As we come to a closing of the year 2013, all of us involved in the real estate industry have had quite the year. The activity seen this year was incomparable with years past. The staggering year-over-year improvements for the average days on the market, to total sales volume, to price changes and more, all has seen us triumphantly head in the right direction this year. While we at Gibson Sothebys International Realty are realizing our most successful year in terms of total sales volume reaching roughly $1 Billion in sales, the State of Massachusetts as a whole has also performed exceptionally well over this calendar year as home sales have grown by 8%.
With lower mortgage rates ranging from below 4% to now only mid 4%, confidence in the economy reaching a high level, and a lower unemployment rate, single-family home sales have thrived this year. This 8% improvement was measured from a year-over-year MLS Property Information Network comparison between December of 2012 when there were 40,883 sales, compared to December from this year when we recorded 44,077 transactions.
Median sales prices for single-family homes grew by an also impressive amount, this time by 10% from $295,000 one year ago to $325,000 currently. The aforementioned dwindling of the average days on the market saw market time for single-family homes drop to 98 days this year, down by 22% from the 126 measurement we had last year. Turning the leaf to this next year of 2014 indeed should leave us all more than optimistic that such a resounding response to the troubling times of recent years will only continue to see the real estate industry build and prosper for years to come.
More Information: Boston Business Journal