in Home Sales in September
The real estate news being reported regarding the
Greater Boston and larger State of Massachusetts may seem as though
it is on repeat. Well, although it is not, the message certainly is
being held constant and that message is displaying nothing but
positivity, progression, and prosperity. The story is still the
same; inventory is low yet buyers are still abundant. Although
inventory levels have been rising, the slight rise in mortgage
rates did not do so much to hinder buyer demand, but instead
boosted the energy of prospective buyers to enter the market in
fear that rates would rise any further.
With thoughts that the summer months would not be as
active as the rampant spring market, all doubters were silenced as
the real estate successes have only continued to build. What was
just released is that this past month of September marked the
highest rate for single-family home sales all throughout
Massachusetts recorded in eight years. A total of 4,358
single-family homes were sold in September, resulting in a 16%
increase from September of 2012 when just 3,739 properties
closed.
Kimberly Allard-Moccia, the President of the
Massachusetts Association of Realtors, came forward to comment on
this massive breakthrough and pointed out that, “September closed
sales and prices was another example of buyer demand outpacing
housing supply. Interest rates are still low and qualified buyers
are still there, but what we need now to get to full recovery is
those sellers who are holding off, to make the commitment to
sell.
Condominium sales are also performing well, with September
realizing a 12.5% jump from 1,608 sales last year to 1,800 during
this years September. Prices are climbing exponentially as well,
with condos seeing a 7% spike from $275,000 to $295,250. The good
news is for buyers is that sellers are beginning to return to the
market at a growing rate. Their advantages to be able to have
multiple buyers is not only allowing them to sell their property
quickly, but at a much higher price than in years past. With prices
rising, sales rising, mortgage rates still low, and days on the
market dropping, there perhaps is no time more ideal to be involved
in the real estate industry regardless if you may be buying or
selling at any price point.
More Information: Boston Business
Journal