MA Real Estate Market Update | August-09
The Massachusetts Association of Realtors (a.k.a. MAR) released their housing market data today reporting that the number of pending sales in August (a.k.a. homes put under agreement) was up 6.0% from the same time last year. This represents the 3rd straight month of year-over-year gains. Sales of single-family homes were virtually the same compared to August of last year (up 0.4%), while condominium sales were down 3.5%. Median prices continue to be at their highest point in 2009.
The statewide numbers for August break down as follows:
MA Single Family Home Sales |
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| July 2009 | August 2009 | % change |
| 4,463 | 4,055 | -9.1% |
MA Single Family Median Selling Price |
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| July 2009 | August 2009 | % change |
| $310,000 | $315,000 | 1.6% |
MA Condominium Sales |
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| July 2009 | August 2009 | % change |
| 1,820 | 1,748 | -4.0% |
MA Condominium Median Selling Price |
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| July 2009 | August 2009 | % change |
| $275,000 | $279,000 | 1.5% |
Inventory and Days on Market:
The inventory of residential properties on the market as of August 31, 2009 decreased 16 percent compared to the same time last year (from 47,245 listings in 2008 to 39,691 listings in 2009). At the current sales pace, this represents approximately 6.8 months of supply, down from 8.1 months of supply in August 2008. On a month-to-month basis, the average months of supply was up from 6.4 months in July. It is considered a balanced market when there are between 7.5 and 8.5 months of supply.
The condominium market saw August inventory decrease by 17 percent from last year (13,714 listings in 2008 to 11,440 listings in 2009), which translates into 6.5 months of supply, down from 7.6 months in 2008 and the virtually the same as this past July (6.4 months). This was the fewest August condominium listings since August 2004 and the 17th straight month that inventory has gone down compared to the year before.
Detached single-family homes stayed on the market an average of 123 days in August 2009, which was down from an average of 130 days compared to the same time last year, while condos stayed on the market an average of 140 days, up from an average of 136 days in August 2008. On a month-to-month basis, days on market for single-family homes was down from 129 days and condos were up from 133 days in July.
Downloads:
MASS Real Estate Market Report Aug-2009 (35.8 KiB, 430 hits)
Past Massachusetts Real Estate Market Reports:
MA Real Estate Market | July-09
MA Real Estate Market | June-09
MA Real Estate Market | May-09
Hi, I'm Jake...and that's my dog. By day I'm Executive Director of Business Development at Barrett & Company Real Estate. By night I am part geek, struggling musician and frustrated writer. I started this blog mainly to learn WordPress, work on my design and writing skills, and showcase some folks with all kinds of talents and great stuff to say. (Read the long version if you dare) and please introduce yourself over on my Google+ Profile!
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