Massachusetts Home Sales Down in November as Prices Continued to Move Up

Lack of inventory of homes for sale making it more difficult for buyers

WALTHAM, Mass. – December 30, 2013 – (RealEstateRama) — The Massachusetts Association of REALTORS® (MAR) reported today that November home sales declined compared to last year as prices still continued to go up. The condominium market experienced similar results. The lack of inventory of homes for sale impacted closed sales results.

“After strong buyer activity over the summer and early fall, the market slowed down in November because there were not enough homes for sale to meet demand,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “While fewer homes for sale do drive up prices, it also means there are fewer homes sold. We’re at a point where we really need homeowners who have been thinking of selling to make the decision to do it.”

There were 3,754 detached single-family homes sold this November, an 8.9 percent decrease from the 4,121 homes sold the same time last year. This is the first decrease after seven straight months of year-over-year increases. On a month-to-month basis, home sales were down 12.2 percent from 4,277 homes sold this past October. This is the fourth straight month-to-month decrease.

The median selling price for single-family home in November was $316,500 which was up 7.3 percent from $295,000 in November 2012. This is the 14th straight monthly year-over-year increase. On a month-to-month basis, the November median selling price was down 1.1 percent from $320,000 in October 2013.

There were 1,456 condominiums sold this past November, a decrease of 5.8 percent from the 1,545 condos sold the same time last year. This is the first decrease after 21
straight months of year-over-year increases. On a month-to-month basis, condominium sales were down 10.5 percent from 1,627 homes sold this past October.

The median selling price for condominium in November was $295,000 which was up 3.5 percent from the $285,000 median price in November 2012. This is the sixth straight year-over-year increase. On a month-to-month basis, the November median selling price was flat from $295,000 in October 2013.

Inventory and Days on Market:
The inventory of single-family homes as of November 30, 2013 decreased 20.6 percent from November 2012 (18,428 listings in 2013 from 23,213 listings in 2012) which translates into 4.3 months of supply in November 2013. This is down from 5.9 months of supply last year and down from 5.2 months in October 2013. This was the 21st straight month of inventory decreases.

The number of new listings added to the market of single-family homes in November increased 7.9 percent over the same time last year (3,954 new listings in 2013 from 3,663 in 2012).

The inventory of condominiums on the market in November was down 27.7 percent compared to the year before (4,925 listings in 2013 from 6,813 listings in 2012), which translates into 2.8 months of supply, which is down from 4.4 months in November 2012 and down from 3.5 months in October.

The number of new listings added to the condominium market in November increased 3.5 percent from November 2012 (1,375 new listings in 2013 from 1,328 listings in 2012).

Detached single-family homes stayed on the market an average of 94 days in November 2013 compared to an average of 119 days in November 2012. Condos stayed on the market an average of 77 days, down from an average of 110 days in November 2012. On a month-to-month basis, days on market for single-family was up two days from October 2013 while condos were down from 78 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.

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