Another solid month for home sales in Boston and its suburbs
Back in 2010, the federal government offered home buyer tax credits in an effort to goad new buyers into the market. In many ways, this effort worked like a tonic - it resulted in a significant spike in home sales that helped nudge the sliding market out of its multi-year funk. Of course, the credit was no panacea, and, as expected, the market quickly reverted to its less-than-ideal condition. For years, that May 2010 spike has been a highwater mark that regional markets have aspired to recreate. In Massachusetts, this goal has been just out of reach - until now. According to The Boston Globe, a recent sales surge has helped the Bay State approach the 2010 levels, suggesting that now may be an ideal time to buy one of the homes for sale in Boston.
Massachusetts home sales experienced a 21 percent year-over-year increase in August, according to the source. Unsurprisingly, climbing sales have also helped lift the median price for single family homes in the region to $310,000. These two metrics - demand and median price - often rise in tandem and can sometimes create a virtuous cycle, so their mutual ascent could bode well for the Bay State's future prospects, which has been noted by real estate professionals.
"One more month of strong home sales [confirms] speculation that the housing market is underway," said Warren Group CEO Timothy M. Warren Jr., according to the Worcester Business Journal. "Even though we are comparing to a slow August last year, the consistent sales volume of 4,000 to 5,000 [homes] in the past few months is a promising indicator."
Indeed, the year-over-year August report is just another in a string of good months for the Bay State's housing market. Another study from the Massachusetts Association of Realtors reports that August was the 14th consecutive month to record increased sales.
Although this is true for Boston proper, it also highlights the mounting strength in many of the city's suburbs. Middlesex County, for example, which includes such desirable communities as Waltham, Lexington and Chestnut Hill, also experienced notable sales increases. If you are in the market for one of the houses for sale in Boston or its suburbs, you may want to expedite your search in order to beat a potential rush.