Condominium median prices experience largest annual increase since the association began tracking median prices
WALTHAM, MA – February 23, 2010 – (RealEstateRama) — The Massachusetts Association of REALTORS® (MAR) reported today that median prices of single-family homes were up 14.1 percent compared to January 2009 while condominiums experienced 26.5 percent increase compared to the same time last year. The jump in median condo prices in January is the largest annual increase since MAR has been tracking median prices. Home sales were up 9.1 percent compared to the same time last year while condominium sales were up 35 percent.
“Another month of positive sales is a nice way to start off the new year as buyers are continuing to take advantage of the favorable market conditions,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “However, to get back to a more normal market we still need to see more homes for sale than we currently have. If not, prices will continue to go up to the point where it will impact sales and drive the market back down.”
There were 1,896 detached single-family homes sold this January, a 9.1 percent increase from the 1,738 homes sold the same time last year. On a month-to-month basis, home sales were down 37 percent from 3,010 homes sold this past December. On a month-to-month basis, it is not uncommon to see large decreases in sales from December to January.
The median selling price for single-family homes in January was $300,000, an increase of 14.1 percent compared to $263,000 in January 2009. This is the second straight month of year-over-year gains. On a month-to-month basis, the January median selling price was down 1.6 percent from $305,000 in December 2009.
The January condominium market was up 35.0 percent compared to the same time last year (from 629 units sold in 2009 to 849 units sold in 2010). On a month-to-month basis, condominium sales were down 31.6 percent compared to the 1,242 units sold this past December. Similar to the single-family market, it is not uncommon to see large decreases in sales from December to January.
Condominium median selling prices in January were up 26.5 percent from $204,000 in 2009 to $257,980 in 2010. This is the largest monthly year-over-year gain since MAR has been tracking median prices. On a month-to-month basis, the median selling price of a condominium was up 1.2 percent from a December 2009 median of $255,000.
Inventory and Days on Market:
The inventory of single-family homes as of January 31, 2010 decreased 9.0 percent from January 2009 (24,822 listings in 2009 to 22,707 listings in 2010) which translates into 12.0 months of supply in January 2010. This is down from 14.3 months of supply last year and up from 7.2 months in December 2009. January supply was at its lowest level since January 2001 and down 33 percent from the January peak of 33,627 homes in 2006. This is the 22nd straight month that inventory has gone down compared to the year before.
The condominium market saw January inventory decrease by 12 percent from last year (10,637 listings in 2009 to 9,386 listings in 2010), which translates into 11.1 months of supply, which is down from 16.9 months in January 2009 and up from 5.6 months this past December. This is the 22nd straight month that inventory has gone down compared to the year before.
Detached single-family homes stayed on the market an average of 130 days in January 2010 compared to an average of 146 days in January 2009, while condos stayed on the market an average of 144 days, down from an average of 179 days in January 2009. On a month-to-month basis, days on market for single-family homes were up from 125 days and condos were up from 136 days in December 2009.
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 20,000 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
