Massachusetts home sales and prices up in May

The active late winter/early spring market pushed closed sales up in May. While Realtors across the state are reporting that listings are starting to slowly increase, the lack of inventory has driven up prices for single-family homes. However, that is only partially true with condominiums as sales are up, but prices are down. (see graphs below – click on them to enlarge)

We also wanted to let you know that because of the change that one the multiple listing services we receive data from made a change in how it categorizes “under agreements”, we are unable to provide inventory, days on market and months of supply data for May 2013. We are working with our analytics vendor to create a solution. *The statement we used in the release is below.

Direct link to podcast.

Link to May 2013 housing release

Highlights from the release:

  • Single-family home sales were UP 8.5% compared to last year
  • Single-family median prices were UP 8.7% ($325,000) (8th straight month)
  • Condo sales were up 11.6% compared to the same time last year
  • The median price for a condo was Down 1.7% ($292,000) compared to last year

May 2013 SF chart

 

 

May 2013 CCchart

 

 

 

 

*Please Note: Because of the recent change on how the MLS Property Information Network, Inc., classifies under agreement status (“UAG”), year-over-year comparisons of inventory, months of supply and days on market data between May 2012 and May 2013 are not currently possible. The Massachusetts Association of REALTORS® is working with its analytics vendor and the MLS to determine and implement a solution to update historical data to provide for accurate year-over-year comparisons.