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State Home Sales Hits 13th Straight Month of Increases

Here is the latest real estate updates, including the latest housing market news, mortgage rates and an update on the Malden Real Estate Market.

The Massachusetts Association of Realtors announced on Wednesday, July 29th, that for the 13th straight month, single family home sales have gone up as compared to the same month the year before. Condo sales were also up for the 13th straight month, as compared to the year before as well.

MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport stated that “While we’ve hit a ‘baker’s dozen’ with months of sales increases now at 13, prices continue to stabilize. The probability that home prices will begin a more steady increase is good if the combination of higher buyer activity and lower inventory levels continue. What is needed are more sellers at all levels to ensure that price increases happen at a more reasonable pace than during the bubble years.”

Overall, there were 4,709 single family homes sold in July 2012, as compared to 3,837 homes sold in 2011. This amounts to a 22.7% increase. On a month to month basis, homes sales were down from 5,422, which amount to a 1.1% decrease.

For condominiums, 1,807 units were sold, as compared to 1,468 units in July 2011. This amounts to a 23.1% increase. On a month to month basis, condo sales slipped from 2,167, or a 16.6% decrease.

The median selling price for a single family home was $325,000.00, up 1.9% from July 2011. On a month to month basis, median home prices single family homes slipped down from $328,000.00, or 1.1%.

The median selling price for condos was $300,000, up 4.2% from July 2011. On a month to month basis, median home prices for condos slipped down from $312,000.00, or 3.8%.

The entire article can be read here.

Mortgage Rates

According to the Freddie Mac survey, average mortgage rates decreased for the week ending Thursday, August 31, 2012.  The average 30 year mortgage decreased from 3.66% to 3.59%, and the average 15 year mortgage decreased from 2.89% to 2.86%.

Mortgage rates one year ago were 4.22% and 3.39 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

53

31

27

Avg. Liv. Area Sq Ft

1,657.52

1,139.77.

2,482.85

Avg. List $

$310,205

$232,735

$360,015

Avg. List $/Sq Ft

$194

$224

$146

Avg. Days on Market

86.21

88.13

199.44

 

Follow me on Twitter at @PH_Weston

Website: www.liveinmalden.com

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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