WALTHAM, Mass. – The Massachusetts Association of Realtors is releasing the results of a new index that attempts to quantify the conditions of the real estate market in the Bay State.
The Massachusetts Realtor Index surveys a sampling of members about the current housing market and their expectations of home prices in the future. The index runs from 1 to 100, with a score of 50 the midpoint between a “strong” and a “weak” market.
Last week, the association said the index was at 34.30, which was 99 percent higher than the 17.25 score recorded in January 2009.
“Looking back a year, January 2009 was another challenging month for the real estate market and the economy as a whole and that is reflected in its low index score,” said association President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “To be up 99 percent in January 2010 compared to this time last year is very positive and with the tax credit, that score should continue to trend upward. Of course, low interest rates and moderate pricing point to a continued buyer’s market.”
The monthly survey of Realtors includes two questions – “How would you describe the current housing market?” and “What are your expectations of home prices over the next year?” as well as a wild card question related to a current industry concern.
