WALTHAM, Mass. – December 21, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that both November single-family home sales and condominium sales were up compared to the same time last year. This is the fifth straight month of year-over-year increases. Median prices for both single-family home sales and condominiums were down from November 2010.
November 2011 Housing Numbers Podcast with
MAR President Laurie Cadigan
“Confidence improved in November as another increase in home sales coincided with another decrease in the Massachusetts unemployment rate,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “Qualified buyers are slowly returning to the market and taking advantage of the conditions to get into a home. We need this trend to continue to help the market and the economy recover.”
There were *3,175 detached single-family homes sold this November, a 13.15 percent increase from the 2,806 homes sold the same time last year. This is the fifth straight month of year-over-year increases. On a month-to-month basis, home sales were up 1.83 percent from 3,118 homes sold this past October. While the month-to-month increase was less than two percent, home sales typically go down from October to November.
The median selling price for single-family homes in November was $284,500 a decrease of 3.9 percent compared to $295,950 in November 2010. On a month-to-month basis, the November median selling price went up 3.83 percent from this past October.
The November condominium market was up 6.51 percent compared to the same time last year (from 1,029 units sold in 2010 to 1,096 units sold in 2011). On a month-to-month basis, condominium sales were up 2.43 percent compared to the 1,070 units sold this past October.
Condominium median selling prices in November were down 6.47 percent from the November 2010 median price (from $270,510 to $253,000 in 2011). On a month-to-month basis, the median selling price of a condominium was down 0.78 percent from an October median of $255,000.
Inventory and Days on Market:
The inventory of single-family homes as of November 30, 2011 decreased 10.2 percent from November 2010 (31,303 listings in 2010 to 28,103 listings in 2011) which translates into 8.6 months of supply in November 2011. This is down from 9.4 months of supply last year and down from 10.0 months in October.
The inventory of condominiums on the market in November went down 21.8 percent compared to the year before (12,021 listings in 2010 to 9,398 listings in 2011), which translates into 7.5 months of supply, which is down from 9.0 months in November 2010 and down from 8.5 months in October.
Detached single-family homes stayed on the market an average of 118 days in November 2011 compared to an average of 114 days in November 2010. Condos also stayed on the market an average of 118 days in November 2011 compared to an average of 114 days in November 2010. On a month-to-month basis, days on market for single-family homes were up from 114 days in October, with condos also being up from 113 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.