Median prices up for third straight month
December 2012/year-end Data
WALTHAM, Mass. – January 24, 2013 – The Massachusetts Association of REALTORS® (MAR) reported today that December 2012 home sales were up for the 18th straight month. Median prices also closed up for the third straight month of year-over-year increases. 2012 closed as the most active year for single-family home sales since 2005.
December 2012 Housing Numbers Podcast with
MAR President Kimberly Allard-Moccia
“December capped off a very active year in 2012 as the real estate market in Massachusetts made significant progress towards recovery,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “With the ‘fiscal cliff’ averted for now and pending activity remaining strong, we anticipate a healthy start to 2013.”
There were 3,737 detached single-family homes sold this December, a 13 percent increase from the 3,307 homes sold the same time last year. This is the 18th straight month of year-over-year increases. This December had the most closings since December 2005 when there were 3,770 homes sold. On a month-to-month basis, home sales were down 9.8 percent from 4,145 homes sold this past November.
The median selling price for single-family home in December was $303,500 which was UP 10.4 percent from $275,000 in December 2011. This is the first time that prices have increased 10 percent or more since January 2010. This is also the third straight monthly year-over-year increase. On a month-to-month basis, the December median selling price went up 2.9 percent from $295,000 in November 2012. This is the second straight month-to-month increase.
There were 1,434 condominiums sold this December, a 14.2 percent increase from the 1,256 condos sold the same time last year. This is the 12th straight month of year-over-year increases. On a month-to-month basis, condominium sales were down 7.4 percent from 1,548 homes sold this past November.
The median selling price for condominium in November was $285,500 which was UP 8.7 percent from $260,000 in November 2011. This is the 10th straight monthly year-over-year increase. On a month-to-month basis, the November median selling price was down 1.0 percent from $285,500 in November 2012.
Inventory and Days on Market:
The inventory of single-family homes as of December 31, 2012 decreased 28.1 percent from December 2011 (25,073 listings in 2011 to 18,021 listings in 2012) which translates into 4.7 months of supply in December 2012. This is down from 7.9 months of supply last year and down from 6.0 months in November 2012. This was the ninth straight month of inventory decreases.
The inventory of condominiums on the market in December was down 34.3 percent compared to the year before (8,346 listings in 2011 to 5,486 listings in 2012), which translates into 3.6 months of supply, which is down from 6.8 months in December 2011 and down from 4.6 months this past November.
Detached single-family homes stayed on the market an average of 113 days in December 2012 compared to an average of 118 days in December 2011. Condos stayed on the market an average of 102 days, down from an average of 121 days in December 2011. On a month-to-month basis, days on market for single-family homes were up seven days from 106 days in November while condos were up from 99 days.
2012 Year End Sales and Prices
The number of detached single-family homes sold in 2012 went up 21 percent from 2011 (from 38,146 to 46,312 homes). This was the most active year since 2005 when 51,078 homes were sold. The number of condominiums sold in 2011 went up 22 percent from (14,758 to 18,045 units). The condominium market had its strongest year since 2007 when 20,531 units were sold.
The median price for a single-family home went up 1.0 percent from 2011 (from $295,000 to $298,000). The condominium market saw median prices increase 4.0 percent from 2011 (from $270,000 to $282,000).
“2012 was the type of year the market needed to help it eventually recover,” said Allard-Moccia. “With inventory continuing to go down, we’re at risk for slipping back to where we were. A truly vibrant market has a good selection of homes at all price levels for all types of buyers,”
Single-family homes stayed on the market 111 days on average in 2012, as compared to 114 days on average in 2011. The average monthly inventory (27,093 homes) was down 14 percent from 2011 (31,457 homes). This translates to 7.7 months of supply on average for 2012 compared to 9.7 months of supply on average in 2011.
Condominiums stayed on the market 103 days on average in 2012, compared to 114 days on average in 2011. The average monthly inventory (8,723 units) was 27 percent lower than the 2011 average level of 11,296 units statewide. This translates to 6.5 months of supply on average for 2012, compared to 8.9 months of supply on average in 2011.
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.