Healthy 2nd Quarter Market Report
Second Quarter results are in for the local real estate market and the results are healthy, indeed. The following statistics take a look at each of the consecutive 2nd quarter periods from 2009 through to 2013. 2009 has been recognized as the beginning of the bottom of our local real estate market cycle. 2013 trends are very positive and hopefully represent the beginning of some sustained growth in sales volume as well as pricing.
The following sales statistics cover the communities of Berkley, Dartmouth, Dighton, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport as serviced by the H3MLS-Property Information Network, (MLS-Pin). They illustrate quarterly pricing and sales volume, in terms of number of housing units, in total as well as by individual category as either single family residence, multiple family residence or residential condominium. The information is tabulated as follows:
Quarter Ending Single Multi Condo Total % Change
30-Jun-09 445 91 58 594
30-Jun-10 405 113 42 560 -5.72%
30-Jun-11 403 79 53 535 -4.46%
30-Jun-12 500 74 37 611 14.21%
30-Jun-13 528 101 61 690 12.93%
Quarter Ending Single Multi Condo Overall % Change
30-Jun-09 $ 224,900 $ 185,000 $ 149,900 $ 209,900
30-Jun-10 $ 229,000 $ 169,900 $ 134,900 $ 209,000 -0.43%
30-Jun-11 $ 219,900 $ 159,900 $ 135,000 $ 205,000 -1.91%
30-Jun-12 $ 225,000 $ 144,450 $ 61,400 $ 199,900 -2.49%
30-Jun-13 $ 234,900 $ 155,000 $ 154,450 $ 214,900 7.50%
Quarter Ending Single Multi Condo Overall % Change
30-Jun-09 $ 294,985 $ 211,026 $ 184,063 $ 271,292
30-Jun-10 $ 285,018 $ 188,548 $ 170,265 $ 256,945 -5.29%
30-Jun-11 $ 280,140 $ 191,404 $ 188,381 $ 257,947 0.39%
30-Jun-12 $ 285,147 $ 158,316 $ 138,274 $ 260,892 1.14%
30-Jun-13 $ 296,569 $ 187,973 $ 189,244 $ 271,185 3.95%
In a month to month analysis of this calendar year we have seen positive trending in sales volume in all categories of housing. For the first six months of 2013 we have recorded a monthly average increase in total sales volume of 10.08%. However, worth noting is that the sales volume has retreated just slightly from the high reached in April 2013. As we reported, April 2013 culminated a 4 month growth trend that resulted in an 88% increase in total housing unit sales volume since the 1st of January.
Similar trending in pricing has occured year to date as we have recorded an average increase in median and mean pricing of 4.22% and 2.73%, respectively.
A quick analysis specific to 2nd quarter figures shown above for 2009 through to 2013 shows postive trending on all fronts from 2012 to 2013. We see that there has been double digit increases in total sales volume and healthy increases in pricing with the median price rising 7.50% over 2012 and the mean price tallying a 3.95% gain over 2012.
While this is all good news for our local real estate market it will be interesting to see if this pace of growth is sustained for an extended period. It will also be important to remain watchful of mortgage interest rates and whether the recent uptick in mortgage rates will push fence sitters into the market or stall out this growth trend.
Although total sales volume was down from December's 116 properties, all things considered, including 3 major snow storms and countless days involving some measure of snow accumulation, the local market activity for the month of January was surprisingly active with a decent showing of 99 new pending sales being reported. January monthly statistics that cover the towns of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport reveal a respectable level of activity of residential properties that went under agreement from 01/01/2011 through to 01/31/2011. New pending sales data for January reveal a median and average sale price of $194,900. and $324,376., respectively. The median sale price measures a slight increase, up approximately 2.6% over December while the average sale price is up a total of 23.3%. As impressive as this increase in average sale price is, it is perhaps skewed a bit with two major residential properties being placed under agreement, one in excess of $3,000,000 and yet another at $5,900,000.
Lastly, in comparison to the same time period in 2010, which benefited from a federal tax credit for new and 2nd time home buyers, the total sales volume for January 2010 was tallied at 102 pending sales, only 3 more than this month.
Though the economy hasn’t been much to celebrate the past couple of years, this week’s traditional start to the holiday shopping season may bring a bit of cheer.
Several important indicators, such as consumer confidence, manufacturing and retail activity, are showing modest positive signs. But with unemployment still high and real estate still struggling, it’s unlikely that most customers will be driving home sleighs full of gifts.
Nationwide, sales in October increased 1.2 percent, the largest amount in seven months, according to U.S. Commerce Department data. It was the fourth consecutive month of retail gains, coming after losses in the spring that led many economists to worry about the recovery’s
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Demand for purchase mortgages jumped the week ending Nov. 19 to the highest level since the expiration of the homebuyer tax credit, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.
Purchase loan applications were up 14.4 percent from the week before, the MBA said, to the highest level since the week ending May 7. The increase in demand was magnified somewhat by the fact that the previous week included Veterans Day and no adjustment was made for the holiday, the MBA said.
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FALL RIVER — Fall River and area towns had unemployment rates drop in June, mirroring a statewide trend and continuing a month-over-month improvement since the start of the year.
WASHINGTON (AP) -- Businesses spent more on big-ticket goods in May and the pace of layoffs slowed in the past week, the latest evidence that the economy is gradually improving.
For the first time in a year, local Realtors are reporting a decrease in their optimism about the state's housing market and home prices.
In May, the Massachusetts Association of Realtors Realtor Market Index stood at 39.49, 18.98 percent higher than the 33.19 score recorded in May 2009, but down 23.71 percent from the April 2010 score of 51.76.
April's reading above 50 was the first time the score had reached the positive side of the scale in more than a year. Measured on a 100-point scale, a score of 50 is the midpoint between a "strong" (100 points) and a "weak" (0 points) market condition, MAR said.
May was the first month that Realtors reported a decrease in optimism about home prices since June 2009.
Jobs key to housing recovery
The U.S. labor market will hold the key to a recovery in the hard-hit housing sector, according to a Harvard University report released on Monday.
Record high foreclosures and a high jobless rate both pose significant challenges to the housing market, but some recovery in labor markets and record low mortgage rates could partly overcome other pressures, said the study from the Joint Center for Housing Studies at Harvard.
"If history is a guide, what happens with jobs will matter the most to the strength of the housing rebound," Eric Belsky, executive director of the center, said in a statement.
Private-sector jobs in the U.S. increased by 55,000 last month, according to a national employment report published by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers.
ADP Employment Report May 2010
Economists See Solid U.S. Growth
WSJ: The U.S. economy should expand at a solid pace this year and next as consumers increase spending, confident the recession is behind them, a panel of economists said in a survey released Monday.The 46 economists surveyed in the National Association for Business Economics report between April 27 and May 7 predicted U.S. gross domestic product would expand by 3.2% in 2010 and 2011.That is a touch higher than the 3.1% growth predicted for both years in the last survey, released Feb. 10