WALTHAM, Mass. – May 24, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that April sales and median prices for single-family homes were down from the same time last year, but up from March as the spring market continued to move along. Condominium year-over-year sales were down, while median prices for condominiums were up in April over the same time last year. Condominium sales and median prices were also up from March.
“Despite continued near record-low interest rates, increased affordability and buyer interest, closed sales continued to be down as qualified buyers held off in April,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “We’re hopeful that as the economy and job market continues to improve, especially in Massachusetts, so will buyer confidence.”
April 2011 Housing Numbers Podcast with
MAR President Laurie Cadigan
There were 2,821 detached single-family homes sold this April, a 20 percent decrease from the 3,527 homes sold the same time last year. On a month-to-month basis, home sales were up 13 percent from 2,496 homes sold this past March.
The median selling price for single-family homes in April was $279,000 a decrease of 8.5 percent compared to $305,000 in April 2010. This is the third year-over-year decrease in a row. April 2010 was the final month to make an offer on a home and take advantage of the 2010 home buyer tax credit. On a month-to-month basis, the April median selling price was up 1.5 percent from $275,000 in March. This is the second straight month-to-month increase.
The April condominium market was down 26.1 percent compared to the same time last year (from 1,567 units sold in 2010 to 1,158 units sold in 2011). On a month-to-month basis, condominium sales were up 12.1 percent compared to the 1,033 units sold this past March.
Condominium median selling prices in April was up 6.7 percent from the April 2010 median price (from $252,000 to $269,000). This is the first year-over-year increase since November 2010. On a month-to-month basis, the median selling price of a condominium was up 15.4 percent from a March median of $233,063. This is the second straight month-to-month increase.
Inventory and Days on Market:
The inventory of single-family homes as of April 30, 2011 decreased 2.0 percent from April 2010 (30,101 listings in 2010 to 29,465 listings in 2011) which translates into 10.4 months of supply in April 2011. This is up from 8.5 months of supply last year and essentialldown from 11.8 months in March. This is the third straight year-over-year decrease in inventory.
“Compared to April 2010 and the incentive for sellers to put their home on the market, it is positive to see that inventory is only down two percent from last year,” said Cadigan.
The inventory of condominiums on the market in April went down 10.0 percent compared to the year before (12,474 listings in 2010 to 11,235 listings in 2011), which translates into 9.7 months of supply, which is up from 8.0 months in April 2010 and down from 10.6 months in March.
Detached single-family homes stayed on the market an average of 151 days in April 2011 compared to an average of 123 days in April 2010. Condos stayed on the market an average of 135 days, up from an average of 133 days in April 2010. On a month-to-month basis, days on market for single-family homes were down from 154 days in March, while condos were down from 154 days.
Corrected March 2011 Massachusetts Housing Data:
While compiling the April 2011 Massachusetts housing data, MAR determined that the number of home sales in March 2011 was under-reported. The error was due to a problem in the data upload from one of the state’s three multiple listing services. The corrected data is below:
March Single-family Sales: 2,496 (originally reported: 2,242)
March Condo Sales: Sales: 1,033 (originally reported: 991)
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.