Massachusetts Sales Down and Prices Up as Number of Homes for Sale Continued to Fall in March

WALTHAM, MA – April 23, 2013 – (RealEstateRama) — The Massachusetts Association of REALTORS® (MAR) reported today that for the second straight month a shortage of homes to buy pushed the number of closed home sales down in March. Median home prices went up for the sixth straight month. Both sales and median prices of condominiums were up in March.

“A good supply of homes for sale is the only thing we’re missing from a sustainable housing recovery,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “While an increase in prices should entice sellers, it has yet to happen. We need buyers to move up and down the housing ladder, but right now they’re either stuck on the rungs or it’s too difficult to grab on to.”

There were 3,011 detached single-family homes sold this March, a 3.3 percent decrease from the 3,113 homes sold the same time last year. This is the second straight month of decreases after 19 straight months of year-over-year increases. On a month-to-month basis, home sales were UP 35.6 percent from 2,220 homes sold this past February. It is typical for there to be a significant increase in closed sales from February to March.

The median selling price for single-family home in March was $290,000 which was UP 7.8 percent from $269,000 in March 2012. This makes six straight monthly year-over-year increases. On a month-to-month basis, the March median selling price went UP 5.5 percent from $275,000 in February 2013.

There were 1,192 condominiums sold this March, a 2.5 percent increase from the 1,163 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 34.4 percent from 887 homes sold this past February. Similar to the single-family market, it is typical for there to be a significant increase in condominium closed sales from February to March.

The median selling price for condominium in March was $270,000 which was UP 8.0 percent from the $250,000 median price in March 2012. This is the 13th straight month in which median prices were either up or flat from the year before. On a month-to-month basis, the March median selling price was UP 3.9 percent from $259,900 in February 2013.

Inventory and Days on Market:
The inventory of single-family homes as of March 31, 2013 decreased 29.8 percent from March 2012 (28,159 listings in 2012 to 19,761 listings in 2013). To date, this has been the biggest monthly year-over-year decrease since this data has been tracked. This translates into 5.1 months of supply in March 2013. This is down from 8.6 months of supply last year and UP slightly from 5.0 months in February 2013. This was the 12th straight month of inventory decreases.

The inventory of condominiums on the market in March was down 34 percent compared to the year before (9,908 listings in 2012 to 6,543 listings in 2013), which translates into 4.3 months of supply. This is down from 7.9 months in March 2012 and UP slightly from 4.2 months in February 2013.

Detached single-family homes stayed on the market an average of 124 days in March 2013 compared to an average of 131 days in March 2012. Condos stayed on the market an average of 99 days, down from an average of 123 days in March 2012. On a month-to-month basis, days on market for single-family homes were down from 125 days in March 2013 while condos were down from 110 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.