Friday, May 14, 2010

Real Estate Economic Report for 1st Quarter 2010

The Economic and Market Watch Report was just released by MLS Property Information Network - the largest real estate multiple listing service in Massachusetts.

For Essex County, it is still a buyer's market, but it is moving towards the neutral zone. The average sale price is steady, with the number of homes on the market predicted to rise giving buyers more to choose from. The average number of days that a home is on the market before going under contract has risen to 119, and is expected to rise more from there as more seller place their homes up for sale.

Though the tax credit incentives are over, there is still strong activity as buyer take advantage of prices that have bottomed out, and the excellent mortgage rates. For people who are thinking about moving up to a larger, higher priced home there are significant price reductions happening every day.

Here is a link to the complete report:

Jim Armstrong
Armstrong Field Real Estate

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