Real Estate Market Updates

Pending Home Sales are Up Again

The Massachusetts Association of Realtors announced on Monday that pending home sales for single family homes and condos in Massachusetts are up for the 16th straight month from the previous year.

Pending home sales for single family homes rose from 3,689 in 2011 to 4,717 in 2012, a 27.87% increase. According to MAR, August 2012 was record amount for pending home sales, a time when home sales tend to slip. On a month to month basis, the amount rose up 0.49 from July 2012 to August 2012.

Pending sales for condominiums rose from 1,347 in August 2011 to 1,761 in August 2012, an increase of 30.73%. On a month to month basis, the amount rose up 0.51% from July 2012 to August 2012.

"Summer may be a time to take vacations, but this year also was time for buyers to get into the market and purchase homes,” said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport. “August pending sales numbers confirm the continued high level of activity that REALTOR®-members are seeing and feeling in the market. This bodes well for strong closed sales results in the fall and early winter.”

The entire article can be read here.

Mortgage Rates

According to the Freddie Mac survey, average mortgage rates remained mostly unchanged for the week ending Thursday, September 13, 2012.  The average 30 year mortgage stayed flat at 3.55%, and the average 15 year mortgage decreased from 2.86% to 2.85%.

Mortgage rates one year ago were 4.09 and 3.30 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 Homes

# of Listings

60

27

27

Avg. Liv. Area Sq Ft

1,599.87

1,114.56

2,300.93

Avg. List $

$303,230

$236,607

$352,926

Avg. List $/Sq Ft

$196

$226

$155

Avg. Days on Market

85.93

77.85.

198.74

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Website: www.liveinmalden.com