The Massachusetts Association of REALTORS® (MAR) reported on February 26, 2013 a strong start to the 2013 Bay State real estate market with median home prices going up for the fourth straight month and home sales also closing up for the 19th straight month. Condominium median home prices and closed sales were also up in January.
According to the data compiled by the Massachusetts Association of Realtors, single family homes sales were up 13.7% over January 2012, and median sales prices rose to $282.6, +5.4% to January 2012. Supply of homes for sale are down 27.3% to January 2012. On average there is only 4.7 months supply of single family homes for sale. Less than six months supply of homes for sale indicates a seller's market.
Condo Sales for the same period were up 15.7%, while median sales price was flat to January 2012. Inventories of condos for sale are down 32.8% to January 2012 and months of supply are 3.8 vs. 7.0 months of supply.
Market Snapshot: South Boston Condo Sales
For the same period, the South Boston market overall has fared better than the state. The only reason sales units are not as high is because South Boston has been working with little or no inventory for more than 6 months now.
If money remains cheap, meaning interest rates remain low, then the housing market should continue on this positive trend. Rising rents are pushing buyers into the market. It is still a good time to buy, however, it is more challenging as there are far more many buyers than there are properties for sale. Competition is fierce with buyers flocking to open houses hoping to find the property they want and also hoping to avoid a bidding war. Neither is an easy task. As for sellers, there could not be a better time than now to list your property for sale.