July 31, 2012 (Chris Moore)
Monthly sales of existing single-family homes and condominiums increased by over 20 percent from May to June in Massachusetts, with single-family sales at their highest level for a non-tax credit month since 2007 according to the latest data from the Massachusetts Association of Realtors® (MAR).
An estimated total of 7,571 existing homes and condos were sold in the Bay State in June. That was 21.7 percent higher than the 6,223 homes sold in May and 18.3 percent higher than the 6,398 homes sold in June 2011.
Trisha McCarthy, President of MAR, stated, “While the housing market isn’t fully recovered at this point; 12 straight months of year-over-year increases is significant and certainly positive news. Prices continue to bump along the bottom and could start to rise, especially if buyers remain active and fewer sellers enter the market.”
Sales of detached single-family homes accounted for 5,423 of the total sales in June, up 20.4 percent from 4,505 sales in May and were 18.5 percent higher than the 4,577 detached homes sold in June of 2011.
It was the 12th 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 June was $325,000, which was 10.2 percent higher than the sales price of $294,900 posted in May but unchanged from June of last year.
Condominium sales accounted for 2,148 of the total sales in June, up 16.1 percent from the 1,850 sales in May and 18.0 percent higher than the 1,821 condos sold in June of 2011.
The median sales price for a condo in June was $305,000, up 5.2 percent from May’s median price of $290,000 and 4.2 percent higher than the sales price of $292,700 for a condo in June of last year.
The number of detached single-family homes for sale in June declined 17.4 percent compared to last year, falling from 35,930 listings to 29,663 listings, which left an 8.3 months supply of homes on the market, down from an 11.6 months supply a year ago. Detached single-family homes typically took an average of 104 days to sell in June, up slightly from 103 days last year.
Listings for condos fell 28.5 percent in June, from 12,960 in June of last year to 9,265 listings this year. That left a 6.8 months supply available for sale, down from a 10.8 months supply a year ago. Condos typically took an average of 96 days to sell in June compared to an average of 106 days in June of last year.
Tags: existing homes, condos, sales, median home prices, Massachusetts