Massachusetts Single-Family Home Sales Back Up in May as Prices Continued to Climb

WALTHAM, MA – June 25, 2013 – (RealEstateRama) — The Massachusetts Association of REALTORS® (MAR) reported today that sales were back up in May after a couple of months of declines. Median prices continued their upward trend hitting eight straight months in May. Condominium sales also closed up while median prices ticked down.

“We knew the buyers were out there in the late winter/early spring and now we’re seeing the results of that activity,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “With each month of sales and price increases, we should begin to see the number of homes for sale start to increase, which is good for the market.”

There were 4,775 detached single-family homes sold this May, an 8.5 percent increase from the 4,383 homes sold the same time last year. On a month-to-month basis, home sales were UP 36.3 percent from 3,488 homes sold this past April.

The median selling price for single-family home in May was $325,000 which was UP 8.7 percent from $299,000 in May 2012. This makes the eighth straight monthly year-over-year increase. On a month-to-month basis, the May median selling price went UP 3.8 percent from $313,000 in April 2013.

There were 1,996 condominiums sold this May, an 11.6 percent increase from the 1,788 condos sold the same time last year. This is the 17th straight month of year-over-year increases. On a month-to-month basis, condominium sales were UP 30.1 percent from 1,534 homes sold this past April.

The median selling price for condominium in May was $290,000 which was Down 1.7 percent from the $297,000 median price in May 2012. This was the first decrease after 14th straight months in which median prices were either up or flat from the year before. On a month-to-month basis, the May median selling price was UP 1.4 percent from $286,000 in April 2013.

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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*Please Note: Because of the recent change on how the MLS Property Information Network, Inc., classifies under agreement status (“UAG”), year-over-year comparisons of inventory, months of supply and days on market data between May 2012 and May 2013 are not possible. The Massachusetts Association of REALTORS® is working with its analytics vendor and the MLS to determine and implement a solution to update historical data to provide for accurate year-over-year comparisons.