When analyzing any market I always take both a macro and micro approach. Recently, I took some time to analyze the top quartile of value and found some very encouraging numbers, both regionally and locally.
In Middlesex County, the top quartile (homes sold at 1.5 million and up) had a significant increase year-over-year. As I took a closer look at the numbers the volume indicators looked extremely promising: we had 243 sales this year. This is a 42% increase from 2011 which only had 171 sales above $1.5 million.
Additionally, the top quartile has gained half a point in market share year-over-year. Even at the height of the market in 2005, the top quartile only saw 234 sales between January 1 and November 19.
In Concord we have seen a 100% increase in sales of homes closed $1.5 million and above year-over-year. Concord also had 7 sales above $2.5 million which included the two highest sales in the county.
With the current cost of capital at record lows buyers across every price range are borrowing to buy. Lenders are finally lending to qualified buyers creating a healthy demand and supply saturation. I believe this data is a strong indicator that the 2013 spring market will be extremely active.
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