Today the Massachusetts Association of Realtors (a.k.a. MAR) released their housing market data for the month of October highlighting that single-family home and condominium sales were up 17% compared to October 2008. That represents the largest single-month year-over-year gain since November 2004. Median prices were down 2.6 % compared to last year for single-family homes, while condominium median prices were down 4.0%. October pending sales (homes put under agreement) were up 27% from the same time last year, the fifth straight month of increases.
The statewide numbers for October break down as follows:
MA Single Family Home Sales |
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| October 2008 | October 2009 | % change |
| 3,252 | 3,828 | 17.7% |
| September 2009 | September 2009 | % change |
| 3,426 | 3,828 | 11.7% |
MA Single Family Median Selling Price |
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| October 2008 | October 2009 | % change |
| $294,550 | $287,000 | -2.6% |
| September 2009 | October 2009 | % change |
| $290,000 | $287,000 | -1.0% |
MA Condominium Sales |
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| October 2008 | October 2009 | % change |
| 1,296 | 1,519 | 17.2% |
| September 2009 | October 2009 | % change |
| 1,460 | 1,519 | 4.0% |
MA Condominium Median Selling Price |
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| October 2008 | October 2009 | % change |
| $250,000 | $240,000 | -4.0% |
| September 2009 | October 2009 | % change |
| $259,900 | $240,000 | -7.7% |
Pending Sales:
The number of single-family homes put under agreement in October was up 27% compared to the same time last year (3,662 homes in 2008 to 4,652 homes in 2009). On a month-to-month basis, single-family homes put under agreement were up 4.0% from 4,400 homes in September. The number of condos put under agreement in October was up 33 percent compared to October 2008 (1,319 units in 2008 to 1,983 units in 2009). On a month-to-month basis, condos put under agreement were down 15% from 1,770 units in September.
Inventory and Days on Market:
The inventory of residential properties on the market as of October 31, 2009 decreased 15% compared to the same time last year (from 45,118 listings in 2008 to 38,311 listings in 2009). At the current sales pace, this represents approximately 7.2 months of supply, down from 9.9 months of supply in October 2008. On a month-to-month basis, the average months of supply is down from 8.3 months in September. It is considered a balanced market when there are between 7.5 and 8.5 months of supply.
The inventory of single-family homes also decreased 15.0% from October 2008 (31,912 listings in 2008 to 27,204 listings in 2009) which translates into 7.1 months of supply in October 2009. This is down from 10.2 months of supply last year and down from 8.0 months in September. October supply is at its lowest since October 2002. The October peak was 40,254 homes in 2006. This is the 19th straight month that inventory has gone down compared to the year before.
The condominium market saw October inventory decrease by 16% from last year (13,206 listings in 2008 to 11,107 listings in 2009), which translates into 7.3 months of supply, which is down from 10.2 months in October 2008 and down from 8.0 months this past September. This is the 19th straight month that inventory has gone down compared to the year before.
Detached single-family homes stayed on the market an average of 126 days in October 2009 compared to an average of 140 days in October 2008, while condos stayed on the market an average of 137 days, down from an average of 141 days in October 2008. On a month-to-month basis, days on market for single-family homes were up from 124 days and condos were up from 136 days in September.
Downloads:
MASS Real Estate Market Report Oct-2009 (34.8 KiB, 86 hits)
Past Massachusetts Real Estate Market Reports:
MA Real Estate Market | Sept-09
