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Description: MAR confirms January plunge. SFH sales down 27.7% YOY, nominal prices down 5.6% YOY.
URL: http://www.boston.com/business/ticker/2008/02/mass_home_sales_6.html
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=1500

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[Brian C]

And if you think January was bad wait until February's numbers. Its going to be even worse.

Price Range: up to $475,000

Communities: FRAMINGHAM, NATICK, NEEDHAM, WALTHAM, WATERTOWN

SFH Sales
Jan 1-25 23
Feb 1-25 16

Condo Sales
Jan 1-25 23
Feb 1-25 20

For SFH Homes:
While we can't really use these numbers to represent the entire state, we can guess that sales will be down about 25-30% below Jan 2008's numbers. The difference between Jan 2007 and Feb 2008 sales was only 12% so with a expected 25-30% drop in Feb 2008, we should seeing 1389-1488 sales or 38% to 42% drop YOY for Feb 2008.

For Condos:
Following the above estimations, expect a drop 30-40% YOY next month.

[spork]

I am seeing similar numbers/trends in many towns/cities further west (Worcester county) in feb up to this point, although i don't have them quantified(just eyballing the number of sales per town).

Remember many homes close near the end of the month, but that being said, I think you might be correct.

Nothing is definate until all the numbers come in, but I feel that feb will be just as bad as Jan, or more likely worse...accelerating pace of decline for prices and # of sales B4 it starts to slow down then stabalize/bottom for the BOS mkt.

I guess we will see one month from now

[JCK]

Weren't the Jan 2007 sales numbers surprisingly high? I remember the NAR crowing at the time that this indicated something good about the RE market. If so, that would make it a poor point of comparison.

[admin]