The following is a copy of a news item from Banker and Tradesman.The market has been showing increasing signs of weakness and we at the Tryon Group believe that home seller’s need cutting EDGE tools and aggresive marketing.
By the way, Sales at ERA Key Realty Services were up for the month of August. Sales in units were up by 5% and Prices were up by 1.7%.
We have a Exclusive Home Marketing System to help you get your home sold fast and for top dollar.
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Monday, September 22, 2014
Bay State Home Sales Fall In August
Sales of Massachusetts single-family homes fell 6.6 percent in August, marking the sixth time sales have decreased year-over-year in 2014, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
A total of 5,417 single-family homes sold in Massachusetts in August, down from 5,797 sales in August 2013. This is the third time sales have surpassed the 5,000 mark this year. Year-to-date, sales were down 3.1 percent at 32,382, compared with 33,399 during the same period a year ago.
“Home sales volume has been a bit disappointing all summer,” said The Warren Group CEO Timothy M. Warren Jr. “As reported in this week’s Banker & Tradesman, there is a discrepancy between the increase in pending sales and the number of closed sales transactions. It could be due to tough mortgage underwriting standards or cold feet after a rushed offer.”
The median price of a Massachusetts single-family home increased almost 2.0 percent in August, to 349,000, up from $342,300 a year earlier. The median sales price has increased each month year-over-year since October 2012. From January through August, the median selling price increased to $335,000, up 3.1 percent from $325,000 in the prior year.
In August, condominium sales statewide decreased 15.3 percent. A total of 2,101 condos sold in August, down from 2,479 a year ago. This marked the highest percentage decrease of condo sales since December 2011 when there was a 15.6 percent decrease. Year-to-date, condo sales were up slightly by 2.7 percent, rising to 13,929 from 13,559 during the same period last year.
The median condo price rose 1.6 percent in August to $325,000, up from $319,900 a year earlier. The year-to-date median price of condos in the Bay State was $315,000, up almost 7.0 percent from $295,000 a year ago.