Paper Economy - A US Real Estate Bubble Blog

Friday, June 10, 2011

Beantown Bust: Boston Home Sales and Prices April 2011

Looking at the latest data from the Massachusetts Association of Realtors and S&P/Case-Shiller, it is easy to see that the Bay State is now fully entrenched in the infamous housing "double-dip".

Prices and sales are falling, inventory is up and the monthly supply is over 10 months... now with no government tax scam muddying the view, the market is showing it's true "organic" trends while it continues slumping through the worst decline in generations.

The Massachusetts Association of Realtors (MAR) released their Existing Home Sales Report for April showing that single family homes sales increased 13% from March but fell a whopping 20% below the level seen in April 2010 with detached single family median home prices plunging 8.5% below the level seen last year.

Condo sales increased 12.1% from March but dropped 26.1% below the level seen in April 2010 while median selling prices increased 6.7% above the level seen a year earlier.

The S&P/Case-Shiller (CSI) Boston index indicated that area single family home prices declined 1.66% between February and March and registering a year-over-year decline of 2.66%, the eighth consecutive annual decline.

As for condos, the Boston condo CSI indicated area unit values declined 1.86% between February and March with values showing a year-over-year decline of 3.08%.

Single family homes stayed on the market for an average of 151 days while condos stayed an average of 135 days, both values significantly higher than the level seen last year indicating that the sales pace is continuing to slide while the monthly supply of both single family homes and condos remains at or above 10 months.

As in months past, be on the lookout for the inflation adjusted charts produced by BostonBubble.com for an even more accurate "real" view of the current home price movement.



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16 Comments:

  • Thanks so much for this! I haven't been this moved by a blog for a long time! You’ve got it, whatever that means in blogging. Anyway, You are definitely someone that has something to say that people need to hear. Keep up the good work. Keep on inspiring the people!
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  • Will you allow me to republish this on my blog?

    Thanks in advance!

    By Anonymous aigio, at 10:34 AM  

  • The market is really falling down. Hopefully we can recover this at the end of the year.

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    By Blogger butch, at 12:27 PM  

  • The market is really falling down. Hopefully we can recover this at the end of the year.

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    By Blogger butch, at 12:27 PM  

  • Hi SATT. I've been a reader but not a commenter lately so I thought I'd just say hello.

    Guess you were right about the govt tax scam and double-dip. Seems like we've got a long way to go.

    Glad you're keeping up this blog.

    By Anonymous Dagger, at 11:30 PM  

  • I Really enjoyed your blog. I just bookmarked it. I am a regular visitor of your website I will share It with Yep. I lurk there often. You guys have a wonderful blog. Keep up the good work.. What made you think about such a topic. Its funny I am not the only one that feels that way about it. Keep it up! Additional A rise in A lot more. Maybe you may also want to visit this site too Baltimore Nightlife Thanks.

    By Anonymous Richemaya Fantasia, at 9:49 AM  

  • Dagger,

    Thanks for the good words... nice to see you back. The double-dip is on though spring sales may give a lift through to the summer months but then we go down again!

    By Blogger SoldAtTheTop, at 11:38 AM  

  • I've been seeing some stuff lately where the Fed may attempt once again to support real estate prices. To me, that's just throwing more money into a giant black hole. Price corrections are painful, but they're necessary to start stimulating demand again.

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