Massachusetts Posts Strong Foreclosed Homes Listings Sales in 2010- By: John Cutts
Sales of residential properties, including those from foreclosed homes listings, posted strong numbers last year in Massachusetts. Prices of houses also increased in 2010 compared with the 2009 period, which made the state one of just a handful of U.S. regions that bucked the national downward price trend.
Properties offered at Boston home auctions and other sales channels in various parts of the state were eagerly snatched by buyers, but the best housing industry performance was found in the MetroWest region, which includes the areas of Natick, Holliston, Ashland and Wayland among others. All residential property categories in the region recorded higher prices and most posted increased number of units sold when compared with 2009 levels.
Interest in foreclosure auctions in Massachusetts and in other for-sale dwellings was largely attributed to the strong job market of the area, especially in communities near Boston, where the education, business and medical sectors all offer good-paying employment. Among all the regions of the state, the MetroWest benefited the most from these advantages. In the MetroWest region, sales of single family dwellings dropped by around 4% when compared with 2009 levels.
However, average prices for this category, even among foreclosed homes listings, jumped by 5% to $472,570 last year from a 2009 average of $449,902. Meanwhile, condominium units sold last year in the region increased by nearly 4% from 2009 levels. The average price of units sold increased by over 13% in 2010 compared with year-ago figures. Condo units sold in the area had an average price of $289,468 last year, much higher than the $254,926 average recorded in 2009.
Despite cheaper properties offered at auctions foreclosures, the multi-family residential property sector managed to record increases in prices and sales. MetroWest multi-family dwelling sales increased by 4% in 2010, with the average price also rising by 13% to reach $269,933. The average selling rate of a multifamily dwelling in 2009 was $238,715.
Housing industry analysts stated that, while most regions of the country experienced declining home prices and sales last year due to massive supply of foreclosed homes listings, Massachusetts was able to hold steady, mainly because of its strong job market, good schools and well-maintained infrastructure.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.