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May 5, 2013

Real Estate Briefs

(Continued)

Prior to real estate, Santana worked as a marketing professional. He lives in Lawrence with his family.

Santana can be reached directly at msantana@cocoearly.com or at the Lawrence office at 978-687-8600.

MERRIMACK & NASHOBA VALLEYS — The Northeast Association of REALTORS (NEAR) reports that the median sales price for single family homes sold during the first quarter of 2013 combined in the 15 cities and towns from Boxford to Littleton was $297,500, a 12.3 percent increase over the median of $265,000 recorded in the first quarter of 2012. Meanwhile, condominiums sold locally during the first quarter had a median sales price of $179,500, an increase of 12.2 percent compared with the median of $160,000 set in the first quarter of 2012.

The report also showed that the number of single family homes sold locally was up by 3.5 percent compared with the first quarter of 2012. Condominium sales volume decreased in the first quarter, down 10.7 percent year over year. The report is based on data from MLS Property Information Network in Shrewsbury.

The report also provided inventory levels of the number of area homes for sale as of April 15. The 1,048 available single family homes represent the lowest inventory level for the month of April since 2004. The 454 condominiums available for sale as of April 15 is also the lowest inventory level since 2004. The height of inventory for both property types were set in 2006 at 2,075 available single family homes and 1,251 condos.

NEAR also reported on residential properties locally that became classified as pending (i.e., under agreement but not yet closed) during March. The volume of pending sales for single family homes in March decreased by 5.1 percent to 297 agreements, versus 313 new pending sales in March of 2012. The pending sales numbers reflect the overall increased demand and lower inventory, as prices of pending single family sales increased by 10.2 percent. Meanwhile, the number of pending sales for condominiums locally during March rose by 14.2 percent compared with the previous March, and sales volume was up 3.1 percent year over year. Pending sales figures are considered a good indicator of future sales activity.

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