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RE/MAX Report: Time to Sell Your Home in MA

Wednesday, February 20, 2013

 

A monthly report from RE/MAX of New England shows that those hoping to sell their homes in Mass. should get moving sooner than later.

The real estate group’s Monthly Housing Report shows a strong start to 2013 with year-over-year increases in total units sold, median price and pending sales.

“In January, we experienced higher sales year-over-year and a bump in pending sales month-over-month. Activity is up, however, as the numbers show and our RE/MAX Agents are reporting, inventory levels are low, especially in urban areas,” said Dan Breault, EVP/Regional Director of RE/MAX of New England.

Month-over-month, January’s sales dipped slightly as seasonal activity slowed. Notably, despite the winter season, more buyers and sellers are active in the market as pending sales are up month-over-month.

“This is an excellent situation for sellers; they don’t need to wait for the spring market to list their home. Buyers are out there, ready to purchase,” he said.

The Figures

Numbers show that sellers should get the move on. In Mass. the report compared January 2012 with January 2013 figures. In 2012, pending sales were only 3,441 compared to this year’s 4,023.

Inventory shrank by about 7,000, going from 30,926 in 2012 to 21,813 this year.

Median house price rose from $258,250 in 2012 to $273,000 in January 2013 – an increase of 5.7 percent, the largest in the area.

Neighboring States

Connecticut’s median price only rose 1.1 percent. Vermont was the only other state to see an increase in median house cost, going up 1.6 percent.

New Hampshire and Rhode Island both saw prices on the decline, lowering 0.3 percent and 1.9 percent respectively.

Foreclosures

Despite these encouraging numbers, the foreclosure crisis continues to impact the area, with the Mass. Attorney General motivating attention to the topic with HomeCorps.

As revealed in a GoLocalWorcester investigation, hundreds of Central Mass. residents have been the victims of fraudulent, expedited foreclosures from these banks, and many have yet to receive assistance. 

 

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