Posted by Adam Pasquale November 10, 2008 3:51pm
Monday, November 10, 2008
3rd Quarter Sales report for Mass
The Massachusetts Association of REALTORS / Bay State REALTOR News
3rd Quarter sales down for single-family, condos; multi-family sales increase 40%
11/10/2008
In addition to monthly numbers, MAR also released Q3 sales numbers this past Monday. The report shows the number of single-family homes sold in the third quarter of 2008 was down 7.9 percent compared to the same time last year (12,195 homes sold in 2007 to 11,235 homes sold in 2008). Median selling prices were down 10.4 percent from $355,000 in 2007 to $318,000 in 2008.
The condominium market experienced a drop of 11.5 percent in the number of units sold in the third quarter compared to the same quarter last year with 5,555 units sold in 2007 to 4,914 units sold in 2008. Median selling prices were down 2.8 percent from $288,000 in 2007 to $280,000 in 2008.
The multi-family market saw a 40.3 percent increase in the number of third-quarter sales compared to the same time last year with 1,304 homes sold in 2007 and 1,830 homes sold in 2008. Median selling prices were down 34.7 percent compared to the third quarter last year from $325,500 in 2007 to $212,500 in 2008.
Due to changes in reporting at local boards, second quarter multi-family data was not available previously. During the second quarter, multi-family home sales increased 22.9 percent from last year with 1,311 homes sold in Q2 2007 and 1,611 homes sold in Q2 2008. Multi-family median selling prices decreased 32.8 percent from the second quarter last year from $340,000 in Q2 2007 to $228,500 in Q2 2008.
Quarterly Regional Sales Data:
Regionally, every part of the state saw a decrease in sales of single-family homes compared to the same quarter last year, except Cape Cod, which saw an increase of 6.2 percent (801 homes sold in 2007 compared to 851 homes sold in 2008). Of the seven regions, the Western region experienced the largest drop in sales at 12.9 percent with 1,703 homes sold in Q3 2007 compared to 1,484 homes sold in Q3 2008.
While the Western region experienced the largest drop in home sales, it also experienced the lowest drop in median prices at four percent from $215,900 in 2007 to $207,250 in 2008. Conversely, while Cape Cod had the only increase in sales, that region of the state that had the largest drop in median prices at 16.3 percent from $409,000 in 2007 to $342,500 in 2008.
In the condo market, the Western region had the smallest drop in sales, with a 6.9 percent decrease compared to the same quarter last year with 275 units sold in 2007 to 256 units sold in 2008. The Southeast region had the biggest decrease in condo sales at 26.2 percent, going from 61 units sold in 2007 to 45 units sold in 2008.
The Western region had a 6.6 percent increase in median prices (from $160,000 in 2007 to $170,500 in 2008). The Southeast region experienced the biggest drop in median prices, with a significant 25.2 percent drop compared to the same quarter last year (from $189,900 in 2007 to $142,000 in 2008).
In the multi-family market, there were extreme increases in sales activity during the third quarter, with only the Southeast seeing a decline of 6.4 percent compared to last year (110 homes sold in 2007 to 103 homes sold in 2008). The Northeast region had an 85.8 percent increase in the Q3 compared to the same time last year with 226 homes sold in 2007 compared to 420 sold in 2008. Second quarter multi-family sales activity showed large increases for all regions except the Western region with a 0.5 percent decline from Q2 2007, and Cape Cod with a 15 percent decline from Q2 2007.
Despite the sales increases in Q3 and declines in Q2, only Cape Cod saw median price increases for multi-family homes. The median price on Cape Cod went up 7.2 percent in Q3 from $368,500 in 2007 to $395,000 in 2008, and 9.6 percent in Q2 from $375,000 in 2007 to $411,000 in 2008. The Northeast region saw the largest median prices decreases for both quarters, with a 42.8 percent drop in Q3 from $314,750 in 2007 to $180,000 in 2008, and a 33.5 percent drop in Q2 from $310,000 in 2007 to $206,000 in 2008. In Q2 the Central region also saw a 33.5 percent drop in median prices from $248,000 in 2007 to $165,000 in 2008.
“I feel it is a positive sign to see that investors are coming back into the multi-family market,” said MAR President Susan M. Renfrew, broker/co-owner of Renfrew Real Estate in Greenfield. “Two- and three-family homes are an important part of many communities in Massachusetts, and qualified ownership of these properties is an important step in stabilizing these neighborhoods.”
3rd Quarter sales down for single-family, condos; multi-family sales increase 40%
11/10/2008
In addition to monthly numbers, MAR also released Q3 sales numbers this past Monday. The report shows the number of single-family homes sold in the third quarter of 2008 was down 7.9 percent compared to the same time last year (12,195 homes sold in 2007 to 11,235 homes sold in 2008). Median selling prices were down 10.4 percent from $355,000 in 2007 to $318,000 in 2008.
The condominium market experienced a drop of 11.5 percent in the number of units sold in the third quarter compared to the same quarter last year with 5,555 units sold in 2007 to 4,914 units sold in 2008. Median selling prices were down 2.8 percent from $288,000 in 2007 to $280,000 in 2008.
The multi-family market saw a 40.3 percent increase in the number of third-quarter sales compared to the same time last year with 1,304 homes sold in 2007 and 1,830 homes sold in 2008. Median selling prices were down 34.7 percent compared to the third quarter last year from $325,500 in 2007 to $212,500 in 2008.
Due to changes in reporting at local boards, second quarter multi-family data was not available previously. During the second quarter, multi-family home sales increased 22.9 percent from last year with 1,311 homes sold in Q2 2007 and 1,611 homes sold in Q2 2008. Multi-family median selling prices decreased 32.8 percent from the second quarter last year from $340,000 in Q2 2007 to $228,500 in Q2 2008.
Quarterly Regional Sales Data:
Regionally, every part of the state saw a decrease in sales of single-family homes compared to the same quarter last year, except Cape Cod, which saw an increase of 6.2 percent (801 homes sold in 2007 compared to 851 homes sold in 2008). Of the seven regions, the Western region experienced the largest drop in sales at 12.9 percent with 1,703 homes sold in Q3 2007 compared to 1,484 homes sold in Q3 2008.
While the Western region experienced the largest drop in home sales, it also experienced the lowest drop in median prices at four percent from $215,900 in 2007 to $207,250 in 2008. Conversely, while Cape Cod had the only increase in sales, that region of the state that had the largest drop in median prices at 16.3 percent from $409,000 in 2007 to $342,500 in 2008.
In the condo market, the Western region had the smallest drop in sales, with a 6.9 percent decrease compared to the same quarter last year with 275 units sold in 2007 to 256 units sold in 2008. The Southeast region had the biggest decrease in condo sales at 26.2 percent, going from 61 units sold in 2007 to 45 units sold in 2008.
The Western region had a 6.6 percent increase in median prices (from $160,000 in 2007 to $170,500 in 2008). The Southeast region experienced the biggest drop in median prices, with a significant 25.2 percent drop compared to the same quarter last year (from $189,900 in 2007 to $142,000 in 2008).
In the multi-family market, there were extreme increases in sales activity during the third quarter, with only the Southeast seeing a decline of 6.4 percent compared to last year (110 homes sold in 2007 to 103 homes sold in 2008). The Northeast region had an 85.8 percent increase in the Q3 compared to the same time last year with 226 homes sold in 2007 compared to 420 sold in 2008. Second quarter multi-family sales activity showed large increases for all regions except the Western region with a 0.5 percent decline from Q2 2007, and Cape Cod with a 15 percent decline from Q2 2007.
Despite the sales increases in Q3 and declines in Q2, only Cape Cod saw median price increases for multi-family homes. The median price on Cape Cod went up 7.2 percent in Q3 from $368,500 in 2007 to $395,000 in 2008, and 9.6 percent in Q2 from $375,000 in 2007 to $411,000 in 2008. The Northeast region saw the largest median prices decreases for both quarters, with a 42.8 percent drop in Q3 from $314,750 in 2007 to $180,000 in 2008, and a 33.5 percent drop in Q2 from $310,000 in 2007 to $206,000 in 2008. In Q2 the Central region also saw a 33.5 percent drop in median prices from $248,000 in 2007 to $165,000 in 2008.
“I feel it is a positive sign to see that investors are coming back into the multi-family market,” said MAR President Susan M. Renfrew, broker/co-owner of Renfrew Real Estate in Greenfield. “Two- and three-family homes are an important part of many communities in Massachusetts, and qualified ownership of these properties is an important step in stabilizing these neighborhoods.”
Obama and Housing
Washington Report: What Obama Means for Housing
Realty Times Inc
What's an Obama administration, plus heavy new Democratic majorities in the House and Senate, going to mean for housing and real estate?
That's the trillion dollar question in Washington this week -- and nobody can give you the answers for sure. It's way too early - there are two full months before inauguration day in January.
But between now and then, there are going to be some important indicators. Tops on the list: What gets done -- if anything -- during the upcoming lame duck session?
Officially Congress is scheduled to come back the week of November 17 to finish up loose ends on the legislative calendar.
Democratic leaders in both the House and Senate have said they'd like to push through an ambitious emergency economic stimulus plan - portions of which are likely to be aimed at keeping financially-distressed home owners out of foreclosures, and pumping up housing sales.
During the closing days of the campaign, Senator Obama did not say whether he favors trying to pass a stimulus bill through a lame-duck Congress where Republicans could influence or sabotage the results.
The logical alternative to that would be to put together his own plan and come back in January, with heavy Democratic majorities, and push it through as a dramatic way to jump-start his new administration.
But whatever the timing, you can count on several major Obama priorities:
Number one: Large-scale, systematic mortgage relief for home owners behind on their loans.
That package could include a freeze on all foreclosures by lenders for 90 days or more; mandates for banks and loan servicers to modify the terms of mortgages to prevent foreclosures; plus new powers for bankruptcy court judges to require lenders to reduce loan balances owed or cut interest rates.
The banking and mortgage lending industries strongly oppose changes like these -- and that could be one of the first big battles the Obama administration wages on Capitol Hill.
You can count on quick passage of long-stalled Democratic bills on predatory lending, appraisal reform, plus a major effort to consolidate and strengthen the powers of financial regulatory agencies to oversee the mortgage and banking industries.
Don't be surprised if you see President-elect Obama name some of his key cabinet members early -- especially his nominee for Treasury secretary. This would allow the outgoing Bush officials to work with the incoming leaders on programs such as mortgage relief, and to have an orderly transition.
Published: November 10, 2008
Realty Times Inc
What's an Obama administration, plus heavy new Democratic majorities in the House and Senate, going to mean for housing and real estate?
That's the trillion dollar question in Washington this week -- and nobody can give you the answers for sure. It's way too early - there are two full months before inauguration day in January.
But between now and then, there are going to be some important indicators. Tops on the list: What gets done -- if anything -- during the upcoming lame duck session?
Officially Congress is scheduled to come back the week of November 17 to finish up loose ends on the legislative calendar.
Democratic leaders in both the House and Senate have said they'd like to push through an ambitious emergency economic stimulus plan - portions of which are likely to be aimed at keeping financially-distressed home owners out of foreclosures, and pumping up housing sales.
During the closing days of the campaign, Senator Obama did not say whether he favors trying to pass a stimulus bill through a lame-duck Congress where Republicans could influence or sabotage the results.
The logical alternative to that would be to put together his own plan and come back in January, with heavy Democratic majorities, and push it through as a dramatic way to jump-start his new administration.
But whatever the timing, you can count on several major Obama priorities:
Number one: Large-scale, systematic mortgage relief for home owners behind on their loans.
That package could include a freeze on all foreclosures by lenders for 90 days or more; mandates for banks and loan servicers to modify the terms of mortgages to prevent foreclosures; plus new powers for bankruptcy court judges to require lenders to reduce loan balances owed or cut interest rates.
The banking and mortgage lending industries strongly oppose changes like these -- and that could be one of the first big battles the Obama administration wages on Capitol Hill.
You can count on quick passage of long-stalled Democratic bills on predatory lending, appraisal reform, plus a major effort to consolidate and strengthen the powers of financial regulatory agencies to oversee the mortgage and banking industries.
Don't be surprised if you see President-elect Obama name some of his key cabinet members early -- especially his nominee for Treasury secretary. This would allow the outgoing Bush officials to work with the incoming leaders on programs such as mortgage relief, and to have an orderly transition.
Published: November 10, 2008
Saturday, November 8, 2008
2008 Patriot Season Video To be Released
If you enjoyed the Super Bowl Video... You'll really love the season on tape! The 2008 Patriot Season Video will be released by December 10 2008. I am currently working on a documentary for Doherty Football in the interim. Feel free to check back here to find out when the film will be ready. Great Season Everyone!
Adam Pasquale
Wednesday, November 5, 2008
The New Construction Update
New Construction
by Adam Pasquale and Realty Times Inc
According to the National Association of Home Builders (NAHB) -- sales of "newly build" single-family homes posted a gain in September.
Regionally, sales activity gained 22.7 percent in the West and 0.7 percent in the South in September, but at the same time declined 21.4 percent in the Northeast and 5.8 percent in the Midwest.
Despite these positive statistics, NAHB Chief Economist David Seiders, put things in perspective saying, "Today's gain in new-home sales followed a downward revision for August and was almost entirely concentrated in the West region, where sales bounced back from a very low level in August. The fact is that housing demand remains fundamentally weak and the housing contraction continues to weigh heavily on the financial markets and the overall economy. Without question, an additional economic stimulus package – including substantial measures to spur home buying and limit foreclosures – is necessary to support home prices, stabilize financial markets and limit the severity of recession."
by Adam Pasquale and Realty Times Inc
According to the National Association of Home Builders (NAHB) -- sales of "newly build" single-family homes posted a gain in September.
Regionally, sales activity gained 22.7 percent in the West and 0.7 percent in the South in September, but at the same time declined 21.4 percent in the Northeast and 5.8 percent in the Midwest.
Despite these positive statistics, NAHB Chief Economist David Seiders, put things in perspective saying, "Today's gain in new-home sales followed a downward revision for August and was almost entirely concentrated in the West region, where sales bounced back from a very low level in August. The fact is that housing demand remains fundamentally weak and the housing contraction continues to weigh heavily on the financial markets and the overall economy. Without question, an additional economic stimulus package – including substantial measures to spur home buying and limit foreclosures – is necessary to support home prices, stabilize financial markets and limit the severity of recession."
Market set to rebound. Here is how it happens!!!
Market conditions: Adam Pasquale courtesy of Realty Times
According to a recent statement, the National Association of Realtors has "stepped up its challenge to lawmakers encouraging them to take new, decisive actions to address the continuing problems in the housing industry, as well as the ongoing economic crisis."
NAR provided an economic analysis demonstrating that a reduction, or a buydown, of interest rates by just 1 percentage point could result in up to 840,000 additional home sales and reduce the inventory of homes by as much as 20 percent. Inventories currently at 9.9 months’ supply would decrease to approximately a 7.5 month supply.
Reducing the interest rate, combined with removing the home buyer tax credit repayment, would result in an additional 10 percent reduction in inventory, down to a 6.5-month supply, and would produce modest home price gains of 2 to 4 percent. Such price gains would provide up to $760 billion in housing equity recovery for the nation’s 75 million homeowners.
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