Tri-County Board of REALTORS®

Signs of Recovery

According to statistics, things are looking up. On the local level, Register O'Donnell said, “The first quarter of 2012 revealed positive signs of growth and potential”. For the full activiity report from the Norfolk County Registry click here .

The same goes for Plymouth County, positive signs for the real estate market in January & February. Click here for the Plymouth County February report.

On the state level, MAR reports improved home sales. There were 3,152 detached single-family homes sold this March, a 19.1 percent increase from the 2,646 homes sold the same time last year. This is the ninth straight month of year-over-year increases. On a month-to-month basis, home sales were up 35.3 percent from 2,329 homes sold this past February. A significant February-to-March increase in the number of homes sold is typical.

The median selling price for single-family homes in March was $267,500, a decrease of 2.2 percent compared to $273,500 in March 2011. This is the sixth straight year-over-year decrease. On a month-to-month basis, the March median selling price was up 5.3 percent from $254,000 in February 2012.

The March condominium market was up 6.0 percent compared to the same time last year (from 1,091 units sold in 2011 to 1,156 units sold in 2012). On a month-to-month basis, condominium sales were up 35.2 percent compared to the 855 units sold this past February.

Condominium median selling prices in March were up 7.2 percent from the March 2011 median price (from $231,300 to $248,000). On a month-to-month basis, the median selling price of a condominium was up 10.7 percent from a February 2012 median of $224,000.

On the national level, things are also showing signs of improvement. Existing-home sales outpace last year's levels, while home prices are showing further signs of stabliizing. Pending home sales also increased in March and are well above a year ago, another signal the housing market is recovering.

Lawrence Yun, NAR chief economist, said “The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases,” he said. “Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year. With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year.”

“First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good,” he said.

“We were expecting a seasonal increase in home listings, but a lack of inventory has suddenly become an issue in several markets with not enough homes for sale in relation to buyer interest,” Yun said. “Home sales could be held back because of supply factors and not by demand – we’re already seeing this in the Western states and in South Florida.”

“The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses,” Yun said.

To hear the full context of what NAR's Chief Economist says about the first quarter of 2012, watch the video on REALTOR® tv.

2011 Annual Real Estate Activity Report for Norfolk County

Register William P. O’Donnell states that, “The real estate activity in Norfolk County for 2011 remained stable and we are seeing some positive signs of improvement from what have been several difficult and economically challenging years both locally and nationally.” O’Donnell points to the total dollar volume of real estate sales as well as the average sale price within Norfolk County as hopeful indicators of an eventual economic recovery. Read more

The 2011 Year End numbers in Plymouth County were mixed

Overall, 2011 recording results at the Plymouth County Registry of deeds were a mixed bag. The number of sales declined 5% as compared to 2010, but since June, 2011 we saw sales increase. Despite historically low interest rates, the number of mortgages recorded were down 11% compared to 2010. Read more

New FHA Fee Increases

The FHA increased its fees on April 1. For a quick briefing of the fee increases and the state of the agency, watch the video.

Know The Code!

Have you completed your mandatory Ethics Training?

We’re approaching the deadline....December 31, 2012.

Don’t wait until the last minute! Read more

REALTOR® of the Year

Ruth V. Littleton