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May was a tipping point as increasing prices and interest rates pushed qualified buyers to make offers that sellers accepted in great numbers,’ said Allard-Moccia, broker-owner of Century 21 Professionals in Braintree, in a press statement.
The mid-market in Provincetown is the $400K to $800K price range, consisting of condos and single family properties. This segment represented 45% of the total sales in 2012…46% of condo sales of 166 and 39% of single family sales of 52…in other words it is where the action is.
Barry Bluestone, director of the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University, expects steady but moderate price increases for single-family homes in the Boston area over the next few years, as more people put their homes on the market. Bluestone said he expects prices for multifamily homes and condominiums to rise even faster. “Older baby boomers are going to look to downsize and younger professionals will be less interested in moving into the suburbs and having to put up with long, tedious commutes,” he said.
The median price for single-family homes in Massachusetts rose to $313,000 in April, a near 14 percent increase compared to the same time last year as increased buyer demand and a tight housing inventory pushed up home values, new data released Wednesday shows.
The $1,000,000 market in Provincetown is solid and active. In 2012 16 properties sold above $1M, 15 single family homes and 1 condo. These represent 7% of the total 218 condos and single family homes sold in 2012. As you can see below, these range in style, size and of course location. The average sales price was $1.575M, had 4 bedrooms and 3.25 baths with 2,250 square feet of living space. (6 of these properties are shown below.)
Great news on the downtown Boston market. A repost of Jenifer’s article below: Downtown prices hit record median value of $537,000 By Jenifer B. McKim MAY 01, 2013Boston’s downtown condominium market thrived during the first three months of the year, with tight inventory helping to push the median price to a quarterly […]
Coming off a banner year in 2012, where year-end sales surpassed industry expectations, we wouldn’t have been surprised at a more “normal” first quarter of 2013. Real estate sales did slow as winter activity was moderated by weekly snowstorms more than by any changes in market fundamentals. Sales were more aligned to 2011 than to 2012.
The Big Number is 45%. Combined, all Boston neighborhoods saw a 45% decrease in inventory of condos for sale as of March 30 compared last year at this time. This decrease in inventory didn’t seem to effect sales as the average sale price went up 10% to $611K vs. $556K and the number of condo sales increased 3% to 644 units from 624. The median sales price increased 4% to $416K from $400K in 2012. On first glance this real estate market seems very healthy but a continuing decrease in inventory levels could create a problem going forward
Will dwindling listings derail the real estate recovery?
At least for now, the answer is no.
The number of pending sales across the state jumped 4.6 percent in March compared to the same time last year, the Massachusetts Association of Realtors reports.
In fact, the 4,308 homes put under agreement was the best showing since March 2005, at the height of the real estate bubble, when buyers laid claim to 4,404 homes.
More consumers are seeking the relaxation of getting away, as vacation-home sales rose 10.1% to 553,000 in 2012 from 502,000 in 2011, according to data from the National Association of Realtors.
When surveyed, buyers listed a number of reasons for purchasing a vacation home: 80% plan to utilize the property for vacations or family retreats, 27% intend to use it as a primary residence in the future, 23% hope to rent it to others and 23% saw the home as a good investment opportunity.