Median prices remain at more affordable levels
WALTHAM, Mass. – March 29, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today, that after two straight months of increases, single-family home sales were down compared to the same time last year. Median prices fell less than one percent. Condominium sales and median prices were also down in February.
“While only remnants remain of the multiple feet of snow we had in December and January, the impact on home sales was evident in February,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “The dip in sales compared to February 2010 could also reflect the home buyer tax credit available at that time. However, home prices continue to be more affordable and that will only benefit buyers and the market.”
February 2011 Housing Numbers Podcast with
MAR President Laurie Cadigan
There were 1,647 detached single-family homes sold this February, a 12.5 percent decrease from the 1,883 homes sold the same time last year. On a month-to-month basis, home sales were down 23.3 percent from 2,146 homes sold this past January. Single-family sales typically experience drops from January to February.
The median selling price for single-family homes in February was $270,000 a decrease of less than one percent (-0.7) compared to $271,900 in February 2010. This is the third year-over-year decrease in a row. On a month-to-month basis, the February median selling price was down 5.2 percent from $284,750 in January.
The February condominium market was down 17.2 percent compared to the same time last year (from 792 units sold in 2010 to 656 units sold in 2011). On a month-to-month basis, condominium sales were down 18.5 percent compared to the 805 units sold this past January. Similar to single-family sales, condominium sales typically experience decreases from January to February.
Condominium median selling prices in February were down 3.3 percent from the February 2010 median price (from $240,000 to $232,000). On a month-to-month basis, the median selling price of a condominium was down 6.5 percent from a January median of $248,000.
Inventory and Days on Market:
The inventory of single-family homes as of February 28, 2011 decreased 3.0 percent from February 2010 (24,434 listings in 2010 to 23,690 listings in 2011) which translates into 14.4 months of supply in February 2011. This is up from 13.0 months of supply last year and up from 11.0 months in January. This was the first year-over-year decrease in inventory after 11th straight months of gains.
The inventory of condominiums on the market in January went down 11.0 percent compared to the year before (10,362 listings in 2010 to 9,231 listings in 2011), which translates into 14.1 months of supply, which is up from 13.1 months in February 2010 and up from 11.1 months in January.
Detached single-family homes stayed on the market an average of 152 days in February 2011 compared to an average of 137 days in February 2010. Condos stayed on the market an average of 150 days, up from an average of 142 days in February 2010. On a month-to-month basis, days on market for single-family homes were up from 143 days in January, while condos were down from 150 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.