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| * Updated each month. Current information as of June 15th, 2007 from the Massachusetts Association of Realtors®. |
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MAY SINGLE-FAMILY HOME PRICES REMAIN STRONG DESPITE DROP IN SALES VOLUME
Inventory levels continue to decrease for the fifth straight month as market nears ‘balance’ |
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| June 26 , 2007 |
(WALTHAM, MA.) - The Massachusetts Association of REALTORS® (MAR) reported today that sales of single-family homes was down 7.5 percent compared to the same time last year. However, despite the drop in sales volume, prices continue to remain strong and inventory continues to go down. The number of condominium sales remains virtually unchanged from the same time last year with prices going up and inventory at its lowest levels since August 2005.
“While tighter lending standards and reduced mortgage options for some prospective buyers may have had some impact on the market in May, stable prices indicate there is still a steady demand,” said MAR President Doug Azarian, broker/owner of Century21 Dream Homes in Falmouth. “With May being the fifth straight month that year-to-year inventory levels of both single-family homes and condos have gone down, we can speculate that demand will start to go up during the second half of the year.”
There were 3,884 detached single-family homes sold this May, a 7.5 percent decrease from the 4,200 homes sold the same time last year. On a month-to-month basis there was an increase of 16.7 percent compared 3,328 homes sold in April 2007. |
| Home Sales |
|
| |
Singles |
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Condos |
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| Apr 07 |
3,328 |
|
1,753 |
|
| May 07 |
3,884 |
|
2,173 |
|
| % change |
16.7% |
|
24.0% |
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| |
|
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|
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| May 06 |
4,200 |
|
2,169 |
|
| May 07 |
3,884 |
|
2,173 |
|
| % change |
-7.5% |
|
0.2% |
|
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| Median Selling Prices |
|
| |
Singles |
|
Condos |
|
| Apr 07 |
$345,000 |
|
$274,650 |
|
| May 07 |
$355,000 |
|
$290,000 |
|
| % change |
2.9% |
|
-5.6% |
|
| |
|
|
|
|
| May 06 |
$352,700 |
|
$286,000 |
|
| May 07 |
$355,000 |
|
$290,000 |
|
| % change |
0.7% |
|
1.4% |
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The median selling price of a single-family home this May was $355,000, a slight 0.7 percent increase compared to $352,700 in May 2006. Compared to April of 2007, median selling prices were up 2.9 percent.
The condominium market is strong, with a 1.7 percent increase in the number of units sold compared to the same time last year (2,169 units sold in 2006 to 2,173 units sold in 2007). On a month-to-month basis, sales volume was up 24 percent compared to 1,753 units sold in April 2007.
Median selling prices of condominiums went up 1.4 percent in May 2007 compared to the same time last year ($286,000 in 2006 to $290,000 in 2007). Compared to April 2007, the median selling price went up 5.6 percent from $274,650.
The inventory of residential properties (detached single-family homes and condos) on the market as of May 30, 2007 decreased 21% percent compared to the same time last year (from 68,574 listings in 2006 to 53,913 listings in 2007). At the current sales pace, this represents approximately 8.9 months of supply, a decrease from 10.8 months of supply in May 2006. On a month-to-month basis, the average months of supply edged down from 10 months in April 2007.
The inventory of single-family homes fell 20% from May 2006 levels (46,019 listings in 2006 to 36,875 listings in 2007) which translates into 9.5 months of supply in May 2007. This is down from 11 months of supply the same time last year and down from 10.3 months of supply in April 2007.
The condominium market experienced an even greater drop, as inventory fell 24 percent to 7.8 months of supply, a decrease from 10.4 months in May 2006 (22,555 listings in 2006 to 17,056 listings in 2007). In fact, this is the lowest inventory level since August 2005 when supply was at 6.3 months. 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 139 days in May 2007 compared to an average of 121 days in May 2006, while condos stayed on the market an average of 134 days compared to 120 days in May 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 June 26,2007 |
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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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Year |
Singles |
Condos |
May-07
May-06
May-05
May-04
May-03
May-02
May-01
May-00
May-99
May-98
May-97
May-96
May-95
May-94
May-93
May-92
May-91 |
3,884
4,200
4,175
4,620
3,926
4,122
3,898
4,157
4,297
4,538
4,305
3,760
3,036
3,706
2,882
3,141
3,106 |
2,173
2,169
2,134
1,824
1,440
1,313
1,184
1,160
1,167
1,034
953
759
648
662
472
532
366 |
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| Figures reflect data from 3 of 3 Realtor® affiliated Multiple Listing Services in
Massachusetts as of June 15, 2007. |
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