The number of single-family homes available for sale rose for the third straight month
WALTHAM, Mass. – June 22, 2010 – The Massachusetts Association of REALTORS® (MAR) reported today that sales of both single-family homes and condominiums experienced its largest May increase since MAR has been tracking monthly data. For the third straight month the number of single-family homes for sale also went up compared to the year before.
“May is the first month with closings that came from contracts signed in April, the final month to qualify for the homebuyer tax credit,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “However, some buyers who previously met all the qualifications for the tax credit might not be able to close by the June 30th closing deadline for various reasons. We urge Congress to immediately extend the tax credit deadline for those buyers already in the pipeline. It would be terrible for those buyers if they were not able to complete the purchase in time to claim the credit.”
May 2010 Housing Numbers Podcast with
MAR President Kevin Sears
There were 3,911 detached single-family homes sold this May, a 31.5 percent increase from the 2.975 homes sold the same time last year. On a month-to-month basis, home sales were up 11 percent from 3,525 homes sold this past April. This the 11th straight month of increases and the largest year-over-year increase in May since MAR has been tracking monthly data.
The median selling price for single-family homes in May was $299,000 an increase of 4.0% percent compared to $287,500 in May 2009. This is the seventh straight month of year-over-year gains. On a month-to-month basis, the May median selling price was up 1.4 percent from $295,000 in April 2010.
The May condominium market was up 32.4 percent compared to the same time last year (from 1,235 units sold in 2009 to 1,635 units sold in 2010). On a month-to-month basis, condominium sales were up 4.3 percent compared to the 1,567 units sold this past April. This is also the largest year-over-year increase in May for condominiums since MAR has been tracking the data. May was the ninth straight month of year-over-year sales gains.
Condominium median selling prices in May were down 1.1 percent from $265,000 in 2009 to $262,000 in May 2010. This is the first drop after five straight months of year-over-year gains. On a month-to-month basis, the median selling price of a condominium was up 4.0 percent from an April 2010 median of $252,000.
Inventory and Days on Market:
The inventory of single-family homes as of May 31, 2010 increased 4.0 percent from May 2009 (29,210 listings in 2009 to 30,296 listings in 2010) which translates into 8.6 months of supply in May 2010. This is down from 9.8 months of supply last year and virtually the same as April 2010 (8.5 months). This is the third straight month that the inventory of homes for sale has gone up compared to the same month the year before.
The inventory of condominiums on the market in May was down 4.0 percent compared to the same time last year (12,560 listings in 2009 to 12,023 listings in 2010), which translates into 7.7 months of supply, which is down from 10.2 months in May 2009 and down from 8.0 months this past April.
Detached single-family homes stayed on the market an average of 114 days in May 2010 compared to an average of 148 days in May 2009. This is the lowest average days on market number since August, 2006 when it was also 114 days.
The average days on market for condos were 125 days, down from an average of 149 days in May 2009. On a month-to-month basis, days on market for single-family homes were down from 123 days and condos were down from 133 days in April.
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.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.