October 2011 Housing Data
– November 29, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that both October single-family home sales and condominium sales were up for the fourth straight month compared to the same time last year. Median prices for single-family home sales were down as condominium median prices were up from October 2010.
“The presence of a relatively better job market here in the Commonwealth combined with affordable prices and super-low interest rates continues to be the engine that is pushing sales to positive ground,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “Each month we experience an increase in home sales is an important step forward in the eventual recovery of the housing market here in Massachusetts.”
October 2011 Housing Numbers Podcast with
MAR President Laurie Cadigan
There were *3,057 detached single-family homes sold this October, a 2.72 percent increase from the 2,977 homes sold the same time last year. On a month-to-month basis, home sales were down 14.97 percent from 3,595 homes sold this past September.
The median selling price for single-family homes in October was $275,000 a decrease of 5.2 percent compared to $290,000 in October 2010. On a month-to-month basis, the October median selling price went down 5.66 percent from this past September.
The October condominium market was up less than one percent at 0.78 percent compared to the same time last year (from 1,030 units sold in 2010 to 1,038 units sold in 2011). On a month-to-month basis, condominium sales were down 20.52 percent compared to the 1,306 units sold this past September.
Condominium median selling prices in October were up 4.08 percent from the October 2010 median price (from $245,000 to $255,000 in 2011). On a month-to-month basis, the median selling price of a condominium was down 5.56 percent from an September median of $270,000.
Inventory and Days on Market:
The inventory of single-family homes as of October 31, 2011 decreased 8.5 percent from October 2010 (34,310 listings in 2010 to 31,403 listings in 2011) which translates into 9.7 months of supply in October 2011. This is down from 10.0 months of supply last year and down from 10.5 months in September.
The inventory of condominiums on the market in October went down 20.9 percent compared to the year before (13,140 listings in 2010 to 10,389 listings in 2011), which translates into 8.3 months of supply, which is down from 9.4 months in October 2010 and down from 8.9 months in September.
Detached single-family homes stayed on the market an average of 114 days in October 2011 compared to an average of 107 days in October 2010. Condos stayed on the market an average of 113 days in October 2011 compared to an average of 112 days in October 2010. On a month-to-month basis, days on market for single-family homes were up from 112 days in September, while condos were down from 116 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.
*Please note: As of July 2011, all 2010 and 2011 housing data has been updated to reflect new collection methods from the three REALTOR® affiliated Multiple Listing Services in Massachusetts via 10K Research and Marketing.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.