Take a look at this article that talks about the glut of foreclosures for sale. I constantly run into people looking for these deals in Boston and the Boston Metro Market, but the question becomes; are they in our market too?
Lets take a look at the numbers for Short Sales and Bank Owned Properties in Massachusetts for 2010 as I think it tells a different tale.
There were 3,852 Bank Owned Homes sold in 2010 in the state of Massachusetts and 1,887 Short Sales sold in 2010. This brings the total amount of distressed sales 5,739 Single Family Homes. Now lets compare that to the 35,651 homes sold in Massachusetts and that makes the distressed sales market amount to 16.10%. This is well below the national average and shows the strength of the Massachusetts market.
Out of the 15,010 condo sales in 2010, 1,341 condos were bank owned and only 757 homes were sold as short sales 2,098. Condos had a lower distressed rate weighing in at 13.97% which is well below the national average.
Lets Take a look at the Boston Metro Market pictures, specifically looking at all of the areas within 20 miles of Boston.
There were 9.654 condos sold in 2010 with 575 properties being bank owned and 368 Short Sale properties. This makes the distressed sale rate in the Boston Metro Market for condos 9.77%.
There were 12,806 Single Family homes sold last year with 734 bank owned sales and 508 short sales bringing the percentage of Single Family distressed homes down to 9.70%.
Let’s recap! The state of Massachusetts has a distressed sales rate below the national average and the Boston Metro Market has a distressed sales rate below the average in Massachusetts. I am constantly telling people that you can not give the national temperature yesterday and it is the same with real estate. Real estate is local and is really based on the conditions of a specific neighborhood. Take the Back Bay for example, there were a total of 6 (yes, you read that right.. SIX) distressed sales in 2010 out of the 448 sales or 1.3%. Compare this to their their Dorchester counterpart and we have 339 sales in 2010 with 130 distressed sales or 38.35%.
Jeffrey Chubb, owner of RE/MAX SELECT is one the areas foremost experts in distressed sales. Whether you are looking to buy a distressed home or a homeowner that is facing foreclosure, contact Jeff today. His expertise will help provide you with all the tools and knowledge necessary to make the best most informed answer. Foreclosure is not the answer. He can be reached at 617-480-2600 or by email at Jeff@MoveWithChubb.com. Please also visit www.MoveWithChubb.com or www.MAAvoidForeclosure.com to answer any and all foreclosure questions you may have.