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| * Updated each month. Current information as of February 15th, 2007 from the Massachusetts Association of Realtors®. |
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MASSACHUSETTS HOUSING MARKET OFF TO A PROMISING START IN 2007 |
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| February 26, 2007 |
(Waltham, MA.) -
The Massachusetts Association of Realtors® (MAR) announced today that after more than a year of declines, sales volume of detached single-family homes for the month of January was up over 12 percent compared to the same time last year. This is the first time there has been a double digit increase since January 2005.
"We are encouraged about the way January has started off," said MAR President Doug Azarian of Falmouth. "As sellers continue to price their homes correctly, we should begin to see demand pick up, inventories go down, and the market becoming more balanced."
The number of detached single-family homes sold in January increased 12.6 percent compared to January 2006 (from 2,437 homes sold in 2006 to 2,744 homes sold in 2007). The last time sales increased year-over-year was in March 2006, with a modest two percent increase.
While there was growth compared to last year, sales volume did decrease 13.3 percent from December 2006 (3,166 homes sold to 2,744 homes sold in January 2007). However, this decrease is typical, as sales volume historically drops between the months of December and January. In fact, this is the smallest decrease for any December to January time period on record, which typically experiences an average drop of 26 percent.
Median sales prices for detached single-family homes continue to remain stable as prices declined only 2.4 percent compared to January 2006 ($348,500 down to $340,000). On a month-to-month basis, prices edged up 1.5 percent from December 2006 to January 2007.
Sales of condominiums also rose in January compared to the same time last year with an increase of 5.3 percent (1,207 units sold in 2006 to 1,271 units sold in 2007). On a month-to-month comparison, sales volume was down 17.7 percent (from 1,544 units sold in December 2006 to 1,271 units sold in January 2007). Similar to the single-family home market, sales volume historically decreases from December to January.
Median selling prices for condominiums remained nearly unchanged as there was an identical drop of less than one percent (-0.7%) in both year-over-year and month-to-month benchmarks. The median selling price for condominiums in both January 2006 and December 2006 was $270,000, with a median sales price of $268,000 in January 2007.
The inventory of residential properties (single-family detached homes and condos) on the market decreased 16.2 percent in January 2007 compared to the same time last year (from 51,122 listings to 42,794 listings in 2007). At the current sales pace this represents 10.7 months of supply, a decrease from 14.6 months of supply in January 2006. It is considered a balanced market when there is between 7.5 and 8.5 months of available housing supply. Residential properties did stay on the market an average of 142 days in January 2007 compared to an average of 104 days in January 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 Realtors® who subscribe to a strict code of ethics and enjoy continuing education programs. |
| Massachusetts Association of Realtors® NEWS RELEASE February 26,2007 |
| Figures reflect data from 5 of 5 REALTOR®-affiliated Multiple Listing Services in Massachusetts as of February 15, 2007. |
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