Median prices continue to come down to more affordable levels
WALTHAM, Mass. – February 22, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that January single-family home sales were up for the second month in-a-row compared to the same time last year as median prices continued to moderate for the second straight month. Condominium sales and median prices were also down in January.
“We’re starting 2011 with movement in a positive direction as buyers took advantage of the more affordable pricing to push sales up in January,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “While we’re still in a buyer’s market, snow and increasing interest rates continue to be some of the variables we’ll watch closely as we edge toward the spring market.”
January 2011 Housing Numbers Podcast with
MAR President Laurie Cadigan
There were 2,147 detached single-family homes sold this January, a 13 percent increase from the 1,898 homes sold the same time last year. This is the second straight year-over-year increase of single-family home sales. On a month-to-month basis, home sales were down 32.4 percent from 3,174 homes sold this past December. Single-family sales historically experience significant drops from December to January.
The median selling price for single-family homes in January was $284,500 a decrease of 5.2 percent compared to $300,000 in January 2010. This is the second year-over-year decrease in a row. On a month-to-month basis, the January median selling price was down 0.5 percent from $285,950 in December 2010.
The January condominium market was down 5.2 percent compared to the same time last year (from 849 units sold in 2010 to 805 units sold in 2011). On a month-to-month basis, condominium sales were down 35.0 percent compared to the 1,238 units sold this past December. Similar to single-family sales, condominium sales historically experience significant decreases from December to January.
Condominium median selling prices in January were down 3.9 percent from the January 2010 median price (from $257,980 to $248,000). On a month-to-month basis, the median selling price of a condominium was down 2.1 percent from a December 2010 median of $253,368.
Inventory and Days on Market:
The inventory of single-family homes as of January 31, 2011 increased 4.0 percent from January 2010 (22,707 listings in 2010 to 23,594 listings in 2011) which translates into 11.0 months of supply in January 2011. This is down from 12.0 months of supply last year and up from 7.6 months in December 2010. This was the 11th straight month of inventory gains, but the first single-digit increase after six straight months of double-digit percent increases.
The inventory of condominiums on the market in January went down 5.0 percent compared to the year before (9,386 listings in 2010 to 8,945 listings in 2011), which translates into 11.1 months of supply, which is the same as January 2010 and up from 7.3 months in December 2010.
Detached single-family homes stayed on the market an average of 143 days in January 2011 compared to an average of 130 days in January 2010. Condos stayed on the market an average of 151 days, up from an average of 144 days in January 2010. On a month-to-month basis, days on market for single-family homes were up from 132 days in December 2010, while condos were up from 134 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.