Inventory gaps continue to shrink from the same month the year before
April Housing Data
April Housing Market Podcast
WALTHAM, Mass. – May 28, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that the continuing trend of strong buyer demand and a shortage of homes for sale pushed prices up and home sales down again in April.
“Buyer demand remained strong as it continued to push prices higher on home sales that closed in April,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “While a shortage of homes for sale does exist, there have been pockets of improvement across the state and we’ve seen inventory gaps shrinking over the past five months.”
There were 3,221 detached single-family homes sold this April, which was down 7.2 percent from the 3,472 homes sold the same time last year. On a month-to-month basis, home sales were up 17.3 percent from 2,746 homes sold this past March.
The median selling price for single-family home in April was $320,000 which was up 2.3 percent from $312,750 in April 2013. This is the 19th straight monthly year-over-year increase. On a month-to-month basis, the April median selling price was up 1.9 percent from $314,063 in March.
There were 1,496 condominiums sold this past April, a decrease of 2.7 percent from the 1,537 condos sold the same time last year. Year-over-year sales of condominiums have gone up 26 out of the last 28 months. On a month-to-month basis, condominium sales were up 15.3 percent from 1,297 condominiums sold this past March.
The median selling price for condominiums in April was $318,900 which was up 11.7 percent from the $285,500 median price in April 2013. This is the 11th straight year-over-year increase. On a month-to-month basis, the April median selling price was up 5.6 percent from $302,000 in March.
Inventory and Days on Market:
The inventory of single-family homes as of April 30, 2014 decreased 12 percent from April 2013 (19,240 listings in 2014 from 21,858 listings in 2013) which translates into 4.6 months of supply in April 2014. This is down from 5.5 months of supply last year and up from 4.3 months in March. While this was the 26th straight month of inventory decreases, this was the smallest gap in the downward trend since June 2012.
The number of new listings added to the market of single-family homes in April decreased 2.5 percent over the same time last year (8.986 new listings in 2014 from 9,214 in 2013).
The inventory of condominiums on the market in April was down 23.7 percent compared to the year before (5,156 listings in 2014 from 6,757 listings in 2013), which translates into 3.0 months of supply, which is down from 4.2 months in April 2013 and flat from March 2014.
The number of new listings added to the condominium market in April decreased 4.7 percent from April 2013 (3,102 new listings in 2014 from 3,255 listings in 2013).
Detached single-family homes stayed on the market an average of 114 days in April 2014 compared to an average of 124 days in April 2013. Condos stayed on the market an average of 81 days, down from an average of 91 days in April 2013. On a month-to-month basis, days on market for single-family homes was down from 122 days in March while condos were down from 86 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.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.