While we know things in the Boston real estate market can change fairly quickly, it seems that Massachusetts realtors are feeling optimistic at the moment?according to a survey conducted by MAR (Massachusetts Association of Realtors).
MAR?s Realtor Market Index or RMI gauges how strong local agents feel the market is. The RMI has actually increased for the 13th consecutive month in comparison with the RMI in 2011. The RMI measured at 56.41 in August?anything above 50 signifies a market increasing in strength. In August of 2011 the RMI came in at 21.63.
Trisha McCarthy, 2012 MAR President, said, ?Regaining confidence in the market is a gradual process, but one that fortunately has been improving for 13 straight months. The best way to ensure this upward trend continues is to increase the number of homes for sale. The only way that can happen is for homeowners who want to sell, but have held off, to make the decision to re-enter the market.?
MAR?s Realtor Price Index or RPI has hit almost all-time highs, measuring realtors? expectations regarding the increase of home prices. August 2012?s RPI hit 64.19, while August 2011?s RPI was 39.92. This is the 5th consecutive month in which we?ve seen a year-over-year increase. This is also the 4th consecutive month in which the RPI has come in at over 60 points. August 2012?s RPI was down 1.24% compared to July 2012?s RPI of 65.
Overall, Boston real estate agents and Massachusetts agents surveyed said they believe inventory levels will remain a bit of a struggle?41% said they will stay the same and 37% said they think inventory will increase slightly in the next 6 months.
Source: http://www.firstbostonrealty.com/blog/massachusetts-realtors-optimistic-towards-the-market/
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