Real Estate Sales

Pending Home Sales See Increase in Boston Metro

Published on: April 3, 2012 | by Pulgini & Norton, LLP

Although housing prices are still falling nationally, pending home sales are up in Eastern Massachusetts. Real Estate experts believe the threat of rising interest rates coupled with higher rent in the Boston Metro has brought more buyers into the market. Enough buyers are writing earnest money checks in some area communities, the housing supply is now considered low.

According to Brighton real estate broker Mike Brasco, his office has had more than 12 properties go under contract within the past 60 days. He also stated some properties entertained multiple offers. One Brighton home recently sold in one day and received eight offers. Brasco said Brighton housing prices are now on the rise.

The Massachusetts Realtor’s Association has stated single family home sales have risen for ten straight months. According to Banker and Tradesmen, pending single-family home sales in Massachusetts were up 44 percent in February. During the same time period, condo sales were up 30 percent. March home sales are expected to be just as vigorous.

Prices Rise as Boston Housing Inventory Declines to New Low

Published on: February 26, 2012 | by Pulgini & Norton, LLP

Approximately 17 percent fewer homes are for sale in the Boston Metro than at this time last year. In fact, housing inventory in the city is currently at an all-time low. Housing inventories on the waterfront and in Beacon Hill are down a whopping 36 percent. Many believe the limited available housing inventory is a good sign that the Boston real estate market has recovered from the nation’s recent economic downturn. Homes in the Boston area are also selling more quickly and prices are on the rise.

According to real estate experts like Yanni Tsipis, Senior Vice-President at Colliers International and a Lecturer at MIT’s Center for Real Estate, a lack of new residential condominium projects in downtown Boston is fueling the current market trend. Tsipis believes would-be sellers in Boston’s downtown market want to buy their next homes in new developments. A lack of new residential building projects over the last five years keeps this from happening.

The Boston suburbs have also experienced a decline in saleable housing inventory. For example, the number of homes for sale in Cambridge is down 43 percent from last year. Cambridge homes are now on the market an average of 110 days. In Arlington, houses are selling in about 79 days and inventory is down 21 percent. Meanwhile, in Quincy the housing inventory has dropped by 6 percent and most homes are selling within 150 days.

Suburban Boston Home Sellers Predicted to be Smiling in 2012

Published on: February 10, 2012 | by Pulgini & Norton, LLP

According to Jed Kolko, chief economist at Trulia, the suburban Boston housing market looks quite promising for property sellers in 2012. Employment in Boston, like many so called “smart cities,” is focused heavily on both the technology and knowledge sectors. Economic indicators tend to show increased hiring at firms in the high-tech sector recently. Also, most of New England managed to avoid the worst of the housing market crisis despite that sales still dropped after the bubble burst. This combination has primed the area to rebound quickly and allow sellers to obtain higher home prices.

Because Boston itself is crowded and often expensive, Kolko expects the highest sales price increases in the area to be focused in the city’s western suburbs from Cambridge to Framingham. He also thinks home prices in the northern suburbs and Worcester will likely increase. Kolko believes those suburbs in particular will benefit most from individuals seeking more space at a lower price and from individuals who find themselves priced out of the Boston real estate market. This is good news for suburban Boston home sellers.

Other promising real estate indicators include an increase in Cambridge construction, a drop in the office space vacancy rate in Waltham, and an overall increase in employment rates. Other cities in which Kolko expects to see rising housing prices in 2012 include Austin, Houston, San Jose, and Rochester.