MA Single Family Home Sales in January Rise to Highest Since 2007
Thursday, February 27, 2014
The Warren Group, a Boston-based publisher of real estate data that compiles data solely on sales, reported that 2,728 single family homes sold in January 2014, up 5-percent from the 2,599 single family homes sold in January 2013. The Massachusetts Association of Realtors, who looks at pending sales agreements rather than closed sales, reported that 3,157 single family homes had been put under agreement in January of 2014 as compared to 3,107 single family homes put under agreement in January of 2013, a 1.4-percent increase.
“Interest rates have been very low, which has helped to stimulate home buying and ultimately the number of sales across Massachusetts,” said David Harris, Editorial Director at the Warren Group. “Consumer confidence has been up. The unemployment rate has been showing steady signs of progress. Even with the cold and snow, people were still out in force buying homes in January, which is a hopeful sign. We are also seeing simple economics at work here: a lack of supply of homes across the Commonwealth, which is causing prices to increase. We are hopeful that as prices rise, more people will be encouraged to put their home or condo on the market.”
High demand, low inventory
Due to high demands and low inventory throughout the housing market in Massachusetts, median housing prices for single family homes are also on the rise. Reported by both organizations, the median price for a single family home in January 2013 was $280,000. The figure varies slightly between the two for January 2014, but both organizations report an increase of more than 12-percent, with the median price of single family house sales in January 2014 being $315,000 and the median price of single family homes put under agreement being $320,000.
“Predictions are always difficult,” said Eric Berman, communications director at the Massachusetts Association of Realtors. “If inventory is down then the prices raise which is bad if they become too high. One positive is that equity is returning to home sellers. People can take advantage of super low interest rates, while they stay this low, anyway.”
Both the Massachusetts Association of Realtors and the Warren Group also broke down the sales and median price range of condominiums in Massachusetts during January 2014 in comparison to past Januarys as well. Research shows that condominiums throughout Massachusetts are seeing a similar trend to single family houses.
The Warren Group reports that condominium sales in January rose from 981 in 2013 to 1,144 this year, a 16.6-percent increase. This is the first time since January of 2008 that condominium sales have jumped over 1,000. The Warren Group also reports that the median condominium price in January 2014 is $300,000, the highest figure since they began tracking such information in 1987.
“Condos have been selling very well for the same reason single-family homes have been selling so well,” said Harris. “People need a place to live, whether it’s a condo or a single-family home. People turn to condos for different reasons: whether it’s to downsize or to enjoy the comforts of a dwelling in an urban or suburban setting without maintenance costs.”
Condominiums put under agreement in January 2014 show a similar rise in numbers, as the Massachusetts Association of Realtors reported there is a 9.8-percent increase in such figures from January 2013 to January 2014. With 1,421 condominiums put under agreement in January 2014, this is the most seen since January of 2007, when 1,595 condominiums were put under agreement. The median price of a condominium put under agreement in January 2014 is also on the rise at $300,000, up 20-percent from last year.
“Inventory on condominiums right now is really low,” said Berman. “People are trying to grab them up while they still can. Some people are choosing to downsize in size but not necessarily price, so that they can move from the suburbs to the cities.”
Related Slideshow: 10 Great MA Houses That Just Came on the Market—February 20, 2014
16 Old Dam Rd.
3 beds, 1 bath
Set on .62 acres is this lovely Colonial with over 2,800 sq ft and built for versatile living. Close to Gray Gables, Monument Beach, and the causeway to Mashnee, along with the Cape Cod Canal, this home is set on one of the prettiest roads in Bourne. Originally built in 1997 and added onto in 2002, this house features a large 2-car garage, central AC, natural gas heat, gas fireplace, formal dining room, huge playroom or office with half bath, irrigations system, deck, and lots of closets. It has also just been updated with new paint and carpets.
173 South River St.
4 beds, 2 baths
This home is a beautifully updated Cape with a professionally landscaped exterior that creates a tranquil setting with walking paths, waterfalls, and luscious gardens. The kitchen is perfect for the family chef with top end appliances, granite counter tops, and Merrilate cabinetry. Other features include all new plumbing, fifty-year roof, 200 amp service, Jacuzzi bath, 4-head shower, and much more.
88 Ball St.
4 beds, 2 baths
Take a look at this beautiful Kendall home, offering a spectacular setting of just under 2 acres. See the refined two story foyer, beautiful trim finish and mellow hardwood floors before walking into the gourmet cook's kitchen complete with custom cabinets, island and granite. With 9-foot ceilings, this home is "Energy Star Efficient" and also includes a fireside family room, private home office, and luxurious master suite with walk-in closets and a sumptuous master bath.
1 Eastern Point
2 beds, 1 bath
This magnificent end unit waterfront condo is perfect for enjoying tranquil views from the living room and glassed 3-season atrium, as well as the deck off master bedroom. All freshly painted, this home boasts a fully applianced Cherry kitchen with breakfast nook, brick patio, hardwood and tile flooring, and versatile 4-level open floor plan that's great for entertaining. Or if you're looking for some privacy, the finished lower level is complete with a second kitchen, a half bath, a unique Fieldstone fireplace, and a walkout to the patio.
51 Pond Street
4 beds, 4 baths
We can all dream a little, right? Check out this beautiful waterfront property with 10+ private level acres, not to mention with access to Chebacco Lake. The unique contemporary home offers that beachfront lifestyle with views galore. The first level offers a living room and dining room combo complete with fireplace, and a new, open kitchen and family room. There are 2 bedroom suites and a half bath. The second level offers a private master suite while the lower level includes a potential in-law suite and access to the garage. There is also a permit for a walkway to the lake, and septic design for potential second lot.
163 Fuller Road
4 beds, 3 baths
This wonderfully spacious Cape offers 4 good sized bedrooms and 3.5 baths set on over an acre lot in Centerville. The home offers over 3,900 square feet of living space and has a formal dining room, formal living room, and family rooms. Adjacent to the kitchen is the fireplaced family room overlooking the back yard. There are hardwood floors under the carpet in the living, dining, and family rooms, along with a 3-car garage outside.
6 Mossy Bottom Ln
3 beds, 4 baths
This home is a Contemporary 3 bedroom, 4 1/2 bath with a 4-car garage. Located in the beautiful Ridge Club Country Club and golf community, the home includes a first floor master bedroom suite, 28-foot great room, 2 gas fireplaces, second floor entertainment and an additional 1,000 sq ft finished lower level with full bath and separate entrance.
4 Sweet Fern Ln
3 beds, 3 baths
This is a bayside built Pinehurst 3+ bedroom with 3 full baths and 2 half baths, spacious first floor master bedroom suite, wood fireplace in a cathedral family room, formal dining and living rooms, large second floor bedrooms, plus a den with closet, private office or rec room with separate stairs above the garage, a farmers porch, and more.
5 Billerica Ave
3 beds, 2 baths
This Colonial style home has hardwood throughout the first floor, a large eat-in kitchen with stainless appliances, granite countertops and breakfast bar, spacious family room with vaulted ceilings, recessed lighting and gas fireplace, an archway with greek columns, living room and dining room with tray ceilings, laundry on the first floor, 3 bedrooms including the master bedroom with tray ceiling, a master bath and walk-in closet, walk-up attic and walk-out finished basement with slider to the back yard, and a 2-car attached garage...all in a convenient location close to the major routes and the North Billerica T Station.
138 South Street
6 beds, 3 baths
For those with expensive taste, this gorgeous family home is for you. A family home for more than 100 years, Pineledge, built by renowned architect Robert Coit, retains original detailing- carved wood paneling and murals. The home also offers a large covered porch and 2 decks. The patio off the dining room is an entry to the dreamy, park-like garden rooms, with the former chauffeur quarters possibly serving as a guest suite. The property totals 11.48 acres.
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