Existing-home sales and prices posted strong year-over-year gains in February, while inventory remained tight but eased slightly, according to a monthly report released today by the National Association of Realtors (NAR).
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Provincetown Market Snapshot
So, we have had a snow storm every weekend, regular 60 mph winds, astronomical high tides, and snow cover, but spring is just around the corner. The first few months of the year have been active considering the weather. Sales have been strong, but not quite as strong as the state in general, and listing […]
The strong sales trend in January in just the beginning of a hot spring selling season. Timothy M. Warren Jr., CEO of The Warren Group, weighs in.
Single-family home sales in Massachusetts rose more than 10 percent in January to 2,680, reaching the highest level since 2007, according to new data from The Warren Group, publisher of Banker & Tradesman.
“We expect a seasonal rise of inventory this spring, but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth,” Yun said.
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Local Market Best Since ’06’
The Massachusetts housing market made a comeback last year, with 46,887 single-family homes sold — the best showing since 2006.
Two great condos priced at $500K (+-). One in a waterfront complex in Provincetown and the other a new construction one bedroom/ one bath condo on Washington Street in the South End. Zero Worcester Square #F is being marketed at $822 per square foot, and 381 Commercial #9 is being marketed at $852 per square foot. An interesting comparison….and remember my caveat…descriptive copy has been taken directly from MLS.
Construction on the new development at the corner of Washington Street and Worcester Square, the former Hite TV and Radio building, is “ahead of schedule,” according to the site’s developer.
The Big Number is 23%. Combined, all Boston neighborhoods saw a 23% increase in the number of condo sold in 2012, from 3,544 sales in 2011 to 4,361 sales in 2012. The average sales price of condominiums increased 5% to $563K from $536K in 2011. The median sales proce increased 8% to $410K from $380K in 2011. This real estate market is healthy except for the continuing decrease in inventory levels. The number of condominiums for sale in downtown has dropped 46% to 565 from 1050 last year at this time, and that was an extremely low number!
For a year filled with anxiety and trepidation, a polarizing presidential election and talk of falling off the fiscal cliff, the real estate market in many places started to purr like a fine tuned engine. Many cities and towns throughout the country experienced substantial increases in the number of sales as well as climbing prices. In some places such as the downtown Boston market, sales and prices were up as inventory fell to low levels not seen in many years. The news on the Outer Cape was as positive and the year-end sales reports surpassed what many in the industry expected.
In the Far West End, from West Vine to The Moors, there are three large developments that have been going up in stages over the past few years. It has been fun to watch these substantial developments emerge from the ground, go to market, and then watch the second phase go up.