A very active spring real estate market that included low inventory and interest rates starting to tick up from their historical lows has resulted in both sales and prices going up in June. Condominium sales and prices were also up compared to the same month the year before. Realtors across the state are reporting that activity continues to be strong after the 4th of July break. (see graphs below – click on them to enlarge)
Single-family home sales were UP 1.6% compared to last year
Single-family median prices were UP 6.9% ($350,000) (9th straight month)
Single-family median prices at highest point since August 2007 when the median price was $357,000
Condo sales were UP 0.4% compared to the same time last year
The median price for a condo was UP 2.9% ($220,000) compared to last year
Only third time median price for condo has gone over $300,000-mark
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 June 2013. We are continuing to work with our analytics vendor to create a solution.
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.
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
*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.
Despite the low inventory of homes for sale, buyers made a huge push in April to make offers on homes. In fact, the push was so huge that more single-family homes were put under agreement in April 2013 than in any month since MAR began tracking pending home sales data in January 2004. While condos didn’t hit an all-time high, they did hit their 2nd highest total.
While buyer activity remained strong strong in March, a shortage of homes for sale has pushed closed sales down for the 2nd straight month after 19 straight months of increases. Median sales prices continued to go up for the sixth straight month as demand has outpaced supply. (see graphs below – click on them to enlarge).
Today we released the results of the March REALTOR Market Confidence Index (RMCI) and REALTOR Price Confidence Index (RPCI) and both indexes hit all-time highs. While inventory continued to go down in March, activity remained strong and that is reflected in the survey results.
Here are the March 2013 Highlights:
Both the RMCI and the RPCI hit all-time highs in March
This is the second time that the RMCI was over the 70-point mark.
The RPCI has been over the 60-point mark for 11 consecutive months
This is the 20th straight month the RMCI was up over the same time last year and the 14th straight month for RPCI.
The March “hot topic” question asked REALTORS how prevalent multiple-bid offers have been through the first quarter of 2013 .