With the day to day and month to month reporting of the Greater Boston real estate market stats you see in the news all the time, sometimes it’s easy to lose sight of the big picture. Well, here’s the BIG PICTURE:
As you can see, annual Boston home and condo sales* have essentially been flat for the past 4 years (down about 25% from the peak in 2004). In 2011, sales we slightly down from the previous year but remember, there was no tax credit incentive for home buyers last year as in the previous few years.
Annual Boston home and condo median prices* have been rebounding for the past 2 years from their lows in 2009. In fact, condo median prices in 2011 were their highest level on record at $360,000.
What do you think? Signs of a market on the rebound? Given that mortgage rates are at their all time lows (and expected to remain low throughout 2012), and an overheating rental market, is the Boston real estate market set up for full recovery in 2012?
*This data constitutes home and condo sales in the Greater Boston Real Estate Board region, which is comprised of the 54 cities and towns in the metro Boston area, loosely defined as within the Rt. 495 belt (map of area).
