Mass Homes Sales up for 14th Month: Median Home Prices remain flat as Inventory Decreases
The Mass Association of Realtors announced on Sept 25th, that home sales in Massachusetts increased for the 14th straight month in a row, as compared to one year ago.
Sales of single family homes increased from 4,136 homes in August 2011 to 5,077 homes in August 2012, a 22.8% increase. This marks the 14th straight month of year-over-year increases. MAR also noted this was the second time in 3 months that homes sales went over 5,000 units.
Sales of condos increased from 1,650 units in August 2011 to 2,066 units August 2012, a 25.2% increase. This marks the 13th month of the last 14 months that condo sales have been up. This marks the second time in 3 months that condo sales were over 2,000 units.
MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport said “Closing activity picked up in August as buyers, who were able to take advantage of the favorable market, wanted to get into their homes prior to the start of the school year. Prices continue to reflect a leveling out with single-family home prices essentially flat from the year before.”
The median price for a single family homes on average was flat for August 2012 at $317,750, as compared to August 2011. On a month to month basis, the median price for a single family home was down 2.2% from July 2012.
The median price for condos on average was up less than 1% for August 2012 at $292,000, as compared to August 2011. On a month to month basis, the median price for condos was down 2.7% from July 2012.
The number of single family homes listings decreased from 33,905 in August 2011 to 26,459 listings in August 2012, a decrease of 22%. This translates into 7.2 months of supply for single family homes for August 2012.
The number of condo listings decreased from 11,284 in August 2011 to 7,882 listings in August 2012, a decrease of 30.1%. This translates into 5.6 months of supply for the condo market for August 2012.
MAR President Trisha McCarthy also added “These drops in months of supply are typically a result of big uptick in closings in a single month. “However, escalating rent prices could certainly be fueling the increased condo-market activity.”
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According to the Freddie Mac survey, average mortgage rates declined for the week ending Thursday, September 27, 2012. The average 30 year mortgage declined from 3.49% to 3.40% and the average 15 year mortgage decreased from 2.77% to 2.73%.
Mortgage rates one year ago were 4.01% and 3.28% for the 30-year and 15-year fixed mortgages.
Snapshot of the Malden Real Estate Market
Source: MLS Property Information Network
Multi Family Homes
# of Listings
Avg. Liv. Area Sq Ft
Avg. List $
Avg. List $/Sq Ft
Avg. Days on Market
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