GloucesterTimes.com, Gloucester, MA

Breaking News

Latest Cape Ann News

July 28, 2009

Agents find optimism in home sales

The real estate market is showing signs of recovery.

Statewide and regionally prices are inching up, the volume of sales is increasing, and the inventory volume is shrinking back to normal levels.

"Based on what we experienced in June, it is quite clear that the $8,000 first-time homebuyer tax credit is helping to move the market in the right direction," said Gary Rogers, president of the Massachusetts Association of Realtors. "We still have a way to go, especially with continuing concerns about unemployment, but with the number of pending sales up over the same time last year, we do have reason to feel optimistic."

Statewide, the median price for a single-family home crept beyond $300,000 to $306,000 for the first time since August 2008, according to the association and the MLS Property Information Network Inc.

In Gloucester, the sources reported a modest but distinct uptick in activity and value, although sales and the median value remain below numbers from a year ago.

Second-quarter sales closed 36 transactions, up from 19 in the first quarter. The median value of the sales also climbed, from $250,000 to $299,500.

The second quarter last year saw 45 sales at a median price of $350,000.

"We're definitely seeing an increase," said the association's Eric Berman.

He said while Massachusetts suffered with the rest of the country after the real estate bubble popped, there had been less speculation here so the impact of the pop was less severe.

Berman also cited the commonwealth's history as a "home rule state" with the "many different sets of rules" as a cause of the modulation.

Comparing the year from July 1, 2007, through June 30, 2008, to July 1, 2008, through June 30, 2009, in Gloucester, the volume of sales dipped from 144 to 124 and the median price fell from $352,500 to $300,500.

The inventory or residential properties on the market as of June 30 decreased 16 percent compared to the same time last year, from 50,705 listings 2008 to 42,355 listings in 2009. At the current sales pace, this represents approximately 7.2 months of supply in June 2009.

Text Only | Photo Reprints
Latest Cape Ann News

Pictures of the Week
Your news, your way
Comments Tracker
AP Video Network
Gaza Residents Mourn Dead Amid Airstrikes Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp Cumberbatch Brings 'Penguins' to Comic-Con Raw: Air Algerie Crash Site in Mali Power to Be Restored After Wash. Wildfire Crashed Air Algerie Plane Found in Mali Israel Mulls Ceasefire Amid Gaza Offensive In Case of Fire, Oxygen Masks for Pets Mobile App Gives Tour of Battle of Atlanta Sites Anti-violence Advocate Killed, but Not Silenced. Dempsey: Putin May Light Fire and Lose Control Arizona Prison Chief: Execution Wasn't Botched Calif. Police Investigate Peacock Shooting Death Raw: Protesters, Soldiers Clash in West Bank Police: Doctor Who Shot Gunman 'Saved Lives' 'Modern Family' Star on Gay Athletes Coming Out MN Twins Debut Beer Vending Machine DA: Pa. Doctor Fired Back at Hospital Gunman