Comparing the first 10 months of the year to the first 10 months of 2007, the median price of a single-family home in Billerica, Massachusetts has declined 8.6 percent from $350,000 to $320,000. The median price is down from $377,500 during the same period in 2005.
Year Median Price
2005 $377,500
2006 $360,000
2007 $350,000
2008 $320,000
After seeing the number of single-family homes sales increase from 2006 to 2007 (257 to 288) during the first 10 months of the year, single-family homes in Billerica, MA declined 14.2 percent from January 1, 2008 to October 31, 2008, compared to the same period in 2007, sinking from 288 sales to 240 sales.
Year No. of Sales
2005 315
2006 257
2007 288
2008 240
The average number of days on the market during the first 10 months of the year increased for a single-family house in Billerica, rising from 127 days in 2007 to 148 days this year
Year DOM
2005 72
2006 115
2007 127
2008 148
Since subprime lending has been extinct for nearly two years and most of those toxic loans made prior have already resulted in foreclosure, will the nation's recent spike in job cuts put borrowers holding more conventional loans at risk for foreclosure?
Employers across the nation cut $535,000 jobs in November, the biggest number of layoffs in 34 years, the Associated Press reported December 5, 2008.
The nation's unemployment rate now stands at 6.7 percent, the highest rate in 15 years. In November 2007, the jobless rate stood at 4.7 percent.
"Since the start of the recession [December 2007], the economy has lost 1.9 million jobs, the number of unemployed people increased by 2.7 million and the jobless rate rose by 1.7 percentage points."
Massachusetts unemployment stood at 5 percent in October, much better than the national average.
Besides the potential for more homeowners falling into foreclosure, the recent home sale increases in Massachusetts likely will reverse with more people out of work.
Sales of multi-family homes in Lawrence, MA, which have seen prices drop more than 40 percent in just the last year or so, surged during the first nine months of the year, up 351.6 percent from the same period in 2007, The Eagle-Tribune reported December 1, 2008.
According MLS Property Information Network, Inc., there presently are 222 multi-family homes for sale in Lawrence, MA; however, on December 1, 2007 there were 407 multi-family properties on the market, so inventory of multi-family homes is down 45 percent.
Bucking the trend in most Massachusetts communities, North Andover, MA posted a 3.9 percent increase in the median price of a single-family home through the first three quarters of of 2008 ($509,300) compared to the same nine-month period in 2007 ($490,000).
The data comes from the MLS Property Information Network, Inc.
Sales of single-family homes, on the other hand, declined 11.9 percent, from 159 sales to 140.
The median price of a condo in North Andover decreased only 0.2 percent during the first three quarters of 2008 compared to the same period in 2007.
Condominium sales declined 26 percent, from 115 to 85.
I have put together more detailed below.
Single-family Sales
Jan. 1st through Sept. 30th
Year No. of Sales Median Price DOM
2005 208 $589,950 83
2006 172 $525,000 107
2007 159 $490,000 124
2008 140 $509,300 136
Condo Sales
Jan. 1st through Sept. 30th
Year No. of Sales Median Price DOM
2005 118 $246,500 76
2006 153 $280,000 103
2007 115 $220,000 164
2008 83 $219,500 235
Find the the latest home listings in North Andover, MA.
Boston Real Estate Now, Boston.com's real estate blog, had a post by exclusive buyer agent Rona Fischman about whether a Massachusetts buyer should use his or her own attorney or just use the lender's closing attorney. Below is the post in part.
"Here are the options:
"Why hire a separate attorney?
The attorney represents the lender at closing. Therefore, the attorney
is not on the buyer’s side when he/she is reviewing the Settlement
Statement. What if there is an overcharge?
The closing attorney makes a commission on title insurance. Can the
buyer get a good legal opinion in this situation? Will the attorney be
objective in advising the client about whether or not to buy it?
What if there is a different conflict of interest with the lender that only a lawyer would recognize?
"Why use the same attorney?
The buyer can save money by having one attorney do both jobs.
The attorney has no conflicts of interest because the interests of the
buyer and the interests of the lender run parallel. They both want
clear title, accurate flood zone maps, smoke/CO certificates and such.
The closing attorney is in a better position to solve problems with the lender at closing.
The buyer’s attorney is redundant at closing.
"Some of my buyers do it one way, some do it the other way. Either way has resulted in problems, in some instances.
"Lawyers, what do you think? What do you do, and why?
Buyers, what did you do? Did it work out?"
I commented on the post as follows.
Needless to say, I don't think buyers should use the closing attorney to review the purchase and sale agreement.
I am an exclusive buyer agent, 100% loyal to home buyers in Massachusetts. I help consumers buy homes in Essex, Suffolk and Middlesex counties. For more information: http://www.buyersbrokersonly.com
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