Boston MA Real Estate Market Report 2010

Boston real estate market in 2010 continues to reflect the effect of consumer confidence and the local economy. Homes sales increased in value but the number of homes sold declined from 2009 activity. Condominium sales increased sharply as did the values. 

The statisctics point to a real estate bottom in the 2009-2010 market with predictions of a 2011 similar to 2010.   Boston has many neighborhoods with a variety of housing options in different price ranges.  At the high end, Beacon Hill, Back Bay and the waterfront are mostly condominiums.  The foreclosure concentration is centered in Dorchester and Roxbury.  If you are considering a real estate purchase in Boston, analyze each neighborhood sales trends which will be very different than the overall Boston market

In 2010, home sale date indicates that there were 908 homes sold in 2010 as compared to 914 in 2009. This represents a 1% decrease in the number of homes sold. The average sales price changed from $436625 in 2009 to $517616 in 2010, a 19% increase in value. The days on market changed -17 % from 107 to 89.

The average sales price climbed to the highest value in the last five years.  This statistic indicates that the high end, where values can drop sharply, has stabilized even though sales are down.

Condominium sales indicate that there were 3700 condos sold in 2010 as compared to 3637 in 2009. This represents a 2% increase in the number of condos sold. The average sales price changed from $452852 in 2009 to $520843 in 2010, a 15% increase in value. The days on market changed -4 % from 105 to 101.

As is in the single family market, condo values have increased sharply with a slight increase in the number of units sold.  The five year trend points to a continued upward trend in this segment of the market.  The market has absorbed the foreclosures and short sales which is the primary reason for the increase in value.

The Boston MA real estate market report for 2010 was compiled by Virtual Homes Real Estate from the MLS data reported by MLS Pin.  The information is not guaranteed to be accurate.  Graphs were provided by Praxius Technology.