As in my previous post for the Massachusetts statewide data, here is the sales information for October 2008 for the Greater Boston* real estate market:
As you can see, compared to the Massachusetts data, in closer to Boston the market is generally a bit tighter. Prices are higher and inventory (in terms of months) is substantially lower, but we see the same trends overall. Prices have fallen and sales are up for single families (close to level for condos).
Not included in my chart above, but important looking ofrward, is "pending sales" for October. I briefly mentioned this in the last post, but pending sales for the Boston region are down 9.9% for single families and down 17.8% for condos. The financial and economic crisis is taking its toll, clearly. Will it be a temporary setback? Only time will tell. As the data shows, the Boston real estate market is showing signs of stabilization. Inventory is already low and buyer activity is up for September and October showing a willingness to buy. How bad the economy gets and for how long will be the issue. Can Obama's economic team find a way out quickly?
*Greater Boston region is made up of the 54 cities and towns generally located within Rt 128 arounf Boston