Greater Boston Real Estate Market Remains Strong at Year-End 2009

NORWELL, MA, ISSUED JANUARY 5, 2010 . . . Data released today by HouseSavvy (www.housesavvy.com), an online full service real estate organization, documents that the Greater Boston Real Estate Market continues to be one of the healthiest markets in the country. One of the strongest indications is the increase in the average sale price of homes sold – from $393,359 in December, 2008 to $461,042 in December, 2009. At approximately the same time, the average sale price nationally has dropped about 3% year-to-year - from $233,000 in 2008 to $216,400 in 2009. (The “Greater Boston Market” consists of the 167 towns and cities within the six counties surrounding Boston: Bristol, Essex, Middlesex, Norfolk, Plymouth and Suffolk).



Other positive indications include year-to-year sales activity (up almost 4%) and unsold home inventory (down 18.7%) to a present 6 month supply. According to Walter Hall, founder and Chairman of HouseSavvy, unsold home inventory is the single, best indicator of the overall health of a given real estate market. This figure is derived by dividing the number of unsold listings at the end of the month by the number of sales taking place in that month. Real estate experts have long contended that 5-6 month supplies of unsold homes equate to a “Balanced Market” with sellers and buyers about equal and home values holding steady.