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| * Updated each month. Current information as of April 15th, 2007 from the Massachusetts Association of Realtors®. |
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MASSACHUSETTS HOUSING MARKET MOVING IN RIGHT DIRECTION WITH
INCREASED SALES IN FIRST QUARTER
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| April 23, 2007 |
(Waltham, MA.) - The first quarter of 2007 has shown positive signs for the housing market in Massachusetts with increased sales for both detached single-family homes and condominiums compared to the same time last year according to the Massachusetts Association of REALTORS® (MAR).
“The housing market in Massachusetts is gaining momentum and we can continue to feel good about where it is headed,” said MAR President Doug Azarian, broker/owner of Century21 Dream Homes in Falmouth. “With sales gains in each of the first three months, prices remaining stable, and supplies decreasing, we can expect the spring home buying season to be active.”
In the first quarter of 2007, sales of detached single-family homes rose 2.8 percent compared to the same time last year with a total of 8,603 homes sold (8,367 homes were sold in 2006). While sales volume was up, median selling prices did decline 1.1 percent from $343,500 in 2006 to $339,800 in 2007
The condominium market also saw sales go up in the first quarter compared to the first quarter of last year with a 2.1 percent rise (4,208 units sold in 2006 to 4,298 units sold in 2007). Median selling prices remained virtually unchanged with less than a one percent increase over 2006 to $274,000.
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| Home Sales |
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Singles |
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Condos |
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| Feb 07 |
2,409 |
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1,264 |
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| Mar 07 |
3,450 |
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1,765 |
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| % change |
43.2% |
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39.6% |
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| Mar 06 |
3,550 |
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1,790 |
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| Mar 07 |
3,450 |
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1,765 |
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| % change |
-2.8% |
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-1.4% |
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| Median Selling Prices |
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Singles |
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Condos |
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| Feb 07 |
$325,000 |
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$270,000 |
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| Mar 07 |
$344,000 |
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$279,000 |
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| % change |
-5.8% |
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3.3% |
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| Mar 06 |
$343,500 |
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$270,900 |
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| Mar 07 |
$344,000 |
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$279,000 |
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| % change |
0.1% |
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3.0% |
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Regionally, Greater Boston had the biggest jump in sales volume for both single-family homes and condominiums with 13.8 percent and 15.4 percent gains respectively for the first quarter. This translated into 1,789 homes and 1,798 condominiums sold in 2006, compared to 2,036 homes and 2,074 condominiums sold in 2007.
Western Mass. had the largest drop in sales of single-family homes, with a decrease of 6.2 percent (from 1,180 homes in 2006 to 1,107 homes in 2007). In the condominium market, Cape Cod had a 21.3 percent drop in condos sold compared to the first quarter of 2006 (183 units sold in 2006 down to 144 units sold in 2007).
Despite the drop in sales in Western Mass., the region actually experienced the largest increase in median selling prices for single-family homes. Prices went up 3.9 percent in 2007 (from $200,100 in 2006 to $208,000 in 2007). Cape Cod also experienced an interesting phenomenon with median selling prices for single-family homes going down 3.9 percent (from $385,000 in 2006 to $370,000 in 2007) and median selling prices for condos going up 1.8 percent (from $272,500 in 2006 to $277,500 in 2007).
“Each region in the state is unique and there are many reasons why they differ from each other as they do,” said MAR President-Elect, Susan Renfrew broker/co-owner Renfrew Real Estate in Greenfield. “For instance, the winter weather Western Mass. recently experienced in March really delayed many transactions and I’m not sure that can be said for the rest of the state.”
The multi-family market also experienced a positive first quarter, with sales increasing 6.4 percent compared to the same time last year (with 1,292 multi-family dwellings sold in 2007 to 1,214 sold in 2006.) Despite the increase in sales, median sales prices for multi-family homes declined 4.3 percent to $335,000 over the same time period.
Monthly Comparisons:
The number of single-family homes sold in March 2007 dropped 2.8 percent over the same time last year from 3,550 homes sold in 2006 to 3,450 homes sold in 2007. On a month-to-month basis, there was a 43.2 percent increase in the number of homes sold compared to February 2007. While the increase is significant, this type of jump is typical of the spring home buying market.
Median selling prices remained virtually unchanged in March 2007, going up 0.1 percent to $344,000 over the same time last year. Compared to February 2007, median selling prices were up 5.8 percent.
The condominium market also saw a decline in sales compared to March of last year with a 1.4 percent drop. On a month-to-month basis, the condominium market experienced the same type of increase as the detached single-family market did with an increase of 39.6 percent over February.
Median selling prices for the condominium market increased both annually and on a month-to-month basis. Prices were up 3.0 percent over March of last year (from $270,900 in 2006 to $279,000 in 2007) and were up 3.3 percent over this past February.
“The significant increase in the number of single-family and condo sales from this past February to March is indicative of the type of buying and selling that exists in an improving housing market,” said Azarian.
Inventory and Days on Market:
The inventory of residential properties (detached single-family homes and condos) on the market decreased 22.3 percent as of March 31, 2007 compared to the same time last year (from 60,373 listings to 46,910 listings in 2007). At the current sales pace, this represents approximately 9.0 months of supply, a decrease from 11.7 months of supply in March 2006. On a month-to-month basis, the average months of supply went down from 12.3 months in February 2007. It is considered a balanced market when there is between 7.5 and 8.5 months of available housing supply.
Detached single-family homes stayed on the market an average of 158 days in March 2007 compared to an average of 126 days in March 2006, while condos stayed on the market an average of 142 days compared to 122 days in March 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 April 23,2007 |
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| Home Sale Comparisons From This Year Vs. Last Year |
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| Regional Comparisons for 1st Quarter of 2007 vs. 1st Quarter of 2006 |
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| Single Family Home Sales and Selling Prices |
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| Condominium Sales and Selling Prices |
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| Multi Family Unit Sales and Selling Prices |
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| Data for this report reflects residential sales reported to Realtor®-affiliated multiple listing services systems in Massachusetts, including the MLS Property Information Network, Inc.; the Multiple Listing Service of the Berkshire County Board of Realtors®; Cape Cod & Islands Multiple Listing Service, Inc.; the North Bristol County Board of Realtors® MLS; and Southeastern Mass. MLS. |
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