that becomes a continuing trend for the rest of 2010.
Mixed picture on home prices
The median sale price of single family homes in Massachusetts went up in the first quarter of 2010 for the first time in years.
According to data maintained by MLSPIN, Massachusetts’ median sale price rose 9.8% to $280,000 for the first quarter of 2010 (up from $255,000 the prior year).
You’ll note that median prices for Franklin and the regional market around Franklin declined, so the price picture was mixed during the first three months of 2010.
Home prices tend to be a lagging market indicator, so perhaps you get a more accurate reading on the 2010 MA real estate market by focusing more on the past quarter’s increased home sale volume and lower home inventory and DOM figures.
More reasons for optimism
The Boston Globe recently announced the end of the recession in Massachusetts.
Recent economic reports indicate that the national economy also is swinging into recovery mode.
Job creation and a growing economy are keys to the long term health of any real estate market.
So while the Massachusetts real estate market is not yet fully out of the woods, there are enough signs of recovery and rebirth to justify belief in better times ahead for us all!
Copyright ©2010 02038.com
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions
and feel in control.
Did you know you can materially improve your home selling success by choosing your marketing agent and brokerage brand wisely? It’s true! A marketing agent with a sterling reputation, backed by a strong brokerage brand, will do wonders for the reception your home gets upon entry to market. Call Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. Talk with Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. His devotion to excellence can demonstrably improve your home buying and selling decision-making and, consequently, your experience of home ownership. Warren constantly stays current on the local housing inventory. And he is conversant with the broader market trends that affect home sales statewide link to Market Updates. Warren knows that the market knowledge he works so hard to maintain and his high standards of real estate practice help him achieve for you the lasting, true value of home ownership. Talk with Warren today! 508-561-6259
"Warren was the finest real estate agent we've ever worked with. This was evident to us in comparison to quite a few realtors we attempted to utilize, as they were not very helpful, understanding or willing to work with us based on our preferences." -SM
“If you think it’s expensive to hire a professional,
wait until you hire an amateur.” Red Adair
Did you know you can materially improve your home selling success by choosing your marketing agent and brokerage brand wisely? It’s true! A marketing agent with a sterling reputation, backed by a strong brokerage brand, will do wonders for the reception your home gets upon entry to market. Warren is known in the local brokerage community as a dependable, highly skilled professional who is a straight-shooter. Other agents like working with Warren because they know they can trust him to be a reliable partner in any transaction. And the Berkshire Hathaway HomeServices brand stands for sound decisions and extraordinary strength and stability. The “Forever Brand” brokerage created by Warren Buffet sets the standard for the real estate industry by focusing not on selling more homes, but rather on selling homes for more!Call Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. In person, by phone, email or text, whenever you need him, you’ll get a prompt response from Warren! Warren’s clients rave about the high degree of consideration and attention they get from him. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Warren employs his own creativity by producing compelling marketing, both in print and especially online! His www.02038.com, is a highly effective website promoting the wonderful lifestyle afforded by the Town of Franklin, MA. And his Market Updates content on Massachusetts real estate trends gives home buyers and sellers alike the context they need to make more informed decisions about their housing investments. Warren frequently uses his abilities to devise resourceful solutions to the diverse challenges that threaten to complicate most real estate transactions. Warren has made real estate his career and won many sales awards in his 20+ years in brokerage, including the highly prestigious Chairman’s Circle Gold Award and the elite Centurion Award. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. His legal knowledge and decades-long experience in putting — and keeping — real estate sales together give him a better handle on the legal, practical and emotional dynamics of the real estate transaction. Warren uses these skills to empower clients to achieve more! He often anticipates and resolves problems BEFORE they can become serious impediments. Enjoy the sense of trust, security and control that comes from having a highly skilled expert at your side — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions and feel in control.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. But many agents give their fiduciary duties short shrift in their quest for the quickest and easiest path to a closing. Not Warren Reynolds! His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale. This may make Warren work longer and harder for you than most other agents would. But ultimately, Warren’s diligence and attention to detail is his commitment to an experience that transcends the sale. He wants you to have the confidence and peace of mind that comes with having a true fiduciary protecting you. Discover the difference of working with an agent who does not view you as just another opportunity for a commission – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.