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.

Crashachusetts Existing Home Sales and Prices: November 2009

This week, the Massachusetts Association of Realtors (MAR) released their Existing Home Sales Report for November showing that single family homes sales absolutely surged jumping 63.1% on a year-over-year basis while condo sales exploded up 76.2% over the same period.

Single family median home value increased 0.7% on a year-over-year basis to $285,000 while condo median prices declined 0.4% to $249,000.

Obviously these results are indicating not only that the government’s subsidy of residential real estate (the market, the industry and Realtors) worked to drive a significant number of sales, but that housing fever is still alive and well.

This should come as a truly disappointing blow to anyone who has the audacity to think that a healthy and significant correction in prices is actually a necessary step in the process of healing our distorted and high cost of living area.

What gives the government the right to attempt to create a floor under housing, an asset/service carrying likely the single greatest cost any typical household has to bear?

If market forces would naturally drive down sales and prices making the cost of living more affordable why should government and industry groups like the Realtors interfere?

But, federal meddlers and conniving interested parties don’t think in those terms… they support prices out of a bias in favor of property owners on the upper end, they create and support public housing projects for those on the lower end… and what of those in the middle?... you get to foot the bill one way or another.

So the beat goes on… Buyers snap back to a behavior we all now know caused tremendous distortions and costly excesses, the Feds feel satisfied that they bought enough votes to secure their next election and Realtors line their pockets with commission loot that is now the direct transformation of your tax dollars.

What have we learned from this whole ordeal? … likely nothing.

But in any event, this surge of activity can only run so long… contrary to popular belief, there is not simply and endless supply of sidelined buyers just ready to snap up the next government tax gimmick.

Eventually even these sneaky devices will fail to stimulate the lemmings and the natural market force will show its true character.

Whether Mr. housing market will come out of this distorted period depressed and dejected or spry and agile is anyone’s guess but, given the latest results and the recent extension of the federal governments housing policy, we should be prepared for another season of distorted sales volume.


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.

Key Statistics from the Report:

Single Family results compared to November 2008

• Sales: increased 63.1%
• Median Selling Price: increased 0.7%
• Inventory: declined 15%
• Current Months Supply: 6.5
• Current Days on Market: 116

Condo results compared to November 2008

• Sales: increased 76.2%
• Median Selling Price: decreased 0.4%
• Inventory: declined 14%
• Current Months supply: 6.5
• Current Days on Market: 128

Crashachusetts Existing Home Sales and Prices: November 2008

Today, the Massachusetts Association of Realtors (MAR) released their Existing Home Sales Report for November showing that single family home sales completely collapsed dropping 21.8% on a year-over-year basis while condo sales crumpled a staggering 27.3% over the same period firmly indicating that a new and dramatic leg of the housing downturn has commenced.

Further, the single family median home value declined a whopping 14.2% on a year-over-year basis to $283,000 while condo median prices dropped 9.1% to $250,000.

Clearly, the impact of the recent stock market crash and ongoing economic crisis is bearing down on both consumer sentiment and, more fundamentally, credit availability resulting in a significant pullback in spending on homes and other costly purchases.

It’s perfectly clear now that home sellers that choose to wait out the “down market” did so in vain as the 2008 selling season draws to a close likely the last opportunity to sell any residential property at anywhere near the prices set in the peak boom years.

With confidence depressed and eroding and sales volumes this low Boston area home prices have nowhere left to go but down.

MAR reports that in November, single family home sales decreased 21.8% as compared to November 2007 with a 13.0% decline in inventory translating to 12.2 months of supply and a median selling price decline of 14.2% while condo sales dropped 27.3% with an 21% decline in inventory translating to 13.2 months of supply and a median selling price decline of 9.1%.


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.

November’s key MAR statistics:

• Single family sales declined 21.8% as compared to November 2007
• Single family median selling price declined 14.2% as compared to November 2007
• Condo sales declined 27.3% as compared to November 2007
• Condo median price declined 9.1% as compared to November 2007
• The number of months supply of single family homes stands at 12.2 months.
• The number of months supply of condos stands at 13.2 months.
• The average “days on market” for single family homes stands at 137 days.
• The average “days on market” for condos stands at 149 days.