As December of 2012 abruptly came to a close just as fast as it seemingly arrived, we also closed the book on one of the most successful years from recent memory in the Real Estate market here in Massachusetts. If it even seems fathomable, December marked the 20th straight month where both single-family and condominium homes increased with regards to how many of these properties were put under agreement.
The total sales volume is still yet to be determined due to many closings still yet to occur, however it seems inevitable that the final numbers will far and away exceed those levels achieved in 2011, this according to the Massachusetts Association of Realtors. Those single-family homes with signed purchase and sales agreements in December rose 15.6% to 3,062 from where this figure stood in 2011 at 2,648. Moreover, it comes to be known that condominiums also showed a respectable climb of 5.6% from 1,019 in 2011 to now 1,076 units in December of 2012.
When turning our attention to pending home sales, these inform us of the closings that are due to come to fruition within the next 90 days. It was discovered that there were 48,064 single-family homes put under agreement for the whole of 2012. Furthermore, this indicated a 25% increase in year-over-year end statistics for all of 2011 when the number of single-familys under agreement only reached 38,502. Condominiums under agreement in 2012, on the other hand, also brought forth similarly optimistic results with an increase of 26% from 14,893 in 2011 to 18,706 in 2012.
According to MARs President, Kimberly Allard-Moccia, Buyers in 2012 walked the walk in terms of entering the market and making offers on homes. The positive end-of-year numbers are encouraging to moving us that much closer to a market recovery. It looks as though 2013 will bear the fruit that 2012 has provided and that the Real Estate industry will continue to progress in the right direction.
More Information: Boston Business Journal