October numbers show market boost
Some real estate brokers are calling it the best market in 10 years, and recent statistics back up the buzz.
October condo and single-family home sales increased considerably during the past year, according to a recent report from The Warren Group, publisher of Banker & Tradesman.
The sale of single-family homes in October rose 21 percent from October 2011, stated the report. Sales in the first 10 months of the year are up almost 22 percent with 39,541 sold in 2012 compared to 32,428 in 2011.
“Home sales for the first 10 months of the year have already surpassed sales in all of 2011,” says The Warren Group CEO Timothy M. Warren Jr. “Record low mortgage rates, an improved economy and growing consumer confidence are boosting the housing market in Massachusetts and around the country.”
Condo sales in October had a remarkable increase of 48.8 percent compared to October of 2011. Year-to-date sales of condos also are up 29 percent, with 16,239 condos sold in 2012 compared to 12,559 in 2011.
“Bottom line, this is a great time to be a Boston condo seller — and for that matter, be a Boston real estate broker,” says John Ford, owner of Ford Realty in Beacon Hill. “I, like many downtown Boston real estate brokers, am experiencing my best December sales outlook in the last 10 years.”
The median price of single-family homes was $270,000 in October, the same as last year. Condo sale prices jumped less than 1 percent from October 2011 to $255,000, according to the report.