Jump in New Listings a Positive Sign as Massachusetts Home Sales Down Again in April

Prices had first annual double-digit gain since 2010

WALTHAM, MA – May 29, 2013 – (RealEstateRama) — The Massachusetts Association of REALTORS® (MAR) reported today that the lack of homes for sale over the past several months once again pushed the number of closed home sales down in April. However, a big jump in the number of new listings on the market in April could indicate a positive shift in future closed sales. Median home prices went up for the seventh straight month. Both sales and median prices of condominiums were up again.

“While the lack of homes to buy over the past several months kept closed sales down, the surge in the number of new listings to hit the market in April is an optimistic sign,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “With home prices improving, sellers are finally gaining the confidence they need to list their home. This should help move us closer to a more balanced market.”

There were 3,432 detached single-family homes sold this April, a 1.2 percent decrease from the 3,473 homes sold the same time last year. This is the third straight month of decreases after 19 straight months of year-over-year increases. On a month-to-month basis, home sales were UP 12.2 percent from 3,060 homes sold this past March.

The median selling price for single-family home in April was $315,000 which was UP 10.5 percent from $284,950 in April 2012. This makes seven straight monthly year-over-year increases. This is the first double-digit increase since January 2010. On a month-to-month basis, the April median selling price went UP 8.6 percent from $290,000 in March 2013.

There were 1,498 condominiums sold this April, a 12.3 percent increase from the 1,334 condos sold the same time last year. This is the 16th straight month of year-over-year increases. On a month-to-month basis, condominium sales were UP 23.7 percent from 1,211 homes sold this past March.

The median selling price for condominium in April was $285,000 which was UP 3.6 percent from the $275,000 median price in April 2012. This is the 14th straight month in which median prices were either up or flat from the year before. On a month-to-month basis, the April median selling price was UP 5.6 percent from $270,000 in March 2013.

Inventory and Days on Market:
The inventory of single-family homes as of April 30, 2013 decreased 27.1 percent from April 2012 (21,919 listings in 2013 from 30,066 listings in 2012). This translates into 5.6 months of supply in April 2013. This is down from 9.0 months of supply last year and UP slightly from 5.3 months in March 2013. This was the 13th straight month of inventory decreases. New single-family listings added to the market in April 2013 was up 12.7 percent compared to the same time last year (9,350 new listings in April 2013 from 8,294 listings in April 2012) and up 44 percent from 6,468 listings in March 2013. These are the most new listings since April 2010 and the last month of the homebuyer tax credit.

The inventory of condominiums on the market in April was down 32.4 percent compared to the year before (7,024 listings in 2013 from 10,396 listings in 2013), which translates into 4.5 months of supply. This is down from 8.2 months in April 2012 and UP slightly from 4.4 months in March 2013. New condominium listings added to the market in April 2013 was up 10.8 percent compared to the same time last year (3,299 new listings in April 2013 from 2,978 listings in April 2012) and up 22 percent from 2,703 listings in March 2013. These are the most new listings since March 2011.

Detached single-family homes stayed on the market an average of 110 days in April 2013 compared to an average of 126 days in April 2012. Condos stayed on the market an average of 84 days, down from an average of 114 days in April 2012. On a month-to-month basis, days on market for single-family homes were down from 124 days in April 2013 while condos were down from 99 days.

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.