Massachusetts – There’s Nothing Common about the Housing Market in this Commonwealth!
By the end of 2012, the names of the game in the Massachusetts housing market were more sales and higher prices. Specifically, the number of sales was up 25%, and selling prices were back to their pre-recession levels!
So, can the Commonwealth keep up the momentum?
The realtors in Massachusetts sure think so!
Take prices, for example. Many places around the country are seeing increases in selling prices, but you’ll be hard-pressed to find a state that will come right out and say that their homes are selling for what they did back in 2005.
But that’s exactly what Massachusetts is saying – and doing!
So, what’s their secret?
Part of it is simply how this state is built. Massachusetts has very little available land left. And, there are very few subdivisions here – meaning there aren’t many “cookie cutter” neighborhoods. So, if you miss out on a great house, there won’t be another similar one down the street. That’s led to reports of bidding wars, which have driven up prices.
Another reason for the price increase is the jobs market. Some realtors in Massachusetts are touting the area as a mini-Silicon Valley, thanks to a rapidly-growing tech industry. In fact, the state’s digital sector has grown 30% since 2010 – meaning there has been an influx of newly-employed people looking for homes for sale around Massachusetts.
In Boston, the Commonwealth’s capital and hub for development, the housing trends have totally changed. Now, buyers are looking for homes that are smaller, which is why Governor Deval Patrick wants to build 10,000 new multi-family units every year, until 2020. The plan actually fits two needs – smaller homes and homes that take up less space. (After all, if you can’t build out, build up!)
Beantown buyers are also looking for housing that’s more affordable. In fact, if you want to live in Boston, you’re basically forced into buying!
That’s because the apartments for rent in Boston are virtually-unaffordable. Landlords have raised rent prices all over the country, but they have really outdone themselves in Boston. By the end of 2012, the average apartment in Boston cost more than $2,300 per month!
But what if you want to live in a city other than Boston?
Realtors in Springfield have the perfect combination – the number of home sales is up, and the number of foreclosures is down. As long as that trend continues, homeowners here will continue to see their home values go up.
In Peabody, the city is doing everything it can to help the homes for sale succeed. In fact, the Mayor is turning to Massaschusetts’ Attorney General for help in dealing with distressed homes around the city that have become an eyesore – and are dragging down nearby home values.