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| * Updated each month. Current information as of January 15th, 2007 from the Massachusetts Association of RealtorsŪ. |
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| MASSACHUSETTS HOUSING MARKET CONTINUES TO FAVOR BUYER IN DECEMBER |
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| January 25, 2007 |
(Waltham, MA.) - With the lowest mortgage rates in more than a year, as well as stabilizing prices and strong inventory levels, the Massachusetts housing market continued to favor buyers in December, according to the Massachusetts Association of RealtorsŪ.
"Coming off record prices, brisk sales and seller's markets of the past decade, it's good to see the market coming back to some balance," said MAR President Doug Azarian of Falmouth. "At this point, the balance definitely tips toward the buyer, although the monthly inventory of available homes is beginning to diminish a bit. Sellers who heed their Realtor'sŪ advice about right-pricing are doing well."
December's monthly median selling price of detached single-family homes declined 5.4 percent, from $354,000 in December 2005 to $335,000. They declined 1.5 percent from the November median selling price of $340,000. Single-family sales also continued a downward trend in December 2006, decreasing 16.6 percent from the same period a year ago, from 3,574 homes in December 2005 to 2,980 homes sold this past month.
Inventory figures for December 2006 show a slight 2.9 percent increase over December 2005, with 30,651 homes on the current market compared to 29,771 homes last year. This translates into 10.3 months of supply in December 2006, compared to 8.3 months last December. However, the 10.3 months of supply continues the descent to a more stable market from the record high of 15 months of supply seen in February of 2006. Mortgage rates remain favorable for the Massachusetts market, currently at 6.22 percent, dipping to the lowest rate seen in 2006 and the lowest since September of 2005 when rates were 5.98 percent. Detached single-family homes stayed on the market an average of 138 days compared to 104 days in December 2005.
December condominium figures reflect a more normal market as condo sales fell 8.2 percent, but remained near record levels for the month at 1,493 sales compared to 1,627 sales a year ago. Sales increased 6.6 percent over November's 1,401 figure. Condominium selling prices increased in December for the second consecutive month by 1.9 percent from $264,950 in December of 2005 to $270,000 last month. Prices remained level from the November selling price of $270,000.
The number of condos for sale is up 13.7 percent from 14,581 units last December to 16,581 in December 2006. This represents 11.1 months of supply, up from 9 months in December 2005. Inventory levels decreased 7.1 percent from November's figures of unsold units, reported at 17,851 or 12.7 months of supply. Similar to the detached home market, condo units stayed on the market longer in December, with average condo listing time rising from 98 days in December 2005 to 134 days in December 2006.
Organized in 1924, the Massachusetts Association of RealtorsŪ is a professional trade organization with more than 24,000 members. The term RealtorŪ is registered as the exclusive designation of members of the National Association of RealtorsŪ who subscribe to a strict code of ethics and enjoy continuing education programs. |
| Massachusetts Association of RealtorsŪ NEWS RELEASE January 25,2007 |
| Figures reflect data from 5 of 5 REALTOR®-affiliated Multiple Listing Services in Massachusetts as of January 15, 2007. |
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