LYNN – September and third quarter figures released by the Massachusetts Association of Realtors (MAR) show a decrease in home and condominium sales for the third straight month, compared to the same time last year.The same goes for Lynn, where long-time real estate agent Donald Baker of Donald Baker Real Estate said housing sales plummeted during the summer months, but are beginning to slowly rebound.”It was a very slow summer in general, but after the tax incentive program was exhausted, buyers basically weren’t coming up in July, August, September and part of October,” he said. “Lynn is always atypical to the market and is different than the suburbs, but all of a sudden, things have started getting busier.”MAR figures show that the median selling price for single-family homes in September was $290,000, a decrease compared to $295,000 in September 2009. The September condominium market was up 12.2 percent compared to the same time last year, but on a month-to-month basis, condominium sales are down 16.5 percent compared to last August, according to MAR figures.Baker said Lynn figures differ depending on location, but estimated that housing prices dropped in the city about $10,000 on average.”Single-family homes basically dropped 7-10 percent,” he said. “Two-family homes dropped a little bit this summer, but two-families in general are hot right now and people are coming in from Boston to buy them.”According to Baker, two-family homes in Lynn are selling at between $245,000-$280,000, while three-family homes are ranging from $250,000-$280,000.”Those same three-family homes are selling for $350,000-$375,000 in Somerville and Dorchester, so they’re very desirable right now,” he said. “And we’re getting a mix of owner-occupants and investors buying them.”MAR statistics show that the multi-family housing market state-wide experienced an 8.1 percent decrease in the third quarter of 2010, compared to the same time last year with 1,830 multi-family homes sold in 2010 compared to 1,682 in 2009. Median prices were down 1.6 percent compared to the same time last year from $212,500 in 2009 to $209,000 in 2010.Although numbers may not be favorable at the moment, Baker stressed that history repeats itself and that everything comes in cycles.”The economy is still bad, but I’ve been through the same market in 1992 when everything stopped and took four or five years to recover from it,” he said. “But at the same time, that’s what’s great about Lynn and our staff (at Donald Baker Real Estate), we get up every day and hustle and forget the gloom and doom.”
