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Local Market Watch

October Median Home Prices up for 12th Straight Month as Home Sales Down Again

November 23, 2010
WALTHAM, Mass. – November 23, 2010 – The Massachusetts Association of REALTORS® (MAR) reported today that October is the 12th straight month that year-over-year monthly median sales prices have been up for single-family homes.  Condominium median prices have been up for ten of the last 12 months.  Despite those increases, sales of both single-family homes and condos have been down four straight months compared to the year before.
“From a housing market perspective, interest rates continue to be down, prices are stabilizing, inventory is solid and once again the employment rate continues to improve here in Massachusetts,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield.  “These are all good signs if you are ready to buy a home.  However, we’re only going to see improvement in the market once the individual buyer feels secure enough with his or her personal economy to make the decision to become a home owner.”
There were 2,764 detached single-family homes sold this October, a 27.6 percent decrease from the 3,816 homes sold the same time last year.  On a month-to-month basis, home sales were down 6.4 percent from 2,952 homes sold this past September.   
The median selling price for single-family homes in October was $294,000 an increase of 3.2 percent compared to $285,000 in October 2009.  This is the 12th straight month of year-over-year gains.  On a month-to-month basis, the October median selling price was down 0.3 percent from $295,000 in September 2010.  
The October condominium market was down 38.8 percent compared to the same time last year (from 1,595 units sold in 2009 to 976 units sold in 2010).  On a month-to-month basis, condominium sales were down 12.7 percent compared to the 1,118 units sold this past September.  
Condominium median selling prices in October were down less than a half a point (0.4 percent) to $248,000 from the October 2009 median price of $249,000. On a month-to-month basis, the median selling price of a condominium was down 4.6 percent from an September 2010 median of  $259,900. 
Inventory and Days on Market:
The inventory of single-family homes as of October 31, 2010 increased 13.0 percent from October 2009 (27,204 listings in 2009 to 30,860 listings in 2010) which translates into 11.2 months of supply in October 2010.  This is up from 7.1 months of supply last year and up from 9.9 months in September 2010.  This was the eighth straight month of inventory gains.
The inventory of condominiums on the market in October was up 3.0 percent compared to the year before (11,107 listings in 2009 to 11,469 listings in 2010), which translates into 11.8 months of supply, which is up from 7.3 months in October 2009 and up from 8.7 months this past September. 
Detached single-family homes stayed on the market an average of 124 days in October 2010 compared to an average of 126 days in October 2009.  Condos stayed on the market an average of 132 days, down from an average of 137 days in October 2009.  On a month-to-month basis, days on market for single-family homes were down from 126 days and condos were up from 130 days in September.
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 thx`e exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
Massachusetts Association of Realtors® NEWS RELEASE November 23, 2010
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