With the holidays over and the new year starting to roll out, it does well to think and reflect about the past year's performance. In particular, homes in Massachusetts continued their upward trend in November, climbing 10.4 percent year-over-year and beating out other key metro areas.
Nationally, the Bay State didn't do quite as well, with the national average home price increase pegged at 11.8 percent in November year-over-year. Though the price increase is still bullish, November's upward trend wasn't enough to unseat the state's record high levels of October 2005, being 12.5 percent off figures from that month. And though national prices edged out the states' property price increase for the month of November, Massachusetts is still closer to its peak levels compared to the nation's, which is 17.6 percent below its peak in April of 2006.
Compared to the five states registering the largest year-over-year home price appreciation in November included Nevada ( up 25.3 percent), California (21.3 percent), Michigan (14.34 percent), Arizona (13.5 percent) and Georgia (13.3 percent), Massachusetts' dilemma with its quantity and quality of inventory suggests that the price increase could have been greater if there were more listings to play with, as this would have spurred price wars hence tipping the scale towards the sellers. Compounded monthly and compared year-over-year, home prices in Massachusetts have appreciated every month in 2013, spurring a steady yet more humble growth outlook for 2014.
It looks like Millennium Place's marketing machinery has done a good job selling its inventory of available units. The developers, who have been aggressively marketing its units, is about to approach a "sold out" status, only after a year's worth of pushing the plush residence's properties. This, after Millennium Place circulated emails yesterday, announcing that everyone's favorite Downtown Crossing condo complex was nearly sold out.
Given that Millennium's marketing only launched its aggressive push officially in October 2013 (though pre-selling started in the Spring), this feat is a testament to the city's real estate comeback, especially in that part of the metro's map, giving confidence back to the once "forgotten" neighborhood and to nearby developers and investors alike.
According to the Millennium's email yesterday, only five of the condo complex' 256 units remain for the taking, consisting of 2- and 3-BRs above the eighth floor. A quick search of the building's inventory shows that the most expensive unit is the 1,505-square-foot on the 14th floor, which currently is asking $1,505,000.
Contact us now to get a glimpse of the available units, and take advantage of them while they last! Call (617) 505-1781 now.