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November Real Estate Activity in Massachusetts Persists

November Real Estate Activity in Massachusetts Persists

 

Massachusetts Association of Realtors Press Release for November 2020

November Real Estate Activity in Massachusetts Persists
Buyers confidence fuels another month of growth

WALTHAM, Mass . – December 15, 2020 - The Massachusetts Association of REALTORS ® (MAR) reported today closed sales and new listings continued to climb in November. Compared to the same time last year, closed sales for single-family homes increased 15.7% and condominium sales increased 12.3%. In addition, 4,224 new single-family homes were listed (an increase of 16.1% over last year) and 1,747 new condominiums were listed (an 19.9% increase over last year). The median price for single-family homes last month was $480,000, an increase of 18.5% and condominium prices rose by 7.8% to $415,000, when compared to November 2019. Both median sales prices are a slight increase from October 2020.

In November, the Dow Jones Industrial Average topped 30,000 for the first time and mortgage rates reached new record lows again, both contributing to strong buyer confidence that is expected to continue through the end of the year. Inventory remains constrained in most market segments. Months supply of inventory* decreased 60.7% for single-family homes and 12% for condominiums.

“In addition to increased closed sales last month, we saw homes being scooped up more quickly than last year due to buyer demand that has spilled over into the late fall season. The continued uptick in activity is largely due to the delayed start in the spring, a shortage of inventory and extremely low-interest rates,” said Kurt Thompson, 2020 MAR President.

 

Download the Full Report Here

 

Good News Story

 

“If we dream together, it can change our hearts.”

As the pandemic continues, six North Carolina choir groups have come together to craft a very encouraging musical video.

The Winston-Salem/Forsyth County Schools explains, The video includes an original song, “We Rise,” written by Adam Mitchell, the music teacher at Cash Elementary. The song is about how the community of musicians has come together to support each other during the pandemic.

The Kernersville Virtual Choir Project was organized by Mitchell and includes students from Cash, Piney Grove and Sedge Garden elementary schools as well as East Forsyth and Glenn high schools and the Heart of the Triad Choral Society. Singers range in age from 9 to 80 years old.

“This project took over 600 hours to write, arrange, learn, record, mix, master, and produce,” said Mitchell.  “Each singer learned and rehearsed the song during virtual rehearsals with their director. They then recorded audio and video on their own. After all of the recordings were complete, I compiled, mixed, and mastered the audio before sending on to the video production team to complete the video.”

Source: K-Love Website

 

Median Home Sales Price in Greater Boston Up 17 Percent

The Median Sales Price was up 17.7 percent to $470,900 for single-family homes
and 9.5 percent to $405,000 for condominium properties. Months Supply of
Inventory decreased 60.6 percent for single-family units and 16.7 percent for
condominium units. Report furnished by Massachusetts Association of Realtors

Massachusetts Association of Realtors Report

You can download the latest MAR report for closed sales and see how single families, condos and , multifamily homes are doing overall in the market.

Download the Full Massachusetts Association of Realtors Report Here

 

Recent National Market Update by Danielle Hale of Realtor.com

This week, Chief Economist Danielle Hale discusses what the declining unemployment rate from the jobs report says about the pace of the economic recovery and updates us on what Treasury Secretary Mnuchin and Fed Chair Powell told Congress this week about what might be ahead.

 

Boston Real Estate Market Update by Realtor Michael Mahoney

Have a GREAT Weekend! December 4 2020 REAL ESTATE NEWS Brought to you by Michael Mahoney Mortgage Rates Reach Another Record Low...But Is this A GOOD THING?        Despite persistently low mortgage rates, home sales have hit a wall. While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment.       The inventory shortage continues around the country. It's been trending down consistently making it super competitive for buyers.  For Buyers       I am not entirely sure the super low rates are good thing for the buyers out in the market now. The low rates are causing people to be able to bid up houses which is affecting affordability. Time will tell if buyers get fatigued. More inventory on the market would be a good all around.  For Longer Term Owners with Mortgages      If your current mortgage rate is over 3%, there is no question you should refinance.  Reach out if you need a referral to a good loan officer.  Inventory Here is what inventory has been doing for the last 12 months.   About an Hour Ago on Twitter....No Not the President....   There has been a slight increase this week with new inventory, however it's still too low causing buyers to outbid each other.  You can read the latest report on housing here   Think of me... If you know anyone who has been kicking the tires with selling, there honestly could not be a more perfect time to commence the plan of readying the property for the market.  If you want to explore readying and retailing your property and would like to explore how well the property would perform, call me @ 617-980-9025.     WOW - Who Said Getting Old is a Bad Thing? Here is a new community being introduced for age 55+ homebuyers.  64 Abbey Road Westwood, MA 02090 MLS# 72762314 From our MLSPIN affiliate Coldwell Banker in Westwood "Introducing The Homes at 45, an Exceptional over 55 community nestled in the heart of Westwood. Enter this Award Winning Fresco 3 Home & experience the outdoor oasis its Signature Summer Room & Private Courtyard offers. Perfect for Outdoor Entertaining & Casual Everyday Enjoyment. Features include impressive chef's designer kitchen w/ island, custom cabinetry, stone counters & pantry; Open Concept to dining room, great room w/ gas fireplace & den; Luxurious Master Suite w/tray ceiling, walk-in closets, ensuite bath w/ two vanities & tiled walk-in shower. Upper level features loft/office, generous guest bedroom & full bath. A California style contemporary home is the perfect balance of Comfort & Sophistication w/interior rooms seamlessly oriented to embrace patio amenities. Attached 2 car garage; options for screened porch, finished lower level & your selections. If you are ready to rightsize, schedule an appointment to tour these thoughtfully designed, conveniently located homes today!" From our MLSPIN affiliates at Coldwell Banker Westwood Photos courtesy of MLSPIN See this spectacular opportunity See All Homes in Greater Boston Over 1 Million​​​   QUESTIONS? VISIT www.RealtorMikeMahoney.com   Michael Mahoney Realtor CENTURY 21 American Properties License #9051300 617-615-9435            [email protected] © 2020 Century 21 Real Estate LLC. CENTURY 21® and the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Equal Housing Opportunity. Each office is independently owned and operated.

 

October 2020 Closed Sales Report from Massachusetts Association of Realtors

The Massachusetts real estate market continues to be hot despite the onset of winter.

 

 

WALTHAM, Mass. – November 23, 2020 - The Massachusetts Association of REALTORS®

(MAR) reported today another month of increased closed sales of single-family homes (+19.9%) in October, compared to the same time last year. The median price for single-family homes last month was $470,900, an increase of 17.7% and condominium prices rose by 9.5% to $405,000, when compared to October 2019. Both median sales prices are a slight decline from September 2020.

Inventory continues to be low throughout Massachusetts and multiple offers remain a common occurrence in many areas. Single-family homes for sale decreased by 57.8% compared to October of last year and new listings for condominiums were down 17.1%.  “Home sales are still booming in Massachusetts. Mortgage rates dropped again to new record lows in October, helping to offset the monthly mortgage payment increases caused by the climbing of home prices,” said Kurt Thompson, 2020 MAR President, broker at Keller Williams Realty North Central in Leominster.

“October’s  numbers largely reflect purchase decisions made in the late summer/early fall, so as we head into the cooler months and holidays, we will most likely see the market start to return to its more seasonally normal pace.” 

Download the November 23, 2020 Press Release

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Mortgage Rates Reach Another Record Low

Mortgage Rates Reach Another Record Low

December 3, 2020

Despite persistently low mortgage rates, home sales have hit a wall. While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment.

Now is the Best Time to Make a Home Purchase

Now is the Best Time to Make a Home Purchase

There is a great possibility that rates will be going up in 2021. If you are not in a position to purchase now, but would like to become a buyer, then we should chat. I can help you optimize your deposit strategy and design a purchase strategy that will allow you to become a homeowner.

Existing Home Sales for October 2020

Existing Home Sales for October 2020

• Existing-home sales grew for the fifth consecutive month in October to a seasonally-adjusted annual rate of 6.85 million – up 4.3% from the prior month and 26.6% from one year ago.
• The median existing-home price was $313,000, almost 16% more than in October 2019. Total housing inventory declined from the prior month and one year ago to 1.42 million, enough to last 2.5 months – a record low – at the current sales pace.
• More than 7 in 10 homes sold in October 2020 – 72% – were on the market for less than a month.

Read the full article on The National Association of Realtors site here

It's Seems Like Houdini Has Been Working on the Real Estate Market

Homes for Sale Are Rapidly Disappearing

Through all the challenges of 2020, the real estate market has done very well, and purchasers are continuing to take advantage of historically low mortgage rates. Realtor Magazine just explained:

“While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year…Low inventories combined with high demand due to record-low mortgage rates is sending buyers to the market in a flurry.”

However, one challenge for the housing industry heading into this winter is the dwindling number of homes available for sale. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), recently said:

"There is no shortage of hopeful, potential buyers, but inventory is historically low.”

In addition, Danielle Hale, Chief Economist for realtor.com, notes:

“Fewer new sellers coming to market while a greater than usual number of buyers continue to search for a home causes inventory to continue to evaporate.”

One major indicator the industry uses to measure housing supply is the months’ supply of inventory. According to NAR:

“Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.”

Historically, six months of supply is considered a normal real estate market. Going into the pandemic, inventory was already well below this mark. As the year progressed, the supply has was reduced even further. Here is a graph showing this measurement over the last year:

What does this mean if you’re a buyer?

Be patient during your home search. It may take time to find a home you love. Once you do, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and understand how the shortage in inventory has led to more bidding wars. Calculate just how far you’re willing to go to secure a home if you truly love it.

What does this mean if you’re a seller?

Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to ask for more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Do not be unreasonable, but understand you probably have the upper hand.

Bottom Line

The housing market will remain strong throughout the winter and heading into the spring. Know what that means for you, whether you’re buying, selling, or doing both.

If you are considering a sale or just curious about your equity this would be a great place to look

Homes in Greater Boston Under 350K

Homes in Greater Boston from 350K to 1mm

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Owning is Less Expensive than Renting

Owning is Less Expensive than Renting

Last week, the National Association of Realtors release their weekly numbers on the market. The national typical mortgage payment is about a $100/per month less than renting. If you know anyone who is renting, it may be time to get them off the rental roller coaster and into a home.

Michael Mahoney
Realtor®
Century 21 Affiliate
617-615-9435
Search for a Home in Boston Now