The most recent complete statistics for a month that we can report comes from March of 2012. This is the month that proved a continued upward trend in the real estate market not just in and around the city of Boston, but throughout the whole of Massachusetts. The Warren Group were the ones responsible for enacting the study. A firm that is a leader in real estate and financial information through their thorough comprehensive research on detailed property and market information, their numbers are always held in high regard. What was concluded was that for March, single-family home sales increased by a very optimistic figure of 20%! From a 2,688 transactions in March of 2011 to this year achieving 3,205 sales, there is much to get excited about as the energetic ‘Spring Market’ began to take off.
This runs parallel with our recent findings in our past blog that The Warren Group also reported about how the first quarter in 2012 far and away out performed the same quarter of 2011. This past blog mentioned above largely focused on positive results in the town of Somerville that have translated to many of the other suburbs of Boston. As also briefly touched upon in this previous post, despite this rise in sales, there have nonetheless been a decrease in the median prices achieved in these sales. This decrease surmounted to 3.3% to a median price of $260,000. This past March was the sixth month in a row where such prices have fallen, although it is not a sign of a faltering market by any stretch.
For condominiums, the total number of sales and even the median sales prices both rose across the State for March. Sales saw a bump from 1,067 in March of 2011 to 1,189 this year, a 11.4% increase. Moreover, the median sales price of a condo was $265,000 which was up 15% in 2012 year-over-year. This trend will soon follow for single-family homes as well, as Warren Group chief executive Timothy M. Warren Jr. hinted. As sales continue to rise it is only a matter of time until the lowering of prices becomes less and less until they to see increases throughout all of Massachusetts. Single-family homes are already in such a transition.
This year so far, all of the months are seemingly outdoing those from previous years. This is a time where Massachusetts is confidently taking a big step forward in attempts to accomplishing a completely stable and developing Real Estate market for the long-haul. That coupled with a broad-sweeping greater sense of optimism regarding the economy, one’s own job, and the sheer excitement surrounding the many developments and businesses coming to the region, there is no greater time to be a proud homeowner in this State than now and clearly for years to come.
More Information: Boston.com