WALTHAM, Mass. – April 28, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that single-family home and condominium sales were down compared to the same time last year. Month-to-month sales activity experienced typical February-to-March gains. Median prices also continue to dip compared to the same time last year.
“It is positive to see the normal February-to-March gains in sales that we experienced last month, but annually we are still comparing a tax credit month versus a non-tax credit month,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “Home prices are at more affordable levels for the time being, but we’ll be keeping our eye on inventory levels as we progress through the spring season.”
March 2011 Housing Numbers Podcast with
MAR President Laurie Cadigan
There were 2,242 detached single-family homes sold this March, a 22.4 percent decrease from the 2,890 homes sold the same time last year. On a month-to-month basis, home sales were up 36.2 percent from 1,646 homes sold this past February. Single-family sales typically experience significant increases from February to March.
The median selling price for single-family homes in March was $273,475 a decrease of 2.3 percent compared to $280,000 in March 2010. This is the fourth year-over-year decrease in a row. On a month-to-month basis, the March median selling price was up 0.6 percent from $271,900 in February.
The March condominium market was down 23.5 percent compared to the same time last year (from 1,296 units sold in 2010 to 991 units sold in 2011). On a month-to-month basis, condominium sales were up 51.1 percent compared to the 656 units sold this past February. Similar to single-family sales, condominium sales typically experience significant increases from February to March.
Condominium median selling prices in March were down 8.4 percent from the March 2010 median price (from $256,000 to $234,500). On a month-to-month basis, the median selling price of a condominium was up 1.1 percent from a February median of $232,000.
Inventory and Days on Market:
The inventory of single-family homes as of March 31, 2011 decreased 4.0 percent from March 2010 (27,362 listings in 2010 to 23,381 listings in 2011) which translates into 11.8 months of supply in March 2011. This is up from 9.5 months of supply last year and down from 14.4 months in February. This is the second straight year-over-year decrease in inventory after 11th straight months of gains.
The inventory of condominiums on the market in February went down 10.0 percent compared to the year before (11,709 listings in 2010 to 10,510 listings in 2011), which translates into 10.6 months of supply, which is up from 9.0 months in March 2010 and down from 14.1 months in February.
Detached single-family homes stayed on the market an average of 154 days in March 2011 compared to an average of 132 days in March 2010. Condos stayed on the market an average of 154 days, up from an average of 137 days in March 2010. On a month-to-month basis, days on market for single-family homes were up from 152 days in February, while condos were up from 150 days.
The number of single-family homes sold in the first quarter of 2011 was down 9.4 percent compared to the same time last year (6,650 homes sold in 2010 to 6,024 homes sold in 2011). Median selling prices were down 2.7 percent from $284,000 in 2010 to $276,250 in 2011.
The condominium market experienced a decrease of 23.3 percent in the number of units sold in the first quarter compared to the same quarter last year with 2,937 units sold in 2010 to 2,252 units sold in 2011. Median selling prices were down 5.0 percent from $252,500 in 2010 to $240,000 in 2011.
Additional Q1 Sales Data:
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.