Real Estate Market Updates

Confidence in Massachusetts Real Estate Market Up, as REALTOR® Index Rises

The Massachusetts Association of REALTORS® (MAR) announced on Tuesday, September 18, 2012, that the REALTOR® Market Index (RMI) has gone up for the 13th straight month compared to the year before.

The Realtor Market Index hit a level of 56.41, up 97% from August 2011. On a month to month basis, the Market Index was down 2.11% from July 2012.  The Index is based on a 100-point scale, with 100 representing a “strong” market and 0 representing a “weak” market.

The Realtor Price Index was at 64.19 in August 2012, a 61% increase from August 2011. On a month to month basis, the Realtor Price Index was down 1.24% from July 2012.  This is the 7th straight month of year over year increases and the fourth straight month the RPI has been over the 60-point mark.

2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport stated that “Regaining confidence in the market is a gradual process, but one that fortunately has been improving for 13 straight months. The best way to ensure this upward trend continues is to increase the number of homes for sale. The only way that can happen is for homeowners who want to sell, but have held off, to make the decision to re-enter the market.”

To read the entire article, click here.

Mortgage Rates

According to the Freddie Mac survey, average mortgage rates remained mostly unchanged for the week ending Thursday, September 20, 2012.  The average 30 year mortgage declined from 3.55% to 3.49% and the average 15 year mortgage decreased from 2.85% to 2.77%.

Mortgage rates one year ago were 4.09 and 3.29 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

33

30

Avg. Liv. Area Sq Ft

1,598.2

1,190.27

2,285.00

Avg. List $

$300,762

$235,485

$368,050

Avg. List $/Sq Ft

$194

$213

$157

Avg. Days on Market

88.30

64.61

186.00

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Website: www.liveinmalden.com