It has been well documented about just how well the real estate market has performed during 2012 as a whole and now continues to do so thus far in 2013. What is vastly unknown, however, is just the depth of these year-over-year increases. Not only has The Greater Boston Area seemingly led the way for the nation towards a housing recovery, but there have been gains achieved in almost every location in the country.
There are 134 core-based statistical areas (CBSAs) across the United States according to Pro Teck Valuation; a firm based in Waltham, Massachusetts. CBSAs, it must be defined, are those locations where there are at least 10,000 people who are tied to an urban center by commuting. Of the total 134, 123 realized gains of 500 or more property sales in 2012 over 2011.
One of the most popular statistics used by Pro Teck Valuation was the comparison between price per square foot from year to year. It turns out that the national median price per square foot rose from $81.08 in 2011 to $86.42 in 2012. In 39 of the CBSAs, the price per square foot rose by double digits in 2012. What is fascinating to learn is that much of these areas were the ones that were hit the hardest during the economic downturn. This only further goes to show how strong of a rebound the market is experiencing across the board. These figures are precisely accurate due to Pro Teck Valuations method of gathering and studying valuable data acquired from roughly 850 multiple listing services on a daily basis.
More Information: Los Angeles Times