Massachusetts Association of Realtors and The Warren Group both reported that the sales and prices of Massachusetts real estate fell in March. That month the median home price fell to $267, 250. This is down 2.8% since last year according to the Warren Group. Home sales declined 14% when compared to the previous year. Is this a good thing or a bad thing? While this news is certainly not positive for sellers, it isn’t negative for Boston real estate buyers. It also shows that sellers may be coming to grips with the reality of the current Boston real estate market. Those in Massachusetts and especially Boston have had to cope with inflated Boston real estate prices year after year, but the market seems to be influencing sellers to be a bit more realistic. While the home buyer tax credit certainly pushed sales numbers up and perhaps postponed Boston real estate prices falling as much as in other areas, it seems the inevitable has finally happened.
Buyers interested in purchasing Boston condos, Boston luxury apartments, and Boston real estate should consider purchasing now. However, it’s important to move forward cautiously and make sure you make a good investment. One can only guess whether or not the decline in Boston real estate prices will continue into 2012. If you are interested in purchasing Boston real estate now, consult with a knowledgeable Boston real estate agent to ensure that if you purchase Boston condos or Boston luxury apartments that you make a wise investment despite a declining market. Will you take advantage of the lower Boston real estate prices? Contact High Rise Boston to discuss your housing needs if you would like to explore Boston real estate options.