Realtors notice that there is a more competitive real estate market. There were additional signs of resiliency indicating recovery. In March, home buyers took advantage of discounted listing prices. Single family home sales were higher for the eighth month in a row. Standard & Poor’s Case-Shiller Index reported excitement at the activity.
Housing construction starts have gone up, housing inventories have gone down and first time buyers are taking action. Last month, real estate agents sold 2,791 single-family properties. This was an increase of 18.4 as compared to March of 2011. Only 2,357 single-family homes were sold in March of 2011.
These figures are reported by New England’s largest MLS (Multiple Listing Service). The median selling cost was $267,000. Last year in March the median sale price was $275,000. That’s 2.9 percent less. Homes were sold for as low as $50,000 and as high as $299,999. Buyers are rushing to buy while the low prices are still in effect.
The same Index shows home prices in the Greater Boston area have risen. They increased by 47.9 percent from January of 2000 to January of 2012. Condo sales have risen as well. In March of 2011, 1,039 condos were sold and in March of 2012, the number rose to 1,103 units. Median selling prices went up by 6.2 percent. The median price in March of 2011 was $234,000 and in March of 2012 it was $249,500.
The low interest rates are a major factor in the increased sales. The 30-year fixed-rate mortgage carries an interest rate of only 3.95 percent according to Freddie Mac. Economists predict a gradual but steady increase during 2012. This is going to encourage buyers to make a move now.
Unemployment is predicted to be less than 8.3 percent before the end of 2012. This will also contribute to the improvements in the now competitive real estate market. Recovery and stabilized prices are imminent according to those in the real estate industry.