August proves to be the top producing month for the year so far, despite the down time imposed by concerns over, and power outages from, Hurricane, (tropical storm), Irene.
The total sales volume in our local market area bounced right back in grand fashion after a less than exciting tally posted with July's 119 properties. August posted a wopping 156 new residential properties that went under agreement during the month, edging out the month of June by a mere 2 properties to claim the title as top producing month for the year and continuing with this seesawing trend we've been experiencing for an extended period now.
Historic low mortgage interest rates appear to have helped push some folks off the fence and into the local real estate market. Work loads for local real estate appraisers has also spiked with people refinancing and taking advantage of the lower mortgage rates that are now available, coming at a time when the appraisal industry transitions to meet the newly mandated UAD compliance measures of Fannie Mae and Freddie Mac.
The volume of pending sales statistics cover the towns of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport. They reveal an increased volume of monthly activity for residential properties that went under agreement from 08/01/2011 through to 08/31/2011 in our local market area serviced by the H3MLS-Property Information Network.
The total sales volume in August represented a 31.092% increase over the 119 properties that went under agreement during the month of July. Additionally, pending sales data for the month of August 2011 indicated a 4.28% increase in the median sale price recorded at $218,900. yet a 5.69% decrease in the mean sale price that was tallied at $242,579.
With interest rates at such low levels and adequate funding available to qualified applicants, this certainly appear to be quite an opportune time to buy!
If you're ready to jump off the fence and into the local market and take advantage of the opportunities that exist, contact us today to determine your options as either a buyer or a seller. We're here to work through the complexities of the local real estate market, make sure you neither under sell or over pay for your property, and to help you out along the way!
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