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Massachusetts Home Buyer Guide

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Newburyport, MA Homes Sales Slide on Low Inventory in January 2014

Mar 1, 2014 7:54:00 AM

The number of single-family homes sold in Newburyport, Massachusetts declined 46.7 percent in January compared to January 2013, according to data from the Massachusetts Association of Realtors.

Newburyport, MA Home PricesThere were only eight single-family homes sold in January compared to 15 home sales in January 2013.  

A lack of inventory seems to be holding back home sales. The number of single-family homes on the market in January 2014 (25) was 56.1 percent below the number of homes on the market in January 2013 (57). The number of new listings also declined in January. There were eight new listings in January compared to 18 in January 2013, a 55.6 percent decline. As of January 31, 2014, inventory levels translated into 1.7 months of supply, down 53 percent from 3.5 months of supply in January 2013.  

What few homes that remain are selling quicker. The number of days on the market dropped to 66 days, a 43 percent decline from 116 days in January 2013. 

The median price of a single-family home in Newburyport declined slightly to $441,250 compared to $455,000 in January 2013, a 3 percent decline; however, the median home price in Newburyport increased 36.2 percent in 2013 ($592,500) compared to 2012 ($435,000). 

Newburyport condo sales in January increased from seven sales in 2013 to nine sales in January 2014. The median price plummeted in January to $250,000 from $385,000 in January 2013; however, condominium prices increased 6.7 percent in 2013 ($323,750) from 2012 ($303,500). 

Condo inventory declined 48.4 percent in January while new listings were flat at 10 new listings in January 2014 and January 2013. As of January 31, 2014, there was just 1.3 months of supply.

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Topics: Real Estate Market, Community Information, Massachusetts Home Prices, Newburyport MA

   

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