Median Home Prices and Sales Continue to Rise as Inventories Shrink
The Massachusetts Association of Realtors announced on November 27th that single family median home prices have hit their highest increase since June 2010. In addition, the number of single family home sold increased for the 16th straight month in a row.
MAR stated that 3,685 single family homes were sold in October 2012, as compared to 3,017 homes sold in October 2011, a 22.0% increase. On a month to month basis, homes sales were up 0.9%.
A total of 1,423 condo units were sold in October 2012, as compared to 1,056 units in October 2011, an increase of 34.8%. On a month to month basis, condo sales were down 2.2% from September 2012.
Trisha McCarthy, 2012 MAR President and broker at Keller Williams Realty in
Newburyport , said “Because median prices took their biggest jump since the
last month of the home buyer tax credit this could be a strong sign of the
start of an upward trend. While the number of closed sales in October rebounded
nicely, inventory continues to be a factor for buyers and sellers in the market.”
The median selling price for single family homes was $287,000 for October 2012, up 4.4% ($275,000) from October 2011. On a month to month basis, the median home price was down 1.6% from September 2012.
The median selling price for condos was $265,000 for October 2012, up 2.0% ($259,900) from October 2011. On a month to month basis, the median selling price was down 5.4% from September 2012.
Inventories still remain low. For single family homes, inventories as of October 2012 decreased 23.5% as compared to October 2011. For condos, inventories for the same period decreased 32.2% from the previous year.
MAR also noted the number of days that single family homes were on the market decreased, while the days on market for condos was up.
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According to the Freddie Mac survey, average mortgage rates increased for the week ending Thursday, November 29, 2012. The average 30 year mortgage decreased from 3.32% to 3.30% and the average 15 year mortgage decreased from 2.63% to 2.64%.
Mortgage rates one year ago were 4.00% and 3.30% for the 30-year and 15-year fixed mortgages.
Snapshot of the Malden Real Estate Market
Source: MLS Property Information NetworkSingle Family Condos Multi Family # of Listings: 43 37 22 Avg. Liv.Area SqFt: 1,709.79 1,159.38 2,398.59 Avg. List$: $298,243 $218,992 $360,758 Avg. List$/SqFt: $188 $211 $157 Avg. Days on Market: 77.93 76.81 236.50
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