FOR IMMEDIATE RELEASE
Editorial Contacts:
Katie Curnutte
The Warren Group
(617) 896-5370
kcurnutte@thewarrengroup.com
January Single-Family Home Sales
Fall to Lowest Level Since 1987;
Sales Drop 28 Percent,
According to The Warren Group
Median Price During Month Falls 4 Percent
BOSTON, Feb. 26, 2008 –Single-family home sales in Massachusetts fell to the lowest recorded January level since The Warren Group began tracking real estate data in 1987. Prices also continued to slide in January 2008, according to a report released today by The Warren Group, publisher of Banker & Tradesman.
“This was a weak start for 2008’s housing market, but it was not unexpected,” said Tim Warren Jr., CEO of The Warren Group. “Sales have shown notable weakness since September 2007, and that trend continued in January.”
Single-family home sales fell 28.3 percent from 2,943 sales in January 2007 to 2,110 in January 2008. The median price for single-family homes dropped 4.4 percent from $340,000 to $325,000.
Condominium sales declined 36.2 percent in January from 1,778 to 1,135. The median price fell 1.5 percent from $274,000 for sales in January 2007 to $270,000 for sales made in January 2008.
“Judging by the last few months of lackluster sales and the ever-increasing number of foreclosures – which can create a glut of low-cost homes on the market – these downward trends are many months from ending,” Warren said. “The market is getting better and better for potential homebuyers as prices drop. But we have yet to see increased buyer interest translate into increased sales.”
Statistics regarding home sales and prices in individual cities and town available to members of the media by request.
About The Warren Group
The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.