Massachusetts, you keep outdoing yourself. Once again, we have
realized a significant improvement in the field of real estate for
the most recent month of March of 2012. The odds have been defied
again. As we have mentioned in a past blog, the Spring
Market, as it is termed, is usually a time when activity in this
business thrives. Generally much of this can be attributed to the
warmer temperatures, and no more was this apparent and a truly
relevant statistical measure than this year with how mild the
weather has been, as we also shared in this blog about
Cape Cod real estate.
Compared to March of 2011, this March saw a massive 38.8%
increase in the number of pending home sales across the State.
Pending home sales, it should be noted, refers to properties that
have an accepted offer to purchase and are in the stages of
completing the transaction. Perhaps the most optimistic figure for
those who are invested in real estate is that this marked the
eleventh month in a row with a percentage increase over the
corresponding month a year prior, which is an astonishing feat to
say the least.
June of 2011 was the only time in recent memory where pending
home sales reached a level of over 4,000. Well, it comes to be
known that in March of 2012 this number climbed to 4,519 for
pending home sales in Massachusetts, blowing away any
preconceptions that the market for this new year would begin in
flux. Looking also to condominiums, the numbers garnered for the
past month show a still staggering 30% increase in pending sales
year-over-year with March of 2011 as well.
When a home is under agreement it typically can take roughly six
weeks or so for this to become a true closing sale of a property.
Therefore, with regards to February, 2012, it can now be concluded
that of the pending sales agreements that eventually saw the sale
close, there was a 33% increase in total home sales for the month
over February, 2011. These numbers are even higher than the
improvement across the country that we blogged about. For
Massachusetts, this displayed the best numbers for February in the
past five years! What recession?
There is no doubt that 2012 is the year of the head-turning real
estate market; it is time to pay attention again. Every month seems
to be picking up the momentum passed to it from the previous, and
the cycle continues and picks up steam. It is an nothing but an
exciting and fast ride to be in the business or looking for the
property of your dreams today in The Greater Boston Area.
More Information: Boston.com