Boston Real Estate Law News - Find a MA Real Estate Attorney

More High-End Homes Sold In Massachusetts In 2010

Sales for million-dollar homes jumped 28 percent in Massachusetts during the last year, reported the Boston Herald. The Warren Group, a real estate tracker, performed an analysis of properties sold throughout the state and revealed that nearly 2,210 houses and condos were bought for $1 million or more in 2010 compared to the 1,728 sold in 2009.

Nantucket real estate broker David Callahan said several factors may have contributed to the increase in million-dollar home sales, such as low-mortgage rates, reduced asking prices, and the sense among the wealthy that their finances are now stable enough for buying a home. "The economic downturn didn't seem to make (rich people) any poorer," said Callahan.

Barnstable had a 433 percent rise in purchases for residences worth $1 million or more, leading the Bay State in sales in terms of percentages. But the general Cape Cod area only sold 16 high-end homes in 2010 and three the year before.

Downtown Boston led the state with 381 purchases last year in terms of overall sales for million-dollar homes and condos, which is a significant jump from the 287 sold in 2009. Broker Michael Doherty noted that "no one was buying in 2009 because the financial crisis affected everyone," but high-end sales in downtown gradually started to pick up again in early 2010.

Laurie Cadigan, a real estate broker and the president of the Massachusetts Association of Realtors, also pointed out that many Bay State homebuyers are beginning to realize that "if they're in a solid position with their own job or economic position, it's a good time to buy."

For more general information on buying a home, visit the Related Resources below.

Related Resources: