Real Estate Market Updates

Pending Homes Sales Increase for 15th Straight Month

The Massachusetts Association of Realtors (MAR) announced that for the fifteenth straight month, pending home sales increased as compared to the same month in 2011 for single family homes.. For condos, those numbers were up from the same time last year for the 15th straight month as well.

Trisha McCarthy, MAR President and Broker at Keller Williams Realty in Newburyport stated that “With another pending sales increase in July, our confidence that the market is getting closer to recovery also increases.”

The number of single family homes going under agreement went from 3,514 July 2011 to 4,694 in July 2012, an increase of 33.58%. The number of condos going under agreement went from 1,349 in July 2011 to 1,752 in July 2012, an increase of 29.87%.

On a month to month basis from June 2012 to July 2012, the number of pending sales for single family homes decreased from 5,131, or 8.52%. The number of pending sales of condos for the same period decreased from 1,986, or 11.78%.

The entire article can be read here.

Mortgage Rates

According to the Freddie Mac survey, average mortgage rates increased for the week ending Thursday, August 15, 2012.  The average 30 year mortgage increased slightly from 3.59% to 3.62%, and the average 15 year mortgage increased from 2.84% to 2.88%.

Mortgage rates one year ago were 4.15% and 3.36 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

52

34

31

Avg. Liv. Area Sq Ft

1,660.40

1,115.18

2,499.39

Avg. List $

$312,283

$228,457

$365,655

Avg. List $/Sq Ft

$194

$223

$149

Avg. Days on Market

82.23

76.44

174.87

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Website: www.liveinmalden.com