So I charted the median sales prices of single family and multi family houses in Pawtucket for every month since January of 2005. I thought it would be helpful in getting a big picture look at our local market.
I think its pretty obvious that the multi family market has been hit more severely than the single family properties. I don’t think anyone knows when to call the bottom of this decline.
There is also an interesting article on CNN.com that said 25% of sellers are selling for less than they owe on their mortgage. Taking all of this into account, it doesn’t seem that enough has changed in the market that would suggest a turnaround…yet. On the bright side, the price of oil has dropped significantly which should allow for some room the breathe. I’ll keep you posted on how our local market is doing when I get the new sales numbers each month.
-Keith
