The comeback in home sales that many of us have been seeing hints of is now backed up with solid numbers. All reports are showing sales increases as well as declining inventory levels. Second quarter sales reports will show terrific numbers especially in downtown Boston neighborhoods. Sales of single-family homes in Massachusetts have bounced back to levels not seen since the Great Recession sent an already declining market into a tailspin. The Massachusetts Association of Realtors reported this week that May home sales were up more than 27 percent over the same month last year, while The Warren Group pegs the jump at 35 percent.
The best news is that after hints of recovery for months, and most importantly our experience on the streets, the long-suffering real estate market finally appears to be living up to expectations and is finally in a recovery and coming out of the the deep trough it plunged into after the near global economic collapse of September 2008.
The 4,445 homes sold in May surpassed both May 2007 and May 2006 as well, when 3,884 and 4,200 homes were sold, respectively, in those months, according to a comparison of numbers from past monthly reports on the MAR website.
Look for articles and reports touting these terrific results and for the resulting positive effect on buyer and seller confidence.