Sales Drop Despite Record Low Prices

Sales Drop Despite Record Low Prices

The average price for a single family home in Massachusetts is at its lowest level since early 2002. The current average of $259,250 is down more than 20% from $325,000 in January 2008.
Despite the price surge, condo sales are at a 17 year low. All other forms of single family residential properties are down as well. There were 629 condos sold the first month of 2009 as opposed to the 850 that were sold in January 2008.

Due to the current numbers, the Massachusetts Association of Realtors has pointed out the obvious fact that it's a buyer’s market. Interest rates and home prices are extremely low, and there is a new $8,000 federal tax credit for buyers to take advantage of. The Association notes that December 1 is the deadline to take advantage of the tax credit, so now is a good time to buy a home.