The Massachusetts Association of REALTORS® (MAR) reported today that both single-family home sales and condominium sales experienced the third biggest March-to-April percentage increase in the past 10 years. While month-to-month sales were up, the number of single-family homes sold in April was down 15.8 percent with median sales prices down 8.7 percent compared to last year. The number of condominiums sold in April was down 26.6 percent, with median sales prices flat.
“Despite the fact that sales of single-family homes were down in April compared to last year, there were still some small, but positive signs,” said MAR President, Susan M. Renfrew, broker/co-owner of Renfrew Real Estate in Greenfield. “The monthly decline was not as great as in each of the first three months of the year, while on a month-to-month basis, sales experienced significant increases and stabilizing prices. While we’ll need to see how the numbers are next month, this at least indicates that the spring selling season is picking up.”
There were 2,803 detached single-family homes sold this April, a 15.8 percent decrease from the 3,328 homes sold the same time last year. On a month-to-month basis, there was a 19.8 percent increase compared to the 2,339 homes sold this past March. This was the third biggest March to April increase in the past 10 years.
The median selling price for single-family homes in April was $314,900, a decrease of 8.7 percent compared to $345,000 in April 2007. On a month-to-month basis, the April median selling price remained flat.
The condominium market continued to experienced a significant decrease in the number of units sold this April, with a 26.6 percent drop compared to the same time last year (from 1,753 units sold in 2007 to 1,286 units sold in 2008). As was the case with single-family homes, on a month-to-month basis, condominium sales were up a significant 17.7 percent compared to 1,093 units sold this past March. This too was the 3rd best March to April increase in the past 10 years.
Condominium median selling prices in April remained virtually the same as the year before with a 0.1 percent increase in prices at $275,000. Compared to this past March, the median selling price of a condominium is up 4.3 percent (to $275,000).
Inventory and Days on Market:
The inventory of residential properties (detached single-family homes and condos) on the market as of April 30, 2008 decreased 2.3 percent compared to the same time last year (from 50,777 listings in 2007 to 49,641 listings in 2008). At the current sales pace, this represents approximately 12.1 months of supply, an increase from 10 months of supply in April 2007. On a month-to-month basis, the average months of supply is down from 14.2 in March 2008.
The inventory of single-family homes was down 1.0 percent from April 2007 (34,241 listings in 2007 to 34,067 listings in 2008) which translates into 12.2 months of supply in April 2008. This is up from 10.3 months of supply last year and down from 14.1 months of supply in March 2008.
The condominium market saw April inventory go down 6.0 percent (16,536 listings in 2007 to 15,574 listings in 2008), which translates into 12.1 months of supply, up from 9.4 months in April 2007 and down from 14.5 months this past March.
Detached single-family homes stayed on the market an average of 166 days in April 2008 compared to an average of 150 days in April 2007, while condos stayed on the market an average of 162 days, up from an average of 143 days in April 2007.
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.