According to a information released by the Warren Group and reported in the Boston Globe this morning the real estate market is clearly in a recovery phase. Sales of single family homes in Massachusetts increased an impressive 20% in August of 2012 as compared to August 2011. Realistically, we must keep in mind that today's numbers do not even approach reaching the height of those the market saw in the past boom, but this is the seventh month in a row that sales have increased in the Bay State.
Here are some of the statistics from the report comparing August 2012 with August 2011 in Massachusetts:
Unit Sales of Single Family Homes: 5,118 an increase of 20%
Median price of a Single Family Home: $310,000 an increase of 1.6%
Unit Sales of Condominium: 2,432 an increase of 40%
Median Price Condominiums: $279,000 a decrease 4.3%
A strong real estate market depends on consumer confidence, something that hasn't existed for some time now. A positive report like today's should certainly help bring buyers back to market.
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