Per: Banker and Tradesman,Massachusetts single-family home sales increased again in June, climbing to the highest level for any month in three years, according to the latest report by The Warren Group, publisher of Banker & Tradesman. Single-family home sales rose 1 percent in June, the second straight month of increases. A total of 5,591 single-family homes sold in June, up from 5,535 a year earlier. This marks the best month for sales since June 2010, when there were 5,662 sales. Second quarter home sales totaled 13,915, a 2.2 percent increase from 13,616 in the second quarter of 2012. "The housing market continues to boom locally, and nationally," said The Warren Group CEO Timothy M. Warren Jr. "As long as mortgage rates and home prices don't spike too high, we'll see a very strong recovery year for the market in 2013." Year-to-date home sales statewide are up 0.12 percent. From January to June, a total of 21,659 single-family homes have sold, compared to 21,633 during the same period a year ago. For the ninth consecutive month, year-over-year home prices increased. The median sale price of single-family homes statewide increased almost 9 percent to $350,000 in June, up from $321,800 in June 2012. The year-to-date median sale price rose more than 12 percent to $315,000, up from $281,000 during the same period last year. Quarterly prices increased more than 10 percent to $330,000, up from $299,700 during the second quarter 2012. "No monthly median price had been this high for any month since August 2007. Buyers have come out to the market in droves and aggressive bidding is driving up prices. While not a problem at this juncture, I hope for more modest increases in the future," Warren added. "We don't want to see prices rise to the point where home ownership becomes unaffordable." Bay State condominium sales dropped in June, decreasing more than 3 percent from a year earlier. A total of 2,189 condos sold in June, down from 2,261 a year earlier. Year-to-date condo sales are up almost 2 percent to 8,750 from 8,609 a year earlier. However, condo sales for the second quarter climbed from a year earlier. In the second quarter, 5,679 condos sold, up almost 3 percent from 5,552 during the same period a year ago. The median sales price of condos increased again in June. The median selling price was $320,000, up 3.2 percent from $310,000 a year earlier. The second quarter median condo price rose 2.4 percent to $302,000 from $295,000 in the second quarter 2012. The year-to-date median price of condos in the Bay State is $284,000, up more than 3 percent from $275,000 a year ago. - See more at: http://www.bankerandtradesman.com/news155837.html#sthash.A5hWJWWn.dpuf
Tuesday, July 23, 2013
Northrup Associates Announces Top Producers,
Bolino Takes Top HonorsLYNNFIELD-Northrup Associates recently honored the firms Top 5 Producers for 2012 during their annual meeting and awards breakfast. At the meeting, Northrups Broker/Owners, Bernie Starr and Richard Tisei reviewed the companys growth over the past year and outlined plans for a productive 2013. Northrup is pleased to recognize these Realtors with this honor. Their competitive intelligence, professionalism and dedication have made them valued and trusted real estate resources for the North Shore community with each being major contributors to the overall success of Northrup Associates as a whole. said Broker/Owner Richard Tisei. Each of our Realtors maintains high standards of professionalism along with a quality of superior customer service. Northrups standard of excellence is not a goal; it is our Standard Operating Procedure. This is what makes us stand out among other real estate offices and it is what Northrup has been become known for and that each our clients expect, said Broker/Owner, Bernie Starr Helen Bolino has been the number one agent in Lynnfield sales and listings for twelve consecutive years with a total unit volume of more than $125 million dollars. Most recently she was names Top Producer with a sales volume of $14,487,350 for 2012. This award represented her investment of many hours of personal service and attention to her customers and clients. Helens trademark has been her knowledge of the real estate market, her tireless work ethic and superior customer service, said Tisei. Alex DeRosa and Elena Drislane of The Alex & Elena Team earned the distinction as a being Top Producers for 2012 with a total unit volume of $7,973,500. Both are consummate professionals who have built their business on the referrals of so many satisfied clients. Their competitive intelligence and dedication to their respective communities of Peabody and Lynnfield make them valued and trusted real estate resource. said Broker/Owner Richard Tisei Maria Miara has built and maintained relationships with clients that have continued to have her among the Top Producers at Northrup. Her top priority is to provide all of her clients with unparalleled service and personal assistance for their real estate needs, said Tisei. Maria provides her clients with the markets most accurate and updated information, is incredibly detailed, and executes even the most complex transactions while exceeding her clients expectations. Debra Cuozzo Roberts prides herself on a high level of honesty, accessibility, and personal service. She has a love of decorating and design and is available to lend advice and help with home staging and redesign prior to placing you home on the market. Debras proactive thinking and a high level of initiative and direct communications make her a vital representative for her clients, said Tisei. Overall, Northrup Associates market share and total volume grew both locally and regionally in 2012 ending the year with MLS statistics depicting a total dollar volume of sales of $75,149,521 with 149 properties sold throughout the Commonwealth of Massachusetts. In 2012 Northrup Associates proudly closed more sale transactions that they have in the firms 60th year history. It is no wonder Northrup Associates has and continues to be Your Home Town Realtor. As a locally owned and independently run office, Northrup Associates is able to provide a level of service that others simply can not match. That has been the secret to our success in the past and will remain our guiding principle in the future. I would like to thank our entire sales force for their dedication, hard work and for providing distinct satisfaction to those customers and clients in Lynnfield, Peabody and the surrounding North Shore communities, concluded Tisei.
Bolino Recevies Top Achievement AwardLYNNFIELD-Northrup Associates is proud to congratulate Helen Bolino for having won the Top Achievement Award for an impressive twelve years as the #1 agent for Lynnfield sales and listings with a total unit volume of more than $125 million dollars. It is very rewarding to be recognized for my work. During these economic times, it takes a lot of hard work, dedication and perseverance to succeed. I am very fortunate in having many loyal customers who refer new clients to me and it is very gratifying to know that they have been satisfied with the level of service they have received, Bolino said in accepting the award. Helen has consistently been a Top Producer at Northrup Associates and the #1 agent in our community for the twelve years. She has earned this distinction for her years of dedication, professionalism and has established a strong reputation for excellence and created a large following of satisfied customers, said Tisei.
Lynnfield, Northrup Associates is proud sponsor the 2012 Lynnfield Library Concerts on the Common Series!
By Jeff Shmase LYNNFIELD-While the housing market is not nearly as strong as it was five years ago, it is improving and no exception, siad the owner of local real estate company. Richard Tisei, the owner of Northrup Associates in town, said if home prices are priced correctly, it should be a good year for the market. "If (interest) rates remain low, I think you'll continue to see the market moving in the right direction," he said. Both single-family and condominium sales were up in Lynnfield in 2010, relative to 2009. Last year, 108 single family homes were sold, compared to 98 in '09. Twenty-five condominiums exchanged hands last year, versus 16 in 2009. The median single-family home price was also up, about 10 percent. The median price in 2010 was $529,000; it was $479,500. Condominium prices, however fell in a year-over-year comparison. The median price of a condo sale in 2010 was $350,000 versus $389,900. Properties were not on the market as long either. The average days on the market for the 108 homes sold was 111, compared to 147 in 2009. The same held true for condominiums, where on average it took 165 days to sell those properties, compared to 181 in 2009. Lynnfield bucked the statewide trend in several areas. First, home sales fell slightly (1. percent) across the state. While the median price of a single-family home across the state rose, it did not match Lynnfield's gain. Article courtesty of: Peabody & Lynnfield Weekly News February 3, 2011
Washington, DC, January 20, 2011 Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS. Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009. Lawrence Yun, NAR chief economist, said sales are on an uptrend. December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery, he said. The December pace is near the volume were expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain. The national median existing-home price2 for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes3 rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009. The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues, Yun explained. Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale, which represents an 8.1-month supply4 at the current sales pace, down from a 9.5-month supply in November. NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit. Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market, Phipps said. Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71 percent in December from 4.30 percent in November; the rate was 4.93 percent in December 2009. A parallel NAR practitioner survey shows first-time buyers purchased 33 percent of homes in December, up from 32 percent in November, but are below a 43 percent share in December 2009. Investors accounted for 20 percent of transactions in December, up from 19 percent in November and 15 percent in December 2009; the balance of sales were to repeat buyers. All-cash sales were at 29 percent in December, compared with 31 percent in November, but up from 22 percent a year ago. All-cash sales have been consistently high at about 30 percent of the market over the past six months, Yun said. Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million level in December 2009. The median existing single-family home price was $169,300 in December, down 0.2 percent from a year ago. Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago. The median existing condo price5 was $165,000 in December, which is 7.4 percent below December 2009. Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago. Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009. In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago. Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago. The National Association of REALTORS, The Voice for Real Estate, is Americas largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. Article Courtesy of: National Association of REALTORS
On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853) extending the Bush-era tax rates and a host of other expired and expiring provisions. The legislation is not "paid for," so there are no revenue raisers taken from real estate or other industry groups. The package provides temporary extensions of its numerous provisions. Some are retroactive, as well, so that the rules that had been in place previously will operate as if they had never expired. Included in the bill are provisions that affect real estate investment and operationssuch as energy-efficiency tax credits, capital gains, and more. A few key provisions of interest to REALTORS include:
- Retention of Bush-era tax brackets through the 2011 and 2012 tax years;
- Retention of the capital gains tax rate of 15 percent for assets sold or disposed of during 2011 and 2012;
- Reduction of payroll taxes for employees and self-employed individuals during 2011;
- Extension of numerous energy efficiency credits through December 31, 2011, including: the Energy Efficient New Homes, Energy Efficient Existing Homes, and Energy Efficient Buildings credits.
Washington, DC, December 30, 2010 Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the National Association of REALTORS. The Pending Home Sales Index,* a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. The index is 5.0 percent below a reading of 97.0 in November 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market, he said. But further gains are needed to reach normal levels of sales activity. The PHSI in the Northeast increased 1.8 percent to 72.6 in November but is 6.2 percent below November 2009. In the Midwest the index declined 4.2 percent in November to 78.3 and is 7.7 percent below a year ago. Pending home sales in the South slipped 1.8 percent to an index of 91.4 and are 7.2 percent below November 2009. In the West the index jumped 18.2 percent to 123.3 and is 0.4 percent above a year ago. If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should see existing-home sales rise to a higher, sustainable volume, Yun said. Credit remains tight, but if lenders return to more normal, safe underwriting standards for creditworthy buyers, there would be a bigger boost to the housing market and spillover benefits for the broader economy. The 30-year fixed-rate mortgage is forecast to rise gradually to 5.3 percent around the end of 2011; at the same time, unemployment should drop to 9.2 percent. For perspective, Yun said that the U.S. has added 27 million people over the past 10 years. However, the number of jobs is roughly the same as it was in 2000 when existing-home sales totaled 5.2 million, which appears to be a sustainable figure given the current level of employment, he explained. All the indicator trends are pointing to a gradual housing recovery, Yun said. Home price prospects will vary depending largely upon local job market conditions. The national median home price, however, is expected to remain stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy home buyers. Existing-home sales are projected to rise about 8 percent to 5.2 million in 2011 from 4.8 million in 2010, with an additional gain of 4 percent in 2012. The median existing-home price could rise 0.6 percent to $173,700 in 2011 from $172,700 in 2010, which was essentially unchanged from 2009. As we gradually work off the excess housing inventory, supply levels will eventually come more in-line with historic averages, and could allow home prices to rise modestly in the range of 2 to 3 percent in 2012, Yun said. New-home sales are estimated to rise 24 percent to 392,000 in 2011, but would remain well below historic averages, while housing starts are forecast to rise 21 percent to 716,000. Yun sees Gross Domestic Product growing 2.5 percent in 2011, and the Consumer Price Index rising 2.3 percent. The National Association of REALTORS, The Voice for Real Estate, is Americas largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. *The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales. NOTE: The next Pending Home Sales Index will be released January 27, and existing-home sales for December will be reported January 20; release times are 10:00 a.m. EST. Article Courtesy of National Association of REALTORS
TO PEOPLE...TO COMMUNITIES... TO AMERICA.
Studies show that home ownership has a significant positive impact on net worth, educational achievement, civic participation, health and overall quality of life. That's why, more than 100 years, REALTORS have helped people find their piece of the American Dream. Now, with some questioning whether home ownership is still good for America, it's more important than ever to stand up for home ownership...in your community and it the nation's capital. Find out more about why Home Ownership Matters, how the NATIONAL ASSOCIATION OF REALTORS, is standing up for it, and how you can help spread the word, at REALTOR.org/homeownership.
WHY HOME OWNERSHIP MATTERS
- Home owners are happier and healthier and enjoy a greater feeling of control over their lives.
- Owning a home is one of the best ways to build long-term wealth. Historically, a home owner's net worth has ranged from 31 to 46 times that of a renter.
- Home owners are free to redecorate, renovate, and modify their homes as they wish.
- most home owners enjoy stable housing costs-a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3% a year.
- Home owners can typically deduct mortgage interest and property taxes on their federal individual income tax return.
- People who own homes vote more, volunteer more and contribute more to their neighborhoods.
- Home owners do not more as frequently as renters, providing more neighborhood stability. In turn this stability helps reduce crime and supports neighborhood upkeep.
- Children of home owners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time on front of the television.
- 67% of American households are owner-occupied. America is a nation of home owners.
- Home owners pay 80 to 90% of federal individual income taxes, contributing to federal programs that benefit all Americans.
- Every home purchased pumps $60,000 into the economy for furniture, home improvements and related items.
- Housing accounts for more than 15% of the national Gross Domestic Product, a key driver of our natioinal economy.
- For these reasons and more, home ownership is the American Dream!
Article Courtesy of Lynnfield Weekly News, July 29, 2010 Photo by The PriestlysNorthrup Associates REALTORS proudly sponsored the July 7th and July 14th concerts on the Lynnfield Town Common this summer. Penny McKenzie and John Kennedy man the Northrup Associates table during the July 14th concert and happily greet and discuss real estate with residents enjoying the concert.
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