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Real Estate – May Numbers

(visit www.adam-realestate.com to search for your new home).

In Massachusetts and certainly in Boston more specifically, we have been very fortunate to receive such optimistic results regarding the performance of our Real Estate market, especially as 2012 has really taken off. Month over month the news keeps getting better and this domino effect is once again present as the final numbers collected from May of 2012 can now be shared.

According to the Massachusetts Association of Realtors, pending sales for single-family homes reached 5,267 in May which was an improvement by 32% over the same month of May for 2011. In addition, this number being over 5,000 was the first time that such a plateau has been achieved for any month since the MAR organization began collecting this pending sales data in January of 2009. In continuation of this uplifting news, it comes to be known that nine of the last ten months have seen single-family home sales go up and this is something that hopefully will continue to drive us through the rest of 2012.

Pending condominium sales also were on the rise for the thirteenth month in a row up to 2,216 in our local markets. The mortgage activity is also seeing an injection of attention lately from a jump in refinancing due to record-low interest rates and an improved federal Home Affordable Refinance Program. Focusing in on the mortgage situation in Massachusetts, there has been 28% more business in the first four months of 2012 compared to that of a year prior.

Adam Geragosian