Median prices continue to stabilize
WALTHAM, Mass. – October 25, 2012 – The Massachusetts Association of REALTORS® (MAR) reported today that September home sales closed up for the 15th straight month compared to the same month last year. Condominium sales were also up from September 2011. Single-family median prices were down less than one percent, while condominium median prices were up again year-over-year.
"September numbers show that buyers took advantage of market conditions to push home sales up again," said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport. "Despite the decreasing inventory of homes for sales, prices continue to stabilize and compared to the peak years are a good value for those people looking to buy."
September 2012 Housing Numbers Podcast with
MAR President Trisha McCarthy
There were 3,580 detached single-family homes sold this September, a 2.8 percent increase from the 3,482 homes sold the same time last year. This is the 15th straight month of year-over-year increases. This was the most home sales in a September since 2006. On a month-to-month basis, home sales were down 30.9 percent from 5,180 homes sold this past August. It is typical to see a significant month-to-month drop from August to September.
The median selling price for single-family homes in September was $294,900 which was down less than one percent (-0.6%) from $296,750 in September 2011. This is the second straight month that median prices have ticked down. On a month-to-month basis, the September median selling price was down 6.8 percent from $316,500 in August 2012. This is the third straight month-to-month decline.
The September condominium market was up 10.4 percent compared to the same time last year (from 1,292 units sold in 2011 to 1,426 units sold in 2012). This is the 14th month of the last 15 that condominium sales have been up. On a month-to-month basis, condominium sales were down 32.5 percent compared to the 2,113 units sold this past August. Similar to the single-family home market, it is typical for there to be a significant month-to-month decline from August to September.
Condominium median selling prices in September were up 2.9 percent from the September 2011 median price (from $272,000 to $280,000). This is the seventh straight month that monthly median prices have been up. On a month-to-month basis, the median selling price of a condominium was down 4.1 percent from an August 2012 median of $292,000. This is the third straight month-to-month price decrease.
Inventory and Days on Market:
The inventory of single-family homes as of September 2012 decreased 21 percent from September 2011 (33,789 listings in 2011 to 26,677 listings in 2012) which translates into 7.3 months of supply in September 2012. This is down from 10.8 months of supply last year and also down from 7.5 months in August 2012. Inventory has gone down 10 of the last 12 months. This was also the largest single month year-over-year decrease since at least 2004.
The inventory of condominiums on the market in September was down 30.5 percent compared to the year before (11,316 listings in 2011 to 7,683 listings in 2012), which translates into 5.6 months of supply, which is down from 9.3 months in September 2011 and down from 5.8 months in August.
Detached single-family homes stayed on the market an average of 104 days in September 2012, which was down from 111 days in September 2011. Condos stayed on the market an average of 99 days, which was down from 114 days in September 2011. On a month-to-month basis, days on market for single-family homes were up from 103 days in August while condos were up from 92 days.
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 19,000 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.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.