Massachusetts towns as diverse as Newburyport, Vineyard Haven, and Somerville are reporting mixed housing markets.

Newburyport

"The Newburyport area real estate market remains strong despite a less than stable economy, war and fluctuating interest rates," says Realtor Rick Zaniboni. "The sellers market of 2001 has softened a great deal. It is neither a strong buyer's or seller's market. As of September 19, 2003 there are 65 single family homes and 64 condos on the market in Newburyport. The median listing price of single family homes is $475,000 while the median listing price for condos is $319,000. Single family homes in Newburyport are staying on the market for 93 days on average with condos averaging 82 days."

Vineyard Haven

Says Realtor Fred Roven, "Also known as Tisbury, the town of Vineyard Haven is an active commercial center throughout the year. Home to delightful inns, large and small, it opens its welcoming arms to the influx of travelers arriving by ferry to the Island. Vineyard Haven's Main Street includes a variety of eateries and an array of shops catering to the tastes of any visitor. The Vineyard Haven harbor is an active and lovely sight and was once one of the most heavily sailed ports in the world. At the top of Main Street, one can enjoy the serene passage of sailboats from Owen Park, with its charming small beach, playground equipment for the tots, and the Liberty Pole landmark."

As far as the market goes, Roven says, "Sales in Vineyard Haven were up significantly in the second quarter of 2003. Sales of properties under $500,000 have been fast-paced, there is a strong demand for primary homes in this price range with demand exceeding supply, this segment of the market is a sellers market. Sales in this segment of the market have also been influenced by low interest rates. There are a significant number of harborfront properties on the market in Vineyard this quarter ranging in price from $4 million to $12 million. Properties between $1 million and $4 million are the slowest sales group."

Somerville

"Somerville has changed dramatically in the past 20 years. The extension of the Red Line subway to Porter and Davis Squares led to an influx of professionals who work in Boston as well as students. Interesting coffee houses, music venues, bookstores, and restaurants have migrated over the line from Cambridge. A strong artist community exists. There are many multi-family homes, quite a few single family homes, and an increasing number of condominiums."

Filene advises, "Realtors measure housing supply in months, with a six month inventory considered normal. The national backlog reached 9.2 months in the 1990 recession. In Somerville in September 2003 we have a 5.1 month supply if properties were to sell at the same average rate as during the past year. So we currently have a balanced market. David Lereah, chief economist with the National Association of Realtors, forecasts that home prices should rise nationally in the range of 4 to 4.5 percent in 2004."

Click here to view current Market Conditions in your location.

Published: September 23, 2003

Use of this article without permission is a violation of federal copyright laws.