Malden Real Estate Market Updates

Pending Home Sales Up Again!

The Massachusetts Association of Realtors (MAR) reported this week that pending home sales were up again for the 18th straight month. MAR also reported that the year-over-year increase was the 2nd largest increase since MAR started tracking pending sales.

 
Pending sales for single family homes were up 35.90% in October 2012, as compared to October 2011. In October 2012, 4,355 homes were put under agreement, as opposed to 3,204 homes in October 2011. On a month to month basis, pending sales increased 6.45% as compared to September 2012.

The number of condos put under agreement reached 1,673 units, up 43.50% as compared to October 2011. This is the 11th straight month of double-digit increase on a year-over-year basis.  On a month to month basis, pending sales increased 6.56% from September 2012.

Trisha McCarthy, 2012 MAR President and broker at Keller Williams Realty in Newburyport, stated that “Although there was the potential for buyers to delay their purchase of a home until after the election, pending home sales had its largest year-over-year increase since April 2010, which was the final month to qualify for the home buyer tax credit.  This increase heightens the probability that
the market will remain strong through the remainder of the year and into 2013.”

To read the entire article, click here.

 

Mortgage Rates

According to the Freddie Mac survey, average mortgage rates decreased for the week ending Thursday, November 15, 2012. The average 30 year mortgage decreased from 3.40% to 3.34% and the average 15 year mortgage decreased from 2.69% to 2.65%.

Mortgage rates one year ago were 4.00% and 3.31% for the 30-year and 15-year fixed mortgages.

Snapshot of the Malden Real Estate Market

Source: MLS Property Information Network

Single Family Condos Multi Family # of Listings: 40 39 26 Avg. Liv.Area SqFt: 1,645.03 1,070.05 2,448.85 Avg. List$: $295,627 $207,692 $375,788 Avg. List$/SqFt: $195 $214 $158 Avg. Days on Market: 71.08 74.82 199.92

Paul Weston is Broker/Owner of Paul Weston Real Estate, a full service Real Estate Office serving Malden and the Greater Boston area.

Follow me on Twitter: @PH_Weston

Website, including contact information: www.liveinmalden.com