Wednesday, October 29, 2014

Massachusetts Homes Sales Steady Through September 2014 and on Martha's Vineyard too

Several groups publish real estate sales data.
On a national level, the Standard & Poor's/Case-Shiller Index reports on residential sales in 20 cities across the country.  They report that, through the end of September, prices rose 5.6 percent in August, down from the same period last year, which showed a double-digit price increase trend.  This slowdown has been attributed to several factors, but primarily to a return to a slow and steady growth pattern in the economy and therefore in housing as well.
On a more local level, the Massachusetts Association of Realtors and The Warren Group, report that sales in Massachusetts have dropped a bit in September from levels seen in September 2013, while median home prices have stabilized.  The two agencies differ in their actual numbers/percentages, but both report this slowdown in sales and leveling off of the median home prices in Massachusetts.
On Martha's Vineyard, sales for the period January - September 2014 total 260 for single family homes, with a median price point of $585,500 and an average of 225 days on the market.  The same period in 2013 had sales of single family homes totaling 263 with a median price point of $600,000 and 289 days on the market.
Our market seems to be following the state and national trends.
Another factor that we have often seen influencing sales is the election cycle.  With several major state and senatorial seats in contest, many potential buyers and sellers adopt a "wait and see" attitude when it comes to their real estate interests.
Other factors that can impact sales include the international turmoil and accompanying threats to the USA and the spread of the Ebola virus.
Interest rates remain stable and there are some qualification and oversight changes in the works for lending institutions that will take effect in 2015, so we can expect some improvements in the lending field for buyers.  That, and the elections and incoming representatives (whoever they may be), should spur new activity in the New Year.
Plan now to make your real estate ownership dreams a reality.  Call a professional.

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