What a month it was in August for real estate. Better yet, what
a year it has been thus far in this field as it pertains to our
local Massachusetts real estate markets. According to the
Massachusetts Association of Realtors (MAR), this past August was
the fourteenth straight month where there have been an increase in
sales over the past year. Trisha McCarthy, MAR President shared,
Closing activity picked up in August as buyers, who were able to
take advantage of the favorable market, wanted to get into their
homes prior to the start of the school year. Prices continue to
reflect a leveling out with single-family home prices essentially
flat from the year before. However, there still have been increases
in these prices, even if marginally so. The median price for a
single-family home in August was $310,000, representing a 1.6%
increase year-over year with August of 2011. Moreover, this is also
the third month in a row where this median sales price of
single-family homes has climbed over the $300,000 mark, an
incredible achievement.
August also marked the seventh month in a row where the total
sales of both condominiums and single-family homes increased when
looking to year-over-year statistics. For August in particular,
representing the most recent completed months results, 5,118
single-family homes were specifically sold and this was an
astounding 20% jump from August of 2011s same corresponding sales
figures. The past month also highlights that August was indeed just
the second month during this whole year of Real Estate recovery in
Massachusetts where single-family sales rose above the 5,000
plateau.
Looking more closely at condominium sales in August, there was
an even more impressive 40% climb in those figures when pegged
against August, 2011. A final number of 2,432 condominiums closed
in the State although it must be shared that there was a slight
decrease in their median prices, down 4.3% to $279,000. From a
distance, this is yet another indicator about how strong the
Massachusetts economy and all of the complementary industries to
Real Estate are performing. There are countless deals to be had as
the market continues to improve and only your Gibson Sothebys
International Realty agent can aid in the process of determining
where these deals truly lie for you.
More Information: Boston.com