Boston Real Estate Market July 2010 Update

The Boston real estate market update reports home sale activity and are averages of all Boston neighborhoods. Review market reports of each neighborhood to understand values in each location.

The Boston Real estate market continues to send mixed messages to potential homebuyers. The year to date activity through July indicates that average sales prices have increased dramatically over 2009 averages. YTD transactions have also increased and the days on market are improving. However, in comparing activity during the month of July transactions were down compared substantially from 120 homes sold in 2009 to 86 homes sold in 2010. Values spiked in July from 2009 values of $478,006 to $732,945. July comparative median sold prices increased from $330,500 to $426,500.

At the end of July in 2010, there were 299 active listings priced from $99,000 to $23,000,000. The average list price was reported at $876,119 and the median price was at $399,500. For sales pending, there are 75 homes under contract in a value range of $89,900 to $3,300,000. The average list price of these homes was at $411,215.

Visit the Boston MA real estate 2009 report for a complete analysis and comparison to current market conditions.

In 2010 the average sales prices for Boston homes have averaged $536,112 as compared to the 2009 yearly average sales price of $441,126. 2010 homes sold activity has increased from 479 units to 564 homes sold. Homes sold in a value range of a low of $56,000 to a high of 9,350,000. The median sales price was at $360,000. Average days on market improved from 119 days to 84 DOM.

YTD activity has been impacted by the recession and the tax credit. The lower end of the market was very active with first-time homebuyers and the impact of foreclosures. The tax credit ended in June so transaction closings during the month of July were more reflective of current market conditions. Interest rates continue to drop increasing affordability and the well priced quality homes sell quickly. Go to Boston real estate for additional information about the Boston neighborhoods and community information.

Information for the Boston MA real estate report was compiled by Virtual Homes real estate from the MA MLS (MLSPin) and is not guaranteed to be accurate.