Pending home sales up a second straight month

The National Association of Realtors says that pending sales indicators are showing upward movement for the second straight month. This is a forward-looking indicator – showing what is about to happen in the market, rather than recording what happened over the last 30 days, as do most statistics.

The Chief Economist for the NAR sees this as a positive sign. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

For more information on the Pending Sales Report, go to Realtor.org.

Boston Luxury homes selling WAY over last year’s mark

Boston’s luxury real estate market appears to be selling far more than last year. Gibson Sotheby’s sold 40 $1 million+ properties so far this year – as opposed to 21 for the same period last year. Beth Dickerson’s sale on Commonwealth Avenue in Boston’s Back Bay – for over $10 million - is the most expensive home sold in the state so far this year (source: MLSpin).

For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Boston real estate market: Sales in luxury market grow

Massachusetts’s luxury home market, which saw a slow down during the recent economic challenges, has been coming back in dramatic fashion. From January 1 to June 1, 625 homes valued at $1,000,000 or more were sold, with May coming out on top with 173 sales. The first week in June has seen a tremendous amount of activity!

The most expensive sale was of 51 Commonwealth Avenue, which broke the $10 million mark and was listed by Gibson Sotheby’s International Realty. The firm also recently reduced 40 Beacon Street, a historic home on Beacon Hill, to $19.9 million. That 21,000sf home offers stunning views of the Common and luxurious finishes, as well as a spacious patio and 9 parking spaces.

For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Luxury real estate companies in Boston see first quarter success

Boston’s luxury real estate sales have improved dramatically, year-over-year in the first quarter of 2010. The number of million dollar plus home sales in Boston have more than doubled – from 43 in 2009 to 90 in 2010 (source: MPSpin).

For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

The Tax Credit deadline is almost here!

The Tax Credit deadline for contracts is April 30, 2010 - that is just a month away! The market has been incredibly busy, with year-over-year SOLDS up 10%-11% in the state of Massachusetts in the first quarter. April is already showing a huge number of scheduled closings. Don’t miss your opportunity to take advantage of Boston’s great homes for sale, low interest rates and the tax credit!

To get more details on the Tax Credit Extension and Expansion, go to the Tax Credit Guide.

For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

The Boston luxury real estate market is coming back

MLSpin shows the Boston luxury real estate market in a great light in 2010. From January 1-March 28, 2009, only 183 homes sold for $1 million or more. For the same dates in 2010, there have been 271. That is a 48% increase! By comparison, the state’s general real estate sales are up 10-11% year-over-year.



For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

New smoke alarm regulations begin April 5

The Massachusetts Dept. of Fire services has released information on the changes in the state's smoke alarm regulations for homes with five or less units. There is a guide to assist all those who may be affected.


To get more details, go to the Smoke and Carbon Monozide Requirements Guide.


For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Boston real estate sales top market gains list

Boston real estate sales are at the top of the market gains measured by Zillow. As housing stabilizes around the country, forty-eight of the 154 markets tracked showed gains in home values during 2009, with the Boston metropolitan statistical area (MSA) showing the largest gain of $23.3 billion. The Providence, R.I. MSA was second on the list, with a gain of $12.4 billion.

Secretary of the Treasury Tim Geithner recently spoke before the Congressional Oversight Panel, saying, "Housing markets are showing some signs of stabilizing and wealth is recovering, which should stimulate consumer spending - vital to American economic growth.” However Geithner said unemployment continues to slow full national economic recovery.

For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Boston real estate market gets a good grade

The Urban Land Institute recently reviewed the Top Five Real Estate Markets. The Boston condo and single family home market did very well.

“Boston is a solid market as compelling economic drivers—premier educational institutions, life science companies, and high tech business—reinforce investors’ long-term conviction. Downtown apartment vacancies remain well under 10 percent and condo/house pricing ‘remains stiff.’”

To read the full story, go to ULI.com.

For more information on homes for sale in Boston , go to Gibson Sotheby's International Realty, Boston's real estate experts.

Joe Wolvek of Gibson Sotheby’s International Realty put together a great analysis of homes going under agreement in the South End of Boston. This benchmark is very helpful for those keeping an eye on market movement to see how many Boston homes for sale are going under contract. Some of the activity could be due to the passing of the home buyer tax credit extension and expansion. The Boston real estate market still continues to outperform other markets in the country.

To read more by Joe Wolvek, go to BostonRealtyWeb.com.

For more information on Boston condos, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Tax Credit Update: Extension Possible Today

Today may be the day that homebuyers find out about a potential extension for the tax credit that would otherwise expire on November 30. Read the whole story on Bloomberg.com. This could help to continue to bolster demand for homes for sale in Boston. The Boston real estate market has continued to see market activity, while other areas of the country have been less consistent.

For more information on homes for sale in Boston, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Boston home prices showing positive growth

Zillow.com’s charting of home sale prices is showing positive growth. The data taken over the last several years, shows downward pressure on pricing, with a positive turn during this year.

For more information, go to zillow.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Economy shows improvement

A NYTimes.com article sites the Fed’s Beige Book as showing signs of economic recovery. Alan D. Levenson, chief economist at T. Rowe Price, noted “The economy is making the transition from recession to recovery.” He expected the economy to grow at a rate of about 3 percent in the summer, then more modestly in the last months of the year.

For more information, go to nytimes.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Massachusetts market showed improvement in July

A recent NECN story used exciting numbers from the Warren Group to indicate improvement in the Massachusetts real estate market. It was the best July since 2005 – showing a tremendous number of home sales during a normally quiet month.

For more information, go to necn.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston real estate: Google Maps now displays homes for sale

Google announced that users may now use Google Maps to search for homes. This makes for another good source for buyers – allowing for ease of use, as well as the convenience of using street views.

For more information, go to google maps blog.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston real estate: Boston named in list of “Best Cities to Buy a Home”

An article on forbes.com took a look at cities around the U.S. real estate landscape. By looking at a number of factors - including number of transactions, price per square foot and distribution of activity in the neighborhoods - Forbes developed a ranking system. Boston ranked #3 overall and had the largest increase in price per square foot at 6%.

To read the complete article, go to forbes.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston real estate: Mass Foreclosures Drop 58.6% in May

An article on boston.com explored data from this May that showed a tremendous drop in foreclosures for the state of Massachusetts. The study by the Warren Group show the drop in comparison to the same month last year. There was also a 24.3% drop from last month (April 2009). Timothy M. Warren Jr., Warren Group’s chief executive, called the new data “encouraging.’’

To read the complete article, go to boston.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston real estate: Bidding wars on Boston area properties

An article on wbur.org showed how properties that are priced aggressively are causing bidding wars. As the reporter put it, homeowners are setting the offering price low and allowing the market to bid it up. This seems to be working within Boston and its more desirable surrounding areas like Cambridge and Arlington.

To read the complete article, go to wbur.org.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston real estate: Tax Credit Used for Down Payment?

A recent article on WashingtonPost.com looked at a new use of the First-Time Homebuyer Tax Credit: a down payment. Yes – it looks like qualified buyers with FHA-insured loans will be able to use the $8,000 tax credit as a down payment. This may make it a little easier for interested buyers to get financing. In fact, officers at the National Association of Home Builders estimate that the number of sales stimulated by the credit may double!

To read the complete article, go to WashingtonPost.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston real estate: Preparing to buy a home?

A recent article on msnbc.com explored the current climate for purchasing a home and created a very helpful list for first-time homebuyers who are looking to take advantage of the federal tax rebate. If you are preparing to buy your first home, there are a number of things that you can do to better prepare yourself for it. From polishing your credit report to considering the maintenance costs of a particular property, there is much that a new homeowner can do to avoid unpleasant surprises.

To read the complete article, go to msnbc.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.