Massachusetts Home Buyer Guide

The median price for Massachusetts single-family homes sold in March increased 8.6 percent to $315,000 compared to $290,000 in March 2013, The Warren Group, publisher of Banker & Tradesman, reported April 23, 2014. 

March marked the 18th consecutive month that monthly median home prices increased year-over-year. The median price in the first quarter increased 7 percent, from $285,000 in Q1 2013 to $305,000 during the first three months of 2014. The Warren Group collects sales and price information from the state's registries of deeds. 

Massachusetts home buyers know – some all too well – that real estate inventory in the Bay State in 2013 was very low, making it difficult for even those willing to pay top dollar to land a home. It was an especially difficult market for first-time home buyers, who had to compete with many cash-strong investors and move-up buyers. 

Will Massachusetts home buyers face a less frenzied real estate market in 2014? Maybe. 

Despite the number of Massachusetts home buyers scrambling to purchase a home before interest rates increase further, the state's lack of real estate inventory, combined with price increases, has finally slowed down the pace of single-family home sales. 

Massachusetts single-family home sales declined 2 percent in November, the first time year-over-year homes sales decreased since April 2013, The Warren Group, publisher of Banker & Tradesman, reported December 30, 2013.

The Massachusetts real estate recovery continued in October.  

Single-family home sales rose again in October, increasing nearly 19 percent from October 2012, The Warren Group, publisher of Banker & Tradesman, reported November 26, 2013.

Investors or first-time home buyers that were hoping to grab a foreclosure property to rehab in Massachusetts may only have a few opportunities left. 

The number of foreclosure deeds recorded statewide decreased from 6,491 foreclosure deeds in the first nine months of 2012 to 2,382 foreclosure deeds through September 2013, a 63 percent decline, The Warren Group reported October 29, 2013. Foreclosure deeds are the final step in the foreclosure process in Massachusetts.

Rising interest rates were expected by some to slow the red hot Massachusetts real estate market, but Bay State home buyers have not been deterred and home sales and prices have increased throughout 2013. 

Last month marked the best September for Massachusetts single-family homes sales since 2005, The Warren Group, publisher of Banker & Tradesman, reported October 22, 2013, and median prices increased in September, the third quarter and through the first nine months of the year. 

The price of a single-family home in Belmont, Massachusetts has increased in 2013, according to data provided by the Warren Group, the publisher of Banker & Tradesman. 

From January through August 2013, the median price of a single-family home in Belmont, MA increased 15.07 percent to $782,500 compared to $680,000 during the same eight-month period in 2012.  For August 2013, the median price increased to $818,000 from $662,500 in August 2012. 

The median price for a single-family home in Braintree, Massachusetts increased 7.52 percent during the first eight months of 2013; however, the median price declined 4.88 percent in August compared to the previous year, according to data provided by The Warren Group. 

The median price of a Braintree, MA single-family house stood at $330,000 January through August 2012. The median price increased to $354,800 during the same period this year. The median price in August stood at $366,200 compared to $385,000 in August 2012. 

The Massachusetts housing recovery, especially the increase in home prices, clearly has spared many homeowners from foreclosure. Other factors, such as loan modifications, have played a role in the decline in foreclosures, but the decline in foreclosure activity has coincided with the improved Massachusetts real estate market. 

August marked the 15th consecutive month of year-over-year foreclosure deed decreases in Massachusetts, The Warren Group reported October 1, 2013. Foreclosure deeds are the final step in a Massachusetts foreclosure. 

The median price of a single-family home in Amesbury, Massachusetts increased 9.49 percent in August 2013, according to data provided by The Warren Group, publisher of Banker & Tradesman. 

The median price in August increased to $300,000 from $274,000 in August 2012. From January through August, the median price of a single-family home in Amesbury, MA increased 17.47 percent to $297,500 from $253,250 during the same eight-month period in 2012. 

The median price of a single-family home in Massachusetts increased 10.6 percent to $340,000 in August 2013, The Warren Group reported September 24, 2013. 

Last August the median price of a single-family home stood at $307,500. Median prices for single-family homes have increased 11 straight months. Through August 2013, the median price was $325,000, an increase of more than 12 percent from $290,000 during the first eight months of 2012.

July 2013 marked the ninth straight month of year-over-year declines in foreclosure starts in Massachusetts, The Warren Group, publisher of Banker & Tradesman, reported September 10, 2013.

A total of 407 foreclosures were initiated in Massachusetts in July, a 66 percent decline compared 1,198 foreclosure petitions in July 2012. Foreclosure petitions are the first step in the foreclosure process in Massachusetts. Through July 2013, there have been 3,350 petitions recorded, down more than 68 percent from 10,623 during the same seven-month period a year ago.