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| * Updated each month. Current information as of March 15th, 2007 from the Massachusetts Association of Realtors®. |
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MASSACHUSETTS HOUSING MARKET CONTINUES
POSITIVE TREND IN FEBRUARY
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| March 20, 2007 |
(Waltham, MA.) - For the second consecutive month, sales of detached single-family homes and condominiums increased compared to the same time last year according Massachusetts Association of REALTORS® ( MAR ). This is the first time there have been year-to-year sales gains in consecutive months since February and March of 2006. “While February sales gains compared to the same time last year were more modest than those we reported for January, we continue to head in the right direction,” said MAR President Doug Azarian , broker/owner of Century21 Dream Homes in Falmouth. “As the spring home buying season approaches, we can expect to see demand increase as more buyers traditionally enter the market.”
There were 2,409 detached single-family homes sold in February 2007, which is a slight 1.2 percent increase over the 2,380 homes sold in February 2006. On a month-to-month basis, sales were down 12.2 percent with 2,744 homes sold in January 2007 compared to 2,409 homes sold in February 2007. However, a decrease in sales from January to February is typical.
Median selling prices for detached single-family homes fell 4.1 percent compared to February 2006 ($339,000 down to $325,000). On a month-to-month basis, median selling prices were down 4.4 percent from January to February 2007 ($340,000 down to $325,000). |
| Home Sales |
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Singles |
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Condos |
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| Jan 07 |
2,744 |
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1,271 |
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| Feb 07 |
2,409 |
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1,264 |
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| % change |
-12.2% |
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-0.6% |
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| Feb 06 |
2,380 |
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1,210 |
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| Feb 07 |
2,409 |
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1,264 |
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| % change |
1.2% |
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4.5% |
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| Median Selling Prices |
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Singles |
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Condos |
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| Jan 07 |
2,744 |
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1,271 |
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| Feb 07 |
2,409 |
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1,264 |
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| % change |
-12.2% |
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-0.6% |
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| Feb 06 |
2,380 |
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1,210 |
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| Feb 07 |
2,409 |
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1,264 |
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| % change |
1.2% |
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4.5% |
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“Because most people stay in their homes more than a year, the five year median price increase might be a more salient point to look at, especially for home owners,” said Azarian. “For example, a home bought in 2002 at the median sales price of $279,000 is worth $325,000 today. That's an increase of 16% or $46,000.”
Sales of condominiums in February also experienced gains compared to the same time last year with 4.5 percent increase (1,210 units sold in 2006 to 1,264 units sold in 2007). This was also the second consecutive month in which year-to-year sales went up. On a month-to-month comparison, sales volume was down only 0.6 percent, the second smallest decrease for January to February since 1991.
Median selling prices for condominiums continue to remain relatively stable at $270,000, which is down only 1.8 percent compared to a year ago. On a month-to-month basis, median selling prices were up 0.7 percent from January 2007.
The inventory of residential properties (detached single-family homes and condos) on the market decreased 17 percent in February 2007 compared to the same time last year (from 54,520 listings to 45,193 listings in 2007). At the current sales pace this represents approximately 12.3 months of supply, a decrease from 15.1 months of supply in February 2006. However, on a month-to-month basis, the average months of supply went up from 10.7 months of supply in January 2007. It is considered a balanced market when there is between 7.5 and 8.5 months of available housing supply.
Residential properties stayed on the market an average of 148 days in February 2007 compared to an average of 115 days in February 2006.
Sales and price data from the MAR report reflects transactions occurring through REALTOR®-affiliated multiple listing services in the Commonwealth, and account for approximately 80 percent of all real estate sales in Massachusetts .
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 24,000 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTOR® who subscribe to a strict code of ethics and enjoy continuing education programs.
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| Massachusetts Association of Realtors® NEWS RELEASE March 20,2007 |
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| Home Sale Comparisons From This Year Vs. Last Year |
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| Historical Monthly Sales of Single Family Homes and Condominiums |
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February Sales |
Year |
Singles |
Condos |
Feb-07 |
Feb-06 |
Feb-05 |
Feb-04 |
Feb-03 |
Feb-02 |
Feb-01 |
Feb-00 |
Feb-99 |
Feb-98 |
Feb-97 |
Feb-96 |
Feb-95 |
Feb-94 |
Feb-93 |
Feb-92 |
Feb-91 |
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2,409 |
2,265 |
2,294 |
2,275 |
2,255 |
2,481 |
2,333 |
2,131 |
2,541 |
2,280 |
2,137 |
1,730 |
1,424 |
1,973 |
1,724 |
1,556 |
1,207 |
|
1,264 |
1,168 |
1,133 |
809 |
765 |
800 |
665 |
582 |
655 |
447 |
461 |
320 |
318 |
294 |
335 |
239 |
164 |
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| Figures reflect data from 5 of 5 REALTOR®-affiliated Multiple Listing Services in Massachusetts as of March 15, 2007. |
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