What a month it was in August for real estate. Better yet, what a year it has been thus far in this field as it pertains to our local Massachusetts real estate markets. According to the Massachusetts Association of Realtors (MAR), this past August was the fourteenth straight month where there have been an increase in sales over the past year. Trisha McCarthy, MAR President shared, Closing activity picked up in August as buyers, who were able to take advantage of the favorable market, wanted to get into their homes prior to the start of the school year. Prices continue to reflect a leveling out with single-family home prices essentially flat from the year before. However, there still have been increases in these prices, even if marginally so. The median price for a single-family home in August was $310,000, representing a 1.6% increase year-over year with August of 2011. Moreover, this is also the third month in a row where this median sales price of single-family homes has climbed over the $300,000 mark, an incredible achievement.
August also marked the seventh month in a row where the total sales of both condominiums and single-family homes increased when looking to year-over-year statistics. For August in particular, representing the most recent completed months results, 5,118 single-family homes were specifically sold and this was an astounding 20% jump from August of 2011s same corresponding sales figures. The past month also highlights that August was indeed just the second month during this whole year of Real Estate recovery in Massachusetts where single-family sales rose above the 5,000 plateau.
Looking more closely at condominium sales in August, there was an even more impressive 40% climb in those figures when pegged against August, 2011. A final number of 2,432 condominiums closed in the State although it must be shared that there was a slight decrease in their median prices, down 4.3% to $279,000. From a distance, this is yet another indicator about how strong the Massachusetts economy and all of the complementary industries to Real Estate are performing. There are countless deals to be had as the market continues to improve and only your Gibson Sothebys International Realty agent can aid in the process of determining where these deals truly lie for you.
More Information: Boston.com