The following is a press release from the Massachusetts Association of REALTORS®.
WALTHAM, Mass. – March 31, 2010 – The Massachusetts Association of REALTORS® (MAR) reported today that median prices of single-family homes were up 7.7 percent compared to February 2009 while condominiums were up 12.8 percent compared to the same time last year.
Home sales have now increased for eight straight months and were up 14.3 percent compared to the same time last year while condominium sales were up 14.8 percent.
“February was another good month for the Massachusetts real estate market as momentum continues to build toward more normal market levels across the state,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “While more homes for sale would help ensure prices stabilizing, it was a positive sign that February had the smallest percentage drop since year-over-year inventory declines started 23 months ago.”
There were 1,882 detached single-family homes sold this February, a 14.3 percent increase from the 1,647 homes sold the same time last year. On a month-to-month basis, home sales were down less than one percent from 1,897 homes sold this past January. The median selling price for single-family homes in February was $271,950, an increase of 7.7 percent compared to $252,500 in February 2009. This is the third straight month of year-over-year gains. On a month-to-month basis, the February median selling price was down 9.4 percent from $300,000 in January 2010.
The February condominium market was up 14.8 percent compared to the same time last year (from 691 units sold in 2009 to 793 units sold in 2010). On a month-to-month basis, condominium sales were down 6.6 percent compared to the 849 units sold this past January. Condominium median selling prices in February were up 12.8 percent from $213,250 in 2009 to $240,500 in February 2010. On a month-to-month basis, the median selling price of a condominium was down 6.8 percent from a January 2010 median of $257,980.
Inventory and Days on Market:
The inventory of single-family homes as of February 28, 2010 decreased 3.0 percent from February 2009 (25,317 listings in 2009 to 24,434 listings in 2010) which translates into 13.0 months of supply in February 2010. This is down from 15.4 months of supply last year and up from 12 months in January 2010. February supply was at its lowest level since February 2002 and down 32 percent from the February peak of 35,907 homes in 2006. This is the 23rd straight month that inventory has gone down compared to the previous year. The condominium market saw February inventory decrease by 6 percent from last year (11,028 listings in 2009 to 10,362 listings in 2010), which translates into 13.1 months of supply, which is down from 16 months in February 2009 and up from 11.1 months this past January. This is the 23rd straight month that inventory has gone down compared to the previous year.
Detached single-family homes stayed on the market an average of 137 days in February 2010 compared to an average of 153 days in February 2009, while condos stayed on the market an average of 142 days, down from an average of 187 days in February 2009. On a month-to-month basis, days on market for single-family homes were up from 130 days and condos were down from 144 days in January.