March 1, 2012 (Shirley Allen)
Monthly sales of existing homes and condominiums in Massachusetts fell as expected in January but still managed to stay above year ago levels according to the latest data from the Massachusetts Association of Realtors®.
An estimated total of 3,222 existing homes and condos were sold in the Bay State in January. That was 41.9 percent lower than the 5,551 homes sold in December but 2.3 percent higher than the 3,151 homes sold in January 2011.
Trisha McCarthy, President of MAR, stated “We’re pleased to see that January was another positive month for home sales in Massachusetts. With each month of improved economic news, buyer confidence continues to build. It is this confidence combined with the ongoing low interest rates and home affordability that will lead to a real estate market recovery.”
Sales of detached single-family homes accounted for 2,385 of the total sales in January, down 29.8 percent from a revised 3,339 sales in December but 3.7 percent higher than the 2,299 detached homes sold in January of 2011.
The median sales price for a detached single-family home in January was $265,000, which was 2.2 percent lower than the revised sales price of $271,000 posted in December and 5.0 percent lower than the $279,000 median sales price for a detached home in January of last year.
Condominium sales accounted for 837 of the total sales in January, down 34.6 percent from a revised 1,280 sales in December and only 0.6 percent lower than the 842 condos sold in January of 2011.
The median sales price for a condo in January was $247,750, which was 3.9 percent lower than the revised sales price of $257,750 in December but 0.3 percent higher than the sales price of $247,000 for a condo in January of last year.
The number of detached single-family homes available for sale in January declined 9.0 percent compared to last year, falling from 26,548 listings to 24,149 listings, which left a 7.3 months supply of homes on the market, down from a 7.9 months supply a year ago. Detached single-family homes typically took an average of 128 days to sell in January, up from 120 a year earlier.
Listings for condos fell 18.8 percent in January, from 10,165 in January of last year to 8,250 listings this year. That left a 6.5 months supply available for sale, down from a 7.6 months supply a year ago. Condos typically took an average of 130 days to sell in January compared to an average of 127 days in January of last year.
Tags: existing homes, condos, sales, median home prices, Massachusetts