Massachusetts Real Estate Market Again Pushed Closed Sales and Prices up in October

by MAR Staff | Nov 25, 2013
Most closed October single-family home sales since 2004
 
 
WALTHAM, Mass. – November 26, 2013 – The Massachusetts Association of REALTORS® (MAR) reported today that the market is moving in a positive direction as both sales and prices of single-family homes and condominiums closed up in October compared to the same time last year.
 
 

 
October 2013 Housing Numbers Podcast with
MAR President Kimberly Allard-Moccia
 
 
“The buyer activity, despite the relatively few homes for sale, really picked up in the spring and remained high into the fall,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “If sellers continue to sit this market out and inventory continues to shrink, we’re going to see fewer qualified buyers able to keep up with the increasing prices. Full recovery is close, but now it is up to the sellers to help make it happen.”
 
There were 4,221detached single-family homes sold this October, a 12.2 percent increase from the 3,761 homes sold the same time last year. This is the seventh straight month of year-over-year increases and the most closed sales of any October since 2004. On a month-to-month basis, home sales were down 2.9 percent from 4,348 homes sold this past September. This is the third straight month-to-month decrease.
 
The median selling price for single-family home in October was $320,000 which was up 12.3 percent from $285,000 in October 2012. This is the 13th straight monthly year-over-year increase. On a month-to-month basis, the October median selling price was down 1.5 percent from $325,000 in September 2013.
 
There were 1,593 condominiums sold this past October, an increase of 8.8 percent from the 1,464 condos sold the same time last year. This is the 21st straight month of year-over-year increases. This October had the most closed condominium sales since October 2005 when there were 1,892 units sold.  On a month-to-month basis, condominium sales were down 10.6 percent from 1,781 homes sold this past September.
 
The median selling price for condominium in October was $295,000 which was up 11.3 percent from the $265,000 median price in October 2012. This is the fifth straight year-over-year increase. On a month-to-month basis, the October median selling price was down 3.3 percent from $305,000 in September 2013. This was the second straight month-over-month decrease.
 
Inventory and Days on Market:
The inventory of single-family homes as of October 31, 2013 decreased 19.9 percent from October 2012 (20,716 listings in 2013 from 25,877 listings in 2012) which translates into 4.8 months of supply in October 2013.  This is down from 6.7 months of supply last year and down from 5.4 months in September 2013.  This was the 20th straight month of inventory decreases.
The number of new listings added to the market of single-family homes in October increased 10.9 percent over the same time last year (5,975 new listings in 2013 from 5,387 in 2012)
 
The inventory of condominiums on the market in October was down 26.1 percent compared to the year before (5,582  listings in 2013 from 7,557 listings in 2012), which translates into 3.2 months of supply, which is down from 5.0 months in October 2012 and down from 3.6 months in September.
 
The number of new listings added to the market of condominiums in October increased 17.7 percent from October 2012 (2,153 new listings in 2013 from 1,829 listings in 2012).
Detached single-family homes stayed on the market an average of 92 days in October 2013 compared to an average of 114 days in October 2012.  Condos stayed on the market an average of 78 days, down from an average of 114 days in October 2012.  On a month-to-month basis, days on market for single-family was up two days from September 2013 while condos were down from 81 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.
 
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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.