continue to soar
Given the very informative post from
yesterday regarding the successes of the industry that only
continues to endure, more positivity regarding the market in
Massachusetts is streaming in. The most recent report pegged the
total sales in October at 4221, which displayed a 12.2%
year-over-year increase. However, it is with great pleasure that we
can report that now there have been further sales that have closed
that were put under agreement in October.
Now, according to The Warren Group, an even more
impressive total of 4,326 single-family homes sold across our
glorious State of Massachusetts last month. This therefore marked
an even more impressive 18.5% increase over the same corresponding
month from a year priors numbers. In addition, looking to the
42,077 single-family homes that have sold since the beginning of
2013, it becomes clear that there has been an equally as
boastworthy 7% improvement over the 39,239 closings that occurred
through this date in 2012.
Karl Chip Case, the Co-Creator of the Standard & Poors
Case-Shiller Index, noted that, The economy is doing well, believe
it or not in pockets, and baby boomers are cashing out by selling.
Even though prices are up, entry level homes in the high-end
suburbs are flying off the market. With the corrected monthly
figures, it is now official that October realized a 10% rise in the
median prices of single-family homes, up to $313,050. This
displayed the highest point since October of 2007. In addition,
January through October showed median prices to rise to $324,900,
up by 12% over the $289,000 figure from last years same period.
For condominiums in October, there was a statewide 16%
rise in sales to 1,724 from the 1,487 from 2012. Year-to-date, the
same optimism holds true as there was a 5.8% annual increase to
17,089 this year from 16,152 from a year prior. Median prices for
this form of real estate also did exceptionally well rising by 13%
to $299,500 in October from $265,000 from 2012s month of October.
The year thus far median prices did wonderfully as well, rising to
$295,000; up by 7% over 2012s $267,500.
The average days on the market dropped as inventory levels also
dwindled, as the Massachusetts Association of Realtors informs us.
Single-family inventory levels in October fell by 19.9% to 20,716
listings compared to 2012s October when there were 25,877 listings
available on the market. The condominium inventory levels were also
hit, falling by 26.1% to 5,582 this year compared to 7,557 from
last year. This all occurred while the average market time for a
single-family home decreased to just 92 days in October compared to
114 days from last year, and condominiums also drastically sped up
sales to just 78 days on the market; down from 114 as well in
October of 2012.
More Information: Boston Business
Journal