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Willard D. Cunningham's Blog

By Willard D. Cunningham | Broker in Somerville, MA

Malden Housing Market Grows in August



Malden is showing the signs of a stabilized and bottomed property market. My buyers and I have participated in several multiple offer situations with multi-family properties in the last 6-9 months and the demand from buyers for cash flow yielding assets is brisk.

~Willard

From Boston Globe: by Ryan Mooney

Following a state trend of increased property sales in August, Malden single-family homes and condominium units sold faster than in the same month last year, housing data released this week showed.

In all, 18 single-family homes and 15 condominiums went under agreement, up from 16 and 11 respectively in August 2011, according to The Warren Group, which tracks real estate transactions throughout the state.

For the year, the gains are similar: 24 more homes were sold in the first eight months of 2012 - 138 - than in the same period in 2011, while 12 more condos - 78 total - found buyers.

Median prices for the 18 homes sold in August 2012 rose almost 20 percent from the same month last year, to $301,000, while so far this year, prices are up close to 10 percent, from $253,000 in 2011 to $278,000 in 2012. Condominiums did not fare as well, with prices hovering at $186,500, $1,000 below last year's median.

In Massachusetts, August was a strong month, the seventh consecutive for sales growth this year. Overall sales reached 5,118 single-family homes, up 856 units, and 13,040 condominiums sold, up 2,867 units.

"In past housing market recoveries, we've seen sales volume increase before prices followed," said Timothy M. Warren Jr., CEO of the Warren Group, in a statement. "Perhaps these low prices will lure even more buyers into the market and bring a sustained recovery."

 
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