June Massachusetts Home Sales Down as Prices Continued to be More Affordable

WALTHAM, MA – July 28, 2011 – (RealEstateRama) — The Massachusetts Association of REALTORS® (MAR) reported today that June sales were down from the same time last year, but up from this past May. Median prices for single-family homes were down less than two percent on a year-over-year basis, but continue to go up from the month before. While condominium sales were also down on a year-over-year basis, median prices were up for the third straight month.  Condominium month-to-month sales and median prices were both up as well.

“June is the last month that we’ll be comparing sales directly against the presence of the 2010 homebuyer tax credit, therefore moving forward we’ll have a more ‘apples-to-apples’ comparison to gauge where the market is,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “However, despite the comparisons, REALTORS® across the state have reported stronger than expected activity recently and hopefully this will translate into more sales in the months to come.”

There were 4,267 detached single-family homes sold this June, a 17.7 percent decrease from the 5,187 homes sold the same time last year (the last month that buyers had the chance to take advantage of the 2010 homebuyer tax credit.) On a month-to-month basis, home sales were up 31.3 percent from 3,250 homes sold this past May. This is the fourth straight month-to-month increase.

The median selling price for single-family homes in June was $325,850 a drop of 1.6 percent compared to $331,150 in June 2010.  On a month-to-month basis, the June median selling price was up 8.5 percent from $300,375 in May. This is the fourth straight month-to-month increase.

The June condominium market down 18 percent compared to the same time last year (from 2,132 units sold in 2010 to 1,749 units sold in 2011).  On a month-to-month basis, condominium sales were up 35.1 percent compared to the 1,295 units sold this past May.

Condominium median selling prices in June were up 4.8 percent from the June 2010 median price (from $285,000 to $298,750). This is the third straight month of year-over-year increases. On a month-to-month basis, the median selling price of a condominium was up 6.3 percent from a May median of $281,000. This is the fourth straight month-to-month increase.

Inventory and Days on Market:
The inventory of single-family homes as of June 30, 2011 increased 1.0 percent from June 2010 (31,538 listings in 2010 to 31,719 listings in 2011) which translates into 7.4 months of supply in June 2011.  This is up from 6.1 months of supply last year and down from 9.8 months in May.

The inventory of condominiums on the market in June went down 8.0 percent compared to the year before (12,344 listings in 2010 to 11,373 listings in 2011), which translates into 6.5 months of supply, which is up from 5.8 months in June 2010 and down from 8.9 months in May.

Detached single-family homes stayed on the market an average of 126 days in June 2011 compared to an average of 107 days in June 2010.  Condos stayed on the market an average of 115 days, essentially the same as the average in June 2010 (114 days).  On a month-to-month basis, days on market for single-family homes were down from 132 days in May, while condos were down from 131 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.