|
|
|
|
| |
| MASSACHUSETTS ASSOCIATION OF REALTORS® |
 |
| * Updated each month. Current Information as of December 15th, 2006. |
| |
| Want to know the market trends for a specific community? Contact Us |
Real Estate Reality Check by David Wluka - MAR President; Read about the "Housing Bubble" and comparisons of the Boston/Northeast market to the rest of the country.
Compare sales for the latest prior month, year to year.
Compare sales changes for the last year.
See historical sales volume for the latest prior month dating back to 1991! |
| |
|
HOME SALES AND PRICES SHOW SIGNS OF A STABILIZING MARKET IN NOVEMBER |
|
(Waltham, MA.) – “With November home sales and prices pointing to a more stable housing market, this is one of the best times in the past several years to be a Massachusetts homebuyer,” according to David Wluka, president of the Massachusetts Association of Realtors®.
“With home prices leveling, interest rates remaining low, inventory still plentiful and more sellers accepting market-based pricing, Bay State homebuyers have a special window of opportunity right now,” Wluka stated. “We just don’t know how long the window will stay open, with factors remaining so favorable. For anyone trying to time the market, the waiting game may be a big mistake.”
November’s monthly median selling price of $340,000 was relatively unchanged from October, declining just 0.3%, but down 4% from November 2005. Mortgage rates continued to dip, currently at 6.34%, their lowest level since January. Detached single family home sales of 3,246 last month increased 0.2% from October sales of 3,239. But November sales continued the pattern of the past eight months, posting a 12.6% decline from November 2005 when sales figures were some of the best on record.
Last month’s statewide inventory of 35,254 listed homes was 25% higher than November 2005, providing 10.9 months of supply versus 7.6 months last November. But the November inventory decreased 12.4% from the October 2006 number of 40,254 homes for sale. Listing time of detached single family homes rose from an average of 95 days in November 2005 to 130 days for homes sold this November.
The statewide condominium sales volume of 1,401 units last month was the third highest on record for any November in state history, topped only by November 2005 (1,622) and November 2004 (1,599). November’s median condo selling price increased for the first time in the last five months, to $270,000, which was 1.9% over the same period last year.
The number of condos for sale increased 37% from 13,024 units last November to 17,851 last month. This represents 12.7 months of supply, up from 8 months in 2005. Similar to the detached home market, condo units stayed on the market longer in November, with average condo listing time rising from 85 days in November 2005 to 121 days in November 2006.
“Both the detached single-family home and condo markets have been experiencing a healthy correction. But November figures, and the word on the street from our Realtor® members, indicate that the correction may be nearing an end. Real estate continues to be a great long-term investment. Someone who put 20% down on a median-priced home in 2002, at $256,000, would realize a 64% gain on their investment if sold at the median price last month of $340,000,” said Wluka.
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 December 28,2006 |
| Figures reflect data from 5 of 5 REALTOR®-affiliated Multiple Listing Services in Massachusetts as of December 15, 2006. |
|
|
| |
|
| |
|
|
| |
| Archives |
|
|
