WALTHAM, Mass. – June 23, 2009 – The Massachusetts Association of REALTORS® (MAR) reported today that median home prices for single-family homes and condominiums have experienced month-to-month gains for the last three and four months respectively.   On a year-over-year basis, median prices were down 11.9 percent for single-family homes and down 6.2 percent for condos.  Despite those decreases, median prices hit their highest levels in May over the first five months of the year. Single-family home sales were down 15.3 percent in May compared to the same time last year, while condominium sales were down 24.6 percent.  
 

Listen to our latest Housing Market Podcast as MAR President Gary Rogers discusses the May 2009 Housing Data

  

“REALTOR® members are reporting that activity has continued to pick up as the spring home buying season continues,” said MAR President Gary Rogers, a broker at RE/MAX First Realty in Waltham.  “While sales and median prices are still down from last year, the current trend of month-to-month improvements is noteworthy, especially when you combine it with the fact that consumer confidence and other economic indicators are showing some signs of improvement as well.”   
 

There were 2,972 detached single-family homes sold this May, a 15.3 percent decrease from the 3,510 homes sold the same time last year. On a month-to-month basis, home sales were up 21.4 percent from 2,448 homes sold this past April.
 

The median selling price for single-family homes in May was $284,000, a decrease of 11.8 percent compared to $322,000 in May 2008.  Despite the decrease, this is the highest median price since October 2008.  In addition, the May median price is up 12 percent from the 2009 low of $252,500 in February. On a month-to-month basis, the May median selling price was up 3.3 percent from $275,000 in April 2009.  This is the third straight month of month-to-month increases.  The May median selling price is now back to more affordable 2003 levels.              
 

The condominium market experienced a significant decrease of 24.6 percent in the number of units sold this May compared to the same time last year (from 1,640 units sold in 2008 to 1,236 units sold in 2009).  However, on a month-to-month basis, condominium sales were up 34.9 percent compared to the 916 units sold this past April.  This is the fourth straight month of month-to-month increases.   
 

Condominium median selling prices in May were down 6.2 percent from $282,500 in 2008 to $265,000 in 2009.  This is the highest median price since August 2008.  The May median price is up 30 percent from the 2009 low of $204,000 January. On a month-to-month basis, the median selling price of a condominium was up 12.3 percent from an April median of $236,000.  The May median selling price for a condominium is now back to 2005 levels.

Pending Sales:
The number of single-family homes put under agreement in May was down 5.0 percent compared to the same time last year (5,059 homes in 2008 to 4,802 homes in 2009).  On a month-to-month basis, single-family homes put under agreement were up 7.2 percent from 4,480 homes in April.  The number of condos put under agreement in May was down 6 percent compared to May 2008 (2,147 units in 2008 to 2,025 units in 2009).  On a month-to-month basis, condos put under agreement were up 7.2 percent from 1,878 units in April. Pending sales or “under agreements” are homes that have a signed purchase and sale agreement, but have yet to close and be recorded.

 

Inventory and Days on Market: 
The inventory of residential properties on the market as of May 31, 2009 decreased 17 percent compared to the same time last year (from 50,537 listings in 2008 to 41,770 listings in 2009).  At the current sales pace, this represents approximately 12.4 months of supply, up from 9.8 months of supply in May 2008.  On a month-to-month basis, the average months of supply is up slightly from 12.1 months in April.  It is considered a balanced market when there are between 7.5 and 8.5 months of supply.
 

The inventory of single-family homes decreased 17.0 percent from May 2008 (35,012 listings in 2008 to 29,210 listings in 2009) which translates into 11.9 months of supply in May 2009.  This is up from 10.0 months of supply last year and up slightly from 11.6 months of supply in April.  This is the fewest May single-family listings since May 2002 and it is the 14th straight month that inventory has gone down compared to the year before.
 

The condominium market saw May inventory decrease by 19 percent from last year (15,525 listings in 2008 to 12,560 listings in 2009), which translates into 13.7 months of supply, up from 9.5 months in 2008 and virtually the same as the 13.6 months this past April.  This is the fewest May condominium listings since May 2004 and the 14th straight month that inventory has gone down compared to the year before.
 

Detached single-family homes stayed on the market an average of 148 days in May 2009 compared to an average of 143 days in May 2008, while condos stayed on the market an average of 149 days, up from an average of 135 days in May 2008.  On a month-to-month basis, days on market for single-family homes were down from 155 days and condos were up from 140 days in March.

 

About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 20,000 members.  The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
 

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