October 16, 2012 (Chris Moore)
Monthly sales of existing single-family homes and condominiums came roaring back in Massachusetts during August following July’s sizeable decline according to the latest data from the Massachusetts Association of Realtors® (MAR), but home prices continued to soften.
An estimated total of 7,163 existing homes and condos were sold in the Bay State in August. That was 9.0 percent higher than the 6,574 homes sold in July and 23.8 percent higher than the 5,786 homes sold in August 2011.
Trisha McCarthy, President of MAR, stated, “Closing activity picked up in August as buyers, who were able to take advantage of the favorable market, wanted to get into their homes prior to the start of the school year. Prices continue to reflect a leveling out with single-family home prices essentially flat from the year before.”
Sales of detached single-family homes accounted for 5,077 of the total sales in August, up 6.5 percent from 4,767 sales in July and 22.8 percent higher than the 4,136 detached homes sold in August of 2011.
It was the 14th consecutive month that sales of detached single-family homes outperformed the previous year’s sales total.
The median sales price for a detached single-family home in August was $317,750, which was 2.2 percent lower than the sales price of $325,000 posted in July but was almost unchanged from the median sales price of $317,500 in August of last year.
The number of detached single-family homes for sale in August declined 22.0 percent compared to last year, falling from 33,905 listings to 26,459 listings, which left a 7.2 months supply of homes on the market, down from an 11.0 months supply a year ago. Detached single-family homes typically took an average of 103 days to sell in August, down slightly from 106 days last year.
Condominium sales accounted for 2,086 of the total sales in August, up 15.4 percent from the 1,807 sales in July and were 25.2 percent higher than the 1,650 condos sold in August of 2011.
The median sales price for a condo in August was $292,000, down 2.7 percent from July’s median price of $300,000 but was still 0.7 percent higher than the sales price of $290,000 for a condo in August of last year.
Listings for condos fell 30.1 percent in August, from 11,284 in August of last year to 7,882 listings this year. That left a 5.6 months supply available for sale, down from a 9.4 months supply a year ago. Condos typically took an average of 91 days to sell in August compared to an average of 103 days in August of last year.
Tags: Massachusetts real estate, existing homes, condos, sales, median home prices, Massachusetts