Regional Spotlight—RE/MAX of New England recently released their 2012 Housing Market Outlook & Forecast.
According to the study, Connecticut experienced the largest declines in 2011, as single-family home transactions slid -8.4 percent and average price dipped -1.8 percent, compared to 2010.
Maine single-family home transactions slide -4.21 percent compared to 2010, while the median price declined just -0.18 percent.
Massachusetts watched single-family home transactions slip -1.8 percent in 2011 compared to 2010, while price declined just -0.4 percent.
New Hampshire was the only state in New England to see year-over-year growth in single-family units sold, up a modest 0.7 percent. However, average price dipped -4.1 percent.
Despite the highest unemployment rate in New England, Rhode Island’s year-over-year home transactions dipped just -1.5 percent, while the average price declined just -1.8 percent.
Vermont was the only state in New England to experience an increase in the average price of a single-family home in 2011 compared to 2010, up 3.3 percent. However, the number of units sold dipped by -1.4 percent.
According to Jay Hummer, executive vice president and regional director of RE/MAX of New England, the real estate market is now experiencing the “new normal,” and homeowners can expect modest stability with limited appreciation in values for the immediate future.
“Barring a financial catastrophe, it appears prices have hit the bottom and we can expect to see a very slow and very gradual increase over the next couple of years,” Hummer said.
For more information, visit www.remax-newengland.com.