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Boston, Suffolk County Bubble burst

 
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PostPosted: Wed Nov 28, 2007 2:57 am GMT    Post subject: Boston, Suffolk County Bubble burst Reply with quote

http://www.boston.com/realestate/news/blogs/renow/

[quote]Even the Massachusetts Association of Realtors, whose housing numbers this year have shown only modest declines, recorded an 11.4 percent drop in single-family home sales statewide in October.

The drop in activity pushed the median house price down by 3.2 percent, to $330,000, the association said.

Buyers are sitting this market out, said Doug Azarian, MAR's president. "They want to see what shakes out from the credit crunch and how much of an impact it might have on the overall market," he said.

The Warren Group's analysis of October was much bleaker.

House sales declined 17.1 percent -- a second month in double-digits -- and prices fell 6.45 percent statewide. Because Warren Group culls it data from court records, it counts more foreclosures than does MAR data, which tallies only agent-listed closings in October.

Suffolk County had the steepest price decline, probably do to prevelance of foreclosures. The median house price fell 14.4 percent, to $279,000 last month, compared with $325,950 in October 2006.

"There are just no buyers," said Lee Robinson, a Dorchester agent for Gibson Sotheby's International Realty.

Middlesex County's median price fell 4.42 percent; Plymouth County's, 11.3 percent; and Essex, 0.3 percent.

Who would believe the median house price
would drop below $300K so soon.
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