Active Summer Real Estate Market Pushed Close Sales and Prices up in September

Most closed September single-family and condominium sales since 2005

WALTHAM, Mass. – October 22, 2013 – The Massachusetts Association of REALTORS® (MAR) reported today that both sales and prices closed up with double digit increases in September compared to the same time last year. The condominium market also maintained its upward momentum.

“September closed sales and prices was another example of buyer demand outpacing housing supply and that resulted in the most closed sales in a September since 2005,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “Interest rates are still low and qualified buyers are still there, but what we need now to get to full recovery is those sellers who are holding off, to make the commitment to sell.”

There were 4,289 detached single-family homes sold this September, a 17.2 percent increase from the 3,660 homes sold the same time last year. This is the sixth straight month of year-over-year increases and the most closed sales of any September since 2005 when there were 4,744 closed sales. On a month-to-month basis, home sales were down 24 percent from 5,657 homes sold this past August. It is typical to see a decrease in closed sales from August to September.

The median selling price for single-family home in September was $325,000 which was up 11.9 percent from $290,000 in September 2012. This is the 12th straight monthly year-over-year increase. On a month-to-month basis, the September median selling price was down six percent from $345,000 in August 2013.

There were 1,746 condominiums sold this past September, an increase of 19.3 percent from the 1,464 condos sold the same time last year. This is the 21st straight month of year-over-year increases. Similar to single-family sales, this September had the most closed condominium sales since September 2005 when there were 2,275 units sold. On a month-to-month basis, condominium sales were down 23 percent from 2,269 homes sold this past August. Similar to single-family home sales, it is typical to see a decrease in closed condominium sales from August to September.

The median selling price for condominium in September was $305,000 which was up 7.8 percent from the $283,000 median price in September 2012. On a month-to-month basis, the September median selling price was down 4.7 percent from $320,000 in August 2013.

About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 19,000 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.

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*Please Note: Because of the recent change on how the MLS Property Information Network, Inc., classifies under agreement status (“UAG”), year-over-year comparisons of inventory, months of supply and days on market data between September 2012 and September 2013 are not currently possible. The Massachusetts Association of REALTORS® is working with its analytics vendor and the MLS to determine and implement a solution to update historical data to provide for accurate year-over-year comparisons.

Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.