New Data Shows Housing Market Sees More Gains
The Massachusetts Association Realtors announced last Tuesday that the housing market is picking up more steam as Pending Home Sales are up again for the 17th month in a row.
MAR announced that pending home sales were up 26.07% in September 2012 for single homes put under agreement, as compared to September 2011. In September 2012, 4,019 homes were put under agreement, as opposed to 3,234 homes in September 2011. On a month to month basis, pending home sales were down 13.27% from August 2012 to September 2012.
The number of condos put under agreement reached 1,570 units, up 48.39% as compared to September 2011. This is the 10th straight month of double-digit increase on a year-over-year basis. On a month to month basis, pending sales decreased 10.85%.
Trisha McCarthy, 2012 MAR President and broker at Keller Williams Realty in Newburyport, stated that “September’s strong activity increases the likelihood that there will be several more months of positive sales growth heading into the New Year. While the numbers decreased on a month-to-month basis, the year-over-year increases over last ten months continue to be at least 25 percent or higher. This is further evidence of a healthier market.”
To read the entire article, click here.
According to the Freddie Mac survey, average mortgage rates increased for the week ending Thursday, October 11, 2012. The average 30 year mortgage declined from 3.36% to 3.39% and the average 15 year mortgage decreased from 2.69% to 2.70%.
Mortgage rates one year ago were 4.12% and 3.37% for the 30-year and 15-year fixed mortgages.
Snapshot of the Malden Real Estate Market
Source: MLS Property Information Network
# of Listings:51 37 31
Avg. Liv. Area Sq Ft:1,696.33 1,123.43 2,475.03
Avg. List Price:$313,378 $217,043 $393,635
Avg. List$/SqFt:$197 $212 $162
Ave. Days on Market:81 63.30 182.81
Follow me on Twitter at @PH_Weston