Morning Briefing: Massachusetts sales pushed higher in November

by Steve Randall29 Dec 2015
Massachusetts sales pushed higher in November
Preparing for Thanksgiving and the distractions of the Black Friday sales did little to deter home buyers in Massachusetts. Closed sales in November edged higher for the sixth straight month. Year-over-year sales were up by 8.1 per cent for single-family homes and 5.1 per cent for condos. Median prices also increased; by 4.5 per cent to $345,000 for single-family homes; and by 10.2 per cent to $335,000 for condos.

“While most people in Massachusetts were focused on raking, getting ready for Thanksgiving and shopping in November, homebuyers stayed focused and once again push closed home sales up,” said 2015 MAR President Corinne Fitzgerald, broker-owner of FITZGERALD Real Estate in Greenfield. “Buyer demand remains strong even with the recent interest rate increase by the Federal Reserve Bank in December.” 

Inventory was down by around 18 per cent for both single-family homes and condos.
Big Apple, big demand, tiny homes
The demand for tiny homes in New York City is through the roof according to developer Stage 3 Properties. The New York Post reports that the firm, which designed the tiny apartments at Carmel Place at 335 E. 27th Street, has 60,000 people trying to snap up one of just 55 rental units. The demand may be large but the apartments certainly are not; at between 265 and 360 square feet they won’t work for everyone, but with rents at between $2,650 and $3,150 they make an attractive option. Forty per cent of the units will be priced under affordable housing programs and will cost around $1,500 per month.
Ten charged with real estate fraud
A 42-year old woman has pleaded not guilty of attempting to defraud a Californian real estate firm. Michelle Lynne Stewart was arrested in Christmas Day and is charged with more than two dozen felony counts of forgery and theft. She is alleged to have taken 28 fraudulent checks from the Irvine office of First Team Real Estate in 2011 and 2012. The OC Register says that nine other defendants are listed as fugitives. The case involves around $1.4 million of fraudulent checks. Stewart will return to court on Jan. 5.



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