Massachusetts Home Sales and Prices Show Improvement

January 9, 2012 (Shirley Allen)

Monthly sales of existing homes and condominiums in Massachusetts improved in November with annual home sales increasing for the fifth straight month while home prices showed encouraging signs of stability according to the latest data from the Massachusetts Association of Realtors®.

An estimated total of 4,271 existing homes and condos were sold in the Bay State in November. That was 2.0 percent higher than the 4,188 homes sold in October and 11.7 percent higher than the 3,825 homes sold in November 2010.

Laurie Cadigan, President of MAR, stated, “Confidence improved in November as another increase in home sales coincided with another decrease in the Massachusetts unemployment rate. 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.”

Sales of detached single-family homes accounted for 3,175 of the total sales in November, up 1.8 percent from 3,118 sales in October and 13.2 percent higher than the 2,806 detached homes sold in November of 2010.

The median sales price for a detached single-family home in November was $284,500, which was 3.8 percent higher than the $274,000 sales price posted in October but 3.9 percent lower than the $295,950 median sales price for a detached home in November of last year.

Condominium sales accounted for 1,096 of the total sales in November, up 2.4 percent from 1,070 sales in October and were also 6.5 percent higher than the 1,029 condos sold in November of 2010.

The median sales price for a condo in November was $253,000, which was a modest 0.8 percent lower than the sales price of $255,000 in October and 6.5 percent lower than the sales price of $270,510 for a condo in November of last year.

The number of detached single-family homes available for sale in November declined 10.2 percent compared to last year, falling from 31,303 listings to 28,103 listings, which left an 8.6 months supply of homes on the market, down from a 9.4 months supply a year ago. Detached single-family homes typically took an average of 118 days to sell in November, up from 114 a year earlier.

Listings for condos fell 21.8 percent in November, falling from 12,021 in November of last year to 9,398 listings this year. That left a 7.5 months supply available for sale, down from 9.0 months supply a year ago. Condo’s also typically took an average of 118 days to sell in November compared to an average of 114 days in November of last year.

Tags: existing homes, condos, sales, median home prices, Massachusetts

Source:
Massachusetts Association of Realtors®