Housing market heats up
In the wake of a strong summer market, real estate brokers and analysts are expecting an upward trend heading into the fall season, with both prices and sales on the rise.
July home sales rose 24 percent over the previous year, marking the 13th consecutive month with an increase in sales year over year, according to the Massachusetts Association of Realtors. Condominium sales also jumped 23.1 percent from last July.
“Once July and August come, things usually slow down. We did not see that slow down. We still had a lot of activity,” says Bill Dermody, manager of Coldwell Banker Residential Brokerage in Needham and president of the Greater Boston Association of Realtors. “I do expect listings to go up. I’m cautiously optimistic the market has turned.”
In Needham, a town known for steep prices, the summer market was indeed very hot. According to Dermody, some houses sold within days of hitting the market and several had multiple offers.
“There are a lot of good signs pointing toward a real estate recovery,” says Cory S. Hopkins, editorial director of The Warren Group, which publishes Banker & Tradesman.
Greater Boston isn’t the only area that is seeing an uptick in sales.
“Down the Cape, things are going well. Western Massachusetts, things are going well again. There are some pockets where things are a little tougher, but overall there are positive numbers,” says Dermody.