The month of August marks the 14th straight month that home sales in Massachusetts have gone up, both from previous years as well as previous months. Sales of single-family homes passed the 5,000-mark for only the second time since June 2010. Total single-detached homes that were sold last year number to 4,136, compared to 5,077 of August this year. The median price of single-detach homes, remained flat compared to last year at $317,750.
Not to be outdone, sales of condominiums were also up from previous year and previous months. In fact, sales increased by 25.2% compared to the same period last year, and 11.9% higher than last month. The median price of condominiums in the Bay state averaged to $292,000.
In terms of turnover and inventory, single-family homes decreased by 22% (33,905 listings in 2011 compared to only 26,459 as of August 2012). Condominiums were also snapped up, leaving it down 30% (11,284 in 2011 compared to only 7,882 last month). Detached single-family homes stayed on the market an average of 103 days in August 2012, which was down one day from 106 days in August 2011. Condos stayed on the market an average of 91 days, which was down from 103 days in August 2011. Asked what is the main cause of this increase in sales, Massachusetts Association of Realtors Trisha McCarthy was quoted as saying,
These drops in months of supply are typically a result of big uptick in closings in a single month," said McCarthy. "However, escalating rent prices could certainly be fueling the increased condo-market activity.
These figures, along with recent national reports and analysis, indicate that confidence is indeed returning to the housing market. With signs that the recession is slowly ceding, it is perhaps the right time to buy a property - especially in a market where it's continually increasing.
Click here to view the entire press release by the Massachusetts Association of Realtors (MAR).