The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes sold in August is up 6.6 percent compared to the same time last year, with median sales prices up slightly. Sales of condominiums were up 3.4 percent, with median sales prices up 4.8 percent.
“It is definitely a positive sign to see two consecutive months of year-over-year sales gains to end the summer,” said MAR President
There were 4,700 detached single-family homes sold this August, a 6.6 percent increase over the 4,411 homes sold the same time last year. On a month-to-month basis, there was a 7.7 percent increase compared to the 4,363 homes sold this past July.
The median selling price for single-family homes in August was $357,000, an increase of 1.4 percent compared to $352,000 in August 2006. On a month-to-month basis, the August median selling price is down 2.4% percent compared to July.
The condominium market continues to remain steady with 2,235 units sold this August, a 3.4 percent increase over the same time last year. On a month-to-month basis, condominium sales were up 15.6 percent compared to 1,933 units sold this past July.
The median selling price for condominiums is $291,250 in August, up 4.8 percent over the same time last year ($278,000 in August 2006). Compared to this past July, the median selling price of a condominium is down 0.8 percent (from $293,500). The August median selling price is the third highest level since MAR began tracking median selling prices in 2002.
Inventory and Days on Market:
The inventory of residential properties (detached single-family homes and condos) on the market as of August 31, 2007 decreased 18 percent compared to the same time last year (from 64,735 listings in 2006 to 52,989 listings in 2007). At the current sales pace, this represents approximately 7.9 months of supply, a decrease from 9.9 months of supply in August 2006. This is the seventh straight month that year-over-year inventory levels have gone down. On a month-to-month basis, the average months of supply went down from 8.6 months of supply in July 2007.
The inventory of single-family homes fell 16.0 percent from August 2006 levels (43,928 listings in 2006 to 36,846 listings in 2007) which translates into 8.2 months of supply in August 2007. This is down from 10.0 months of supply the same time last year, and down from 8.6 months of supply in July 2007.
Inventory continues to drop in the condominium market as well. August inventory went down 22 percent to 7.4 months of supply, a decrease from 9.6 months in August 2006 (20,807 listings in 2006 to 16,143 listings in 2007) and down from 8.6 months this past July. It is considered a balanced market when there is between 7.5 and 8.5 months of available housing supply.
Detached single-family homes stayed on the market an average of 127 days in August 2007 compared to an average of 114 days in August 2006, while condos stayed on the market an average of 124 days compared to 106 days in August 2006.
Sales and price data from the MAR report reflects transactions occurring through REALTOR®-affiliated multiple listing services in the Commonwealth, and account for approximately 80 percent of all real estate sales in