Well, here you go. This is info for the three towns of Washington, Roxbury and Bridgewater which is indicative for the area. If you would like this info for your town please email me. This is what has happened in the last 3 months compared to years past:
Number of Sales Average Price
Jan - March 200628$806,554
Jan - March 200725 $1,129,200
Jan - March 2008 22 $1,279,223
Jan - March 2009 7 $875,200
The pricing action here is not as meaningful to me as the sales number which of course fell dramatically. The pricing for a 3 month time period with as few sales as we have overall is always questionable 1or 2 sales effects the number dramatically. The number of sales always falls before pricing does and always rising before pricing will rise. So what we really need is for people to come up and start getting their deals. Everyone wants to know exactly how much the market is down in this area. The numbers above will not tell you that. Here are3 recent examples.
A house offered at $4mil is dropped to $3.2mil and sells quickly at $2.6 million cash. Is that a declineof 35%. Well I guess so, if you ever thought the house should have been offered at $4mil in the first place (that was way to high). I think $3.2 would have been a realistic starting offering price, so thats more like 19%.
Another house just sold in Roxbury. It started at $1,850,000 and was reduced to $1,495,000 and then sold for $1.3mil. Thats 30% off the original price (too high?) and only 13 percent off a very realistic lowered price.
Another house sold to the first buyer who saw it. The offering price was $2,250,000 and it sold for $1,950,000, again 13% off a realistic price.
There just is never going to be an answer to that question up here. The answer is: "it depends".
Inventory is still high and very diverse with some houses having no price reductions (maybe the sellers live in a cave in the basement?)and other very realistic sellers with great houses at great deals. You need a professional to help you sort through and find the gems.