Given the very informative post from yesterday regarding the successes of the industry that only continues to endure, more positivity regarding the market in Massachusetts is streaming in. The most recent report pegged the total sales in October at 4221, which displayed a 12.2% year-over-year increase. However, it is with great pleasure that we can report that now there have been further sales that have closed that were put under agreement in October.
Now, according to The Warren Group, an even more impressive total of 4,326 single-family homes sold across our glorious State of Massachusetts last month. This therefore marked an even more impressive 18.5% increase over the same corresponding month from a year priors numbers. In addition, looking to the 42,077 single-family homes that have sold since the beginning of 2013, it becomes clear that there has been an equally as boastworthy 7% improvement over the 39,239 closings that occurred through this date in 2012.
Karl Chip Case, the Co-Creator of the Standard & Poors Case-Shiller Index, noted that, The economy is doing well, believe it or not in pockets, and baby boomers are cashing out by selling. Even though prices are up, entry level homes in the high-end suburbs are flying off the market. With the corrected monthly figures, it is now official that October realized a 10% rise in the median prices of single-family homes, up to $313,050. This displayed the highest point since October of 2007. In addition, January through October showed median prices to rise to $324,900, up by 12% over the $289,000 figure from last years same period.
For condominiums in October, there was a statewide 16% rise in sales to 1,724 from the 1,487 from 2012. Year-to-date, the same optimism holds true as there was a 5.8% annual increase to 17,089 this year from 16,152 from a year prior. Median prices for this form of real estate also did exceptionally well rising by 13% to $299,500 in October from $265,000 from 2012s month of October. The year thus far median prices did wonderfully as well, rising to $295,000; up by 7% over 2012s $267,500.
The average days on the market dropped as inventory levels also dwindled, as the Massachusetts Association of Realtors informs us. Single-family inventory levels in October fell by 19.9% to 20,716 listings compared to 2012s October when there were 25,877 listings available on the market. The condominium inventory levels were also hit, falling by 26.1% to 5,582 this year compared to 7,557 from last year. This all occurred while the average market time for a single-family home decreased to just 92 days in October compared to 114 days from last year, and condominiums also drastically sped up sales to just 78 days on the market; down from 114 as well in October of 2012.
More Information: Boston Business Journal