Is real estate sector of Massachusetts getting upbeat?

What makes the real estate agents of western Massachusetts hopeful? This can surely be the question of even any wanderer or a stray commoner since the whole of United States of America continue to witness the brunt of recession. The question is more appropriate since the home sales and prices are still down from this time last year.

Well, if you want to find out the reason, you have to go through the recently published reports of both The Warren Group and Massachusetts Association of Realtors with kid gloves. As stated by The Warren Group sales dropped nearly 11 percent, while single-family median home prices in the state fell 18.2 percent during the first quarter of 2009, compared to the same period in 2008. There is no doubt that the situation is appalling but according to experts, news is better locally. We have to look at assessment of Realtor Association of Pioneer Valley which states home sales in the Pioneer Valley were up 4.3 percent from March 2008 to 2009.

Speaking on this Kevin M. Sears, broker and owner of Sears Real Estate in Springfield and the president-elect of the Massachusetts Association of Realtors made it clear saying, “There are some promising signs.” “When the prices come down it makes properties more affordable. You have more folks getting into the market and lower interest rates.” “The market is returning a little bit back to normal,” he said. “When prices go down and inventory goes up it’s not necessarily good for the seller, but it’s good for the buyer.” What’s more, local banks are lending and there is credit out there, as per Kevin M. Sears.

It should be noted that in the state, the median price for homes in the first quarter of 2009 fell to $253,500 from $310,000 in the first quarter of 2008, according to The Warren Group. Sales of single-family homes dropped nearly 11 percent to 6,160 from 6,912 a year ago.

Take for instance the Hampden County only. In the month of March home sales were in fact up 9.31 percent from last March, from 204 sales to 223 sales, even though prices in that time period decreased by 11.43 percent, from $175,000 to $155,000.