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| * Updated each month. Current information as of Dec 15, 2007 from the Massachusetts Association of Realtors®. |
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MASSACHUSETTS HOME SALES DOWN FOR THIRD STRAIGHT MONTH IN NOVEMBER
Buyers continue to sit out ‘Buyers Market’
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| December 27, 2007 |
(WALTHAM, MA.) -
“If your New Year’s resolution is to buy a home,
you have the market to do it in,” said Massachusetts Association of REALTORS® President
Doug Azarian, broker/owner of Century21 Dream Homes in Falmouth, in response to the latest
housing numbers released today by MAR. “We are in a ‘buyer’s market’ that really favors firsttime
homebuyers who don’t have a home to sell. In fact, first-time homebuyers could be one of
the keys to reversing the downward sales trend of the last several months.”
The Massachusetts Association of REALTORS® (MAR) reported that the number of
single-family homes sold in November was down 12.6 percent compared to the same time last
year. Single-family home median selling prices were also down 2.9 percent. The number of
condominiums sold in November was down 14.2 percent from last year, while median sales
prices were up 1.9 percent.
There were 2,986 detached single-family homes sold this November, a 12.6 percent
decrease from the 3,416 homes sold the same time last year. On a month-to-month basis, there
was only a 2.0 percent decrease compared to the 3,047 homes sold this past October.
The median selling price for single-family homes in November was $330,000, a decrease
of 2.9 percent compared to $340,000 in November 2006. On a month-to-month basis, the
November median selling price remained unchanged from October at $330,000.
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| Home Sales |
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Singles |
|
Condos |
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| Oct 07 |
3,047 |
|
1,309 |
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| Nov 07 |
2,986 |
|
1,245 |
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| % change |
-2.0% |
|
-4.9% |
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| |
|
|
|
|
| Nov 06 |
3,416 |
|
1,451 |
|
| Nov 07 |
2,986 |
|
1,245 |
|
| % change |
-12.6% |
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-14.2% |
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| Median Selling Prices |
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| |
Singles |
|
Condos |
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| Oct 07 |
$330,000 |
|
$279,950 |
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| Nov 07 |
$330,000 |
|
$275,000 |
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| % change |
0.0% |
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-1.8% |
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| |
|
|
|
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| Nov 06 |
$340,000 |
|
$270,000 |
|
| Nov 07 |
$330,000 |
|
$275,000 |
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| % change |
-2.9% |
|
1.9% |
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The condominium market also experienced a decrease in the number of units sold this
November, with a 14.2 percent drop compared to November last year (from 1,451 units sold in
2006 to 1,245 units sold in 2007). On a month-to-month basis, condominium sales were down
4.9 percent compared to 1,309 units sold in October. While condo sales were down, it was still
the fourth most active November since 1991.
Condominium median selling prices have continued to go up year-over-year for nine
straight months. Prices were up 1.9 percent from $270,000 in 2006 to $275,000 in 2007.
Compared to this past October, the median selling price of a condominium is down 1.8 percent
(from $279,950).
Year-to-date residential sales (detached single-family homes and condos) through
November are down 3.0 percent compared to the same time period last year (59,413 through
November 2006 to 57,662 through November 2007).
Real estate continues to be a very good long term investment (notwithstanding
fluctuations in the market from month to month). For example, a house purchased in 2002 at the
median price of $280,000 and sold last month at the median price of $330,000, would have
appreciated $50,000.
“For people to take advantage of the long-term investment benefit real estate provides,
they need to get into the market. It’s a ‘buyer’s market’ now, but the buyers are sitting on the
sideline. If you are ready to buy – and only you know if that is the case –this is a good time to
do it,” said Azarian.
Inventory and Days on Market:
The inventory of residential properties (detached single-family homes and condos) on the
market as of November 30, 2007 decreased 9.5 percent compared to the same time last year
(from 53,105 listings in 2006 to 48,036 listings in 2007). At the current sales pace, this
represents approximately 11.4 months of supply, an increase from 10.9 months of supply in
November 2006. On a month-to-month basis, the average months of supply is down slightly
from 11.9 in October 2007.
The inventory of single-family homes fell 7 percent from November 2006 levels (35,254
listings in 2006 to 32,786 listings in 2007) which translates into 11.0 months of supply in
November 2007. This is up from 10.3 months of supply last year and down from 11.8 months of
supply in October 2007.
Inventory continues to drop in the condominium market as well. November inventory
went down 15 percent (17,851 listings in 2006 to 15,250 listings in 2007), which translates into
12.2 months of supply, virtually the same from November 2006 at 12.3 months and down
slightly from 12.3 months this past October.
Detached single-family homes stayed on the market an average of 133 days in November
2007 compared to an average of 130 days in November 2006, while condos stayed on the market
an average of 141 days, up from an average of 121 days in November, 2006
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| Massachusetts Association of Realtors® NEWS RELEASE December 27,2007 |
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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 |
Nov-07
Nov-06
Nov-05
Nov-04
Nov-03
Nov-02
Nov-01
Nov-00
Nov-99
Nov-98
Nov-97
Nov-96
Nov-95
Nov-94
Nov-93
Nov-92
Nov-91 |
2,986
3,416
3,713
4,089
3,462
3,361
3,597
3,870
3,846
4,150
3,717
3,434
3,190
2,847
3,177
2,803
2,140 |
1,245
1,451
1,622
1,599
1,040
945
997
1,124
1,072
991
773
695
638
462
521
352
272 |
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| Figures reflect data from 3 of 3 Realtor® affiliated Multiple Listing Services in
Massachusetts as of December 15, 2007. |
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