The successes in the real estate industry continued throughout the most recently completed month of November. According to the Massachusetts Association of Realtors, November marked the ninth consecutive month in a row where there have been a annual increases in pending home sales. November displayed an 18.6% boost over the number of homes put under agreement in the Bay State during November of 2012.
The President of the Massachusetts Association of Realtors, Kimberly Allard-Moccia, noted that, "Homeowners who put their houses on the market had a lot to be thankful' for in November as buyers continued to make a high number of accepted offers. The one present that would make buyers very happy during this holiday season are more homes for sale."
The number of single-family homes that were under agreement went up to 3,843 in November, up from the still significant 3,240 number we realized a year ago. For condominiums, the number of pending sales was up by 22.3% in November over its year-ago level from 1,257 in 2012s November to 1,537 this year. Overall, this resulted in the greatest amount of condominiums put under agreement during any month since November from 2004.
Median sales prices also performed incredibly well. Single-family homes were up to $317,000, up 7.5% from November of 2012 when they stood at $295,000. Condominiums saw median prices rise by 3.5% to $294,835 from last years average of $285,000.
When taking a step back and reflecting on these numbers, it is with immense optimism that we can look back at November and of course the rest of 2013 as an overwhelming success in the real estate industry. All of these triumphs and patterns of growth give us a great deal of hope for 2014 in the likelihood that such improvements will only continue.
More Information: Banker & Tradesman