Mass Home Sales up for the 15th Straight Month
Single Family homes sales are still on a role, as home sales overall are up for the 15th straight month, as compared to the same month the year before.
The Massachusetts Association of Realtors announced that 3,580 single family homes were sold in September 2012, as compared to 3,482 homes sold in September 2011, a 2.8% increase. On a month to month basis, homes sales were down 30.9%. It is typical to see a month-to-month decrease from August to September.
A total of 1,429 condo units were sold in September 2012, as compared to 1,292 units in September 2011, an increase of 10.4%. On a month to month basis, condo sales were down 32.5%.
MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport said "September numbers show that buyers took advantage of market conditions to push home sales up again. Despite the decreasing inventory of homes for
sales, prices continue to stabilize and compared to the peak years are a good
value for those people looking to buy."
Median selling price for single family homes was $294,900 for September 2012, down less than 1% ($296,750) from September 2011. On a month to month basis, the median home price was down 6.8% ($316,500).
The median selling price for condos was $280,000 for September 2012, up 2.9% ($270,000) from September 2011. On a month to month basis, the median selling price was down 4.1% from August 2012.
Inventories still remain low. For single family homes, inventories decreased 21% from September 2011. This was the largest decrease in inventory on a month to month basis since 2004. For condos, inventories decreased 30.5% from the previous year.
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According to the Freddie Mac survey, average mortgage rates increased for the week ending Thursday, October 25, 2012. The average 30 year mortgage increased from 3.37% to 3.41% and the average 15 year mortgage increased from 2.66% to 2.72.
Mortgage rates one year ago were 4.10% and 3.38% for the 30-year and 15-year fixed mortgages.
Snapshot of the Malden Real Estate Market
Source: MLS Property Information Network
Single Family Condos Multi Family # of Listings: 52 39 29 Avg. Liv.Area SqFt: 1,695.06 1,072.18 2,431.07 Avg. List$: $312,668 $209,020 $388,255 Avg. List$/SqFt: $199 $214 $162 Avg. Days on Market: 75.33 67.08 182.45
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