As expected, the median price for single-family homes in Massachusetts increased in April; however, the big story for home buyers is the increase in new homes for sale across the state.
The lack of homes for sale in Massachusetts has kept a lid on sales and spurred price increases over the last few months, so the increase in home listings should be a positive sign for home buyers who have been searching for a home. The new listings also may give more potential home sellers confidence that they will find a home, if they list and sell their current home, thus encouraging more listings.
There were 3,432 detached single-family homes sold in April, a 1.2 percent decrease from the 3,473 homes sold in April 2012. April marked the third straight month of decreases after 19 straight months of year-over-year increases. On a month-to-month basis, home sales were up 12.2 percent from 3,060 homes sold in March.
The median price for single-family home sold in April was $315,000, an increase of 10.5 percent from $284,950 in April 2012. April marked the seven straight monthly year-over-year gain in home price. April saw the first double-digit price increase since January 2010. On a month-to-month basis, the April median home price increased 8.6 percent compared $290,000 in March 2013.
There were 1,498 condominiums sold this April, a 12.3 percent increase from the 1,334 condos sold the same time last year, making it 16 straight months of year-over-year increases. On a month-to-month basis, condominium sales increased 23.7 percent from 1,211 homes sold in March. With a lack of single-family real estate inventory, many Massachusetts home buyers may be deciding to buy a condo.
The median selling price for a condominium in April was $285,000, up 3.6 percent from the $275,000 median price in April 2012. Median condo prices have either increased or have been flat 14 straight months. On a month-to-month basis, the April median selling price increased 5.6 percent from $270,000 in March 2013.The inventory of single-family homes as of April 30, 2013 decreased 27.1 percent from April 2012 (21,919 listings in April 2013 compared to 30,066 listings in April 2012). The amount of real estate inventory translates into 5.6 months of supply in April 2013, which is down from 9.0 months of supply in April 2012 and slightly more inventory from 5.3 months in March 2013. April marked the 13th straight month of inventory decreases.
The number of condominiums in Massachusetts on the market in April declined 32.4 percent compared to the year before (7,024 listings in 2013 from 10,396 listings in 2013). The condo inventory translates into 4.5 months of supply, down from 8.2 months in April 2012 and slightly up from 4.4 months in March 2013.
New condominium listings added to the market in April 2013 increased 10.8 percent compared to the same time last year (3,299 new condo listings in April 2013 from 2,978 listings in April 2012), and new condominiums on the market increased 22 percent from 2,703 listings in March 2013.
Detached single-family homes remained on the market an average of 110 days in April 2013 compared to an average of 126 days in April 2012. Condos stayed on the market an average of 84 days, down from an average of 114 days in April 2012. On a month-to-month basis, days on market for single-family homes were down from 124 days in March 2013 while condos were down from 99 days.