2011 single-family home sales down less than two percent from year before
WALTHAM, Mass. – January 24, 2012 – The Massachusetts Association of REALTORS® (MAR) reported today that December 2011 home sales were essentially flat (down less than half of one percent) after five straight months of year-over-year increases while condominium sales were down compared to December 2010. Median prices were down for single-family homes, but up for condominiums compared to the same time last year. For the second straight time, year-end sales numbers were down less than two percent from the year before.
“In general, we are encouraged by the strides the market made in the second half of the year to close out 2011,” said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport. “We believe that the unusual snow storm in October, 2011, which caused property damage and left people without power for days, dampened what likely would have been stronger December figures. On the other hand, the milder winter, coupled with low interest rates and reasonable home prices, should improve the outlook.”
December 2011 Housing Numbers Podcast with
MAR President Trisha McCarthy
There were 3,361 detached single-family homes sold this December, a 0.4 percent decrease (or 12 homes) from the 3,373 homes sold the same time last year. This is the first month of year-over-year decreases after five straight months of increases. On a month-to-month basis, home sales were up 3.96 percent from 3,233 homes sold this past November.
The median selling price for single-family homes in December was $271,900, a decrease of 4.0 percent compared to $283,300 in December 2010. This is the third straight year-over-year decrease. On a month-to-month basis, the December median selling price was down 4.3 percent from $284,250 in November 2011.
The December condominium market was down 3.1 percent compared to the same time last year (from 1,296 units sold in 2010 to 1,256 units sold in 2011). Similar to single-family sales, condo sales were down after five straight months of year-over-year sales gains. On a month-to-month basis, condominium sales were up 11.2 percent compared to the 1,130 units sold this past November.
Condominium median selling prices in December were up 3.8 percent from the December 2010 median price (from $250,500 to $259,900). On a month-to-month basis, the median selling price of a condominium was up 1.9 percent from a November 2010 median of $255,000.
Inventory and Days on Market:
The inventory of single-family homes as of December 31, 2011 decreased 9.8 percent from December 2010 (26,574 listings in 2010 to 23,958 listings in 2011) which translates into 7.3 months of supply in December 2010. This is down from 8.0 months of supply last year and down from 8.9 months in November 2011. This was the fourth straight month of inventory decreases.
The inventory of condominiums on the market in December was down 20.5 percent compared to the year before (10,010 listings in 2010 to 7,955 listings in 2011), which translates into 6.3 months of supply, which is down from 7.5 months in December 2010 and down from 7.9 months this past November.
Detached single-family homes stayed on the market an average of 119 days in December 2011 compared to an average of 112 days in December 2010. Condos stayed on the market an average of 122 days, up from an average of 114 days in December 2010. On a month-to-month basis, days on market for single-family homes were up one day from 118 days in November while condos were up from 120 days.
2010 Year End Sales and Prices:
The number of detached single-family homes sold in 2011 went down 1.7 percent from 2010 (from 40,031 to 39,344 homes). The number of condominiums sold in 2011 went down 6.0 percent from (15,954 to 14,997 units).
The median price for a single-family home decreased 3.3 percent from 2010 (from $300,000 to $290,000). The condominium market saw median prices increase 0.8 percent from 2010 (from $265,000 to $267,000).
“2012 will be the first year in many that we won’t be comparing sales to a year in which the home buyer tax credit was a factor and it will be interesting to see what type of growth will result from improving unemployment rates and the favorable buying conditions,” said McCarthy.
Single-family homes stayed on the market 114 days on average in 2011, as compared to 103 days on average in 2010. The average monthly inventory (31,457 homes) was down 1.1 percent from 2010 (31,813 homes). This translates to 9.7 months of supply on average for 2011 compared to 9.0 months of supply on average in 2010.
Condominiums stayed on the market 115 days on average in 2011, compared to 108 days on average in 2010. The average monthly inventory (11,296 units) was 11.2 percent lower than the 2010 average level of 12,728 units statewide. This translates to 9.0 months of supply on average for 2011, compared to 8.8 months of supply on average in 2010.
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.