Home Sales in Greater Boston Area on the Rise
An article published in late March, 2016 in Boston Business Journal offers some promising news for those in the real estate business: home sales in the greater Boston area are “off to a very strong start,” despite the fact that home prices lag behind the national average.
Growth in Home Sales
To support the claim made above, Bizjournals’ article shares the fact that the area witnessed a 3.6 percent increase in home value in January (compared to a 5.4 percent rise nationally). But in February, the growth of home sales surged tremendously; single family homes in Massachusetts saw a sale increase of more than 30 percent, and more than 2,860 homes were sold that month throughout the state, compared to just over 2,100 during the same time period the previous year.
Change in Value Still Remains Below National Average
While homes are going fast in Boston, the cost of those homes still remains relatively low compared to other areas in the country, and even compared to the price of homes in the same area at the same time last year. In fact, the median price of a single-family home for sale in the greater Boston area is down 4.3 percent from last year, and the median price of a condo is down 3.9 percent.
For those who are struggling with the unaffordable costs of homeownership in other parts of the country, the less-expensive Boston market offers a much-welcome relief. (In areas like Portland, Seattle, and San Francisco, year-over-year home price gains were the highest in the nation, at 11.8 percent, 10.7 percent, and 10.5 percent, respectively.)
A Good Time to Buy in Boston
While the lower price of home values in Boston does not make the market ideal for those who are hoping to sell and upgrade to a larger home, it does make it a perfect time to buy. If you are considering purchasing your first home or condo in Boston, doing so while it’s still a buyer’s market is advised.
To guide you through the process of closing on your new home and understanding real estate laws, be sure to work with an experienced real estate attorney. A real estate attorney can protect your best interests throughout the process, ensure that a contract is legal and fair, and negotiate on your behalf should any issues arise. What’s more, Massachusetts law requires the presence of an attorney during the closing process.
Call Our Boston Real Estate Attorney Today
When you have questions about real estate law, have a real estate dispute, or need answers about your rights, you need the services of Deborah Gold-Alexander, Attorney at Law. With over 30 years’ experience in the Boston real estate legal world, Deborah Gold-Alexander and her team understand the tough issues that real estate transactions often present. For a free case consultation, contact us today using our online form or by calling 781-289-4235.