According to the Massachusetts Association of Realtors (MAR), real estate professionals in the state are feeling pretty good about the state of the market.
MAR’s Realtor Market Confidence Index (RMCI) rose for the 14th straight month in September compared to the year before, and had the largest year-over-year percent increase since the data has been collected. The Realtor Price Confidence Index (RPCI) continues to be near all-time highs and has been over the 60-point mark for the fifth straight month. A large percentage of Realtors surveyed are reporting homeowners are keeping their homes off the market because they are holding out for higher prices.
"We’ve come a long way in terms of confidence in the market since last year when the RMCI was at its 2011 low," 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport, said in a statement. "We need to continue to encourage those folks, who may be reluctant, to put their homes on the market. Having a good supply of homes in all price ranges is very important for a real estate recovery."
In September, the RMCI was 57.73, which was up 166 percent from the September 2011 score of 21.63. This is the largest year-over-year monthly increase since the data has been collected. This is also 14th straight month of year-over-year increases and the sixth straight month over the 50-point mark. On a month-to-month basis, the September RMCI was up 2.33 percent from the 56.41 score in August 2012. Measured on a 100-point scale, a score of 50 is the midpoint between a "strong" (100 points) and a "weak" (0 points) market condition.
The RPCI was 64.41 in September, up 72 percent from the September 2011 RPCI of 37.38. This is the eighth straight month of year-over-year increases and the fifth straight month the RPI has been over the 60-point mark. On a month-to-month basis, the RPCI was up less than a half of one percent from the August 2012 RPCI of 64.19.
MAR’s Realtor Market Confidence Index (RMCI) rose for the 14th straight month in September compared to the year before, and had the largest year-over-year percent increase since the data has been collected. The Realtor Price Confidence Index (RPCI) continues to be near all-time highs and has been over the 60-point mark for the fifth straight month. A large percentage of Realtors surveyed are reporting homeowners are keeping their homes off the market because they are holding out for higher prices.
"We’ve come a long way in terms of confidence in the market since last year when the RMCI was at its 2011 low," 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport, said in a statement. "We need to continue to encourage those folks, who may be reluctant, to put their homes on the market. Having a good supply of homes in all price ranges is very important for a real estate recovery."
In September, the RMCI was 57.73, which was up 166 percent from the September 2011 score of 21.63. This is the largest year-over-year monthly increase since the data has been collected. This is also 14th straight month of year-over-year increases and the sixth straight month over the 50-point mark. On a month-to-month basis, the September RMCI was up 2.33 percent from the 56.41 score in August 2012. Measured on a 100-point scale, a score of 50 is the midpoint between a "strong" (100 points) and a "weak" (0 points) market condition.
The RPCI was 64.41 in September, up 72 percent from the September 2011 RPCI of 37.38. This is the eighth straight month of year-over-year increases and the fifth straight month the RPI has been over the 60-point mark. On a month-to-month basis, the RPCI was up less than a half of one percent from the August 2012 RPCI of 64.19.
