The number of single-family homes on the market in Newburyport, Massachusetts declined to 63 in September 2014 from 81 in September 2013, a 22.2 percent drop, according to the Massachusetts Association of Realtors.
Months supply of single-family inventory stood at 4.2 months in September 2014, a 19.2 percent decline from 5.2 percent the previous September. New listings also decreased in September to 20, a 31 percent decline from the 29 new listings in September 2013.
The condominium inventory story was quite different. Home buyers saw their selection of condominiums in Newburyport, MA increase by a third in September. There were 48 condo units available, up from 36 in September 2013. The months supply of inventory increased to 3.8 months, a 21 percent increase from 3.2 moths. There were 22 new condo listings in September, a nearly 16 percent increase from 19 new units the previous September.
The supply impacted median prices. The median price of single-family houses was $597,000 in September, an 18.2 percent increase from $505,000 in September 2013. Through the first three quarters, the median price stood at $499,950, up 2 percent from $490,000 during the same period last year. Home buyers paid 95.6 percent of the original list price in September and 96.2 percent, on average, during the first nine months of the year.
Single-family home sales increased to 23 in September, a 35.3 percent increase from the 17 sales last September. Single-family home sales were down 4.8 percent from January through September. There were 138 sales this year and 148 sales during the same nine-month period in 2013. There were 11 pending sales – home under agreement that haven't closed yet – in September. There were eight pending sales in September 2013.
The median condo price in September stood at $357,450 in Newburyport, down 11.7 percent from $405,000 in September 2013; however, through September the median price rose 4.8 percent to $355,000. On average, condo buyers paid 97.2 percent of the original list price in September and 97 percent of the original list price during the first nine months of the year.
Condominium sales also were higher in September when 18 units sold, a 28.6 percent increase from the 14 units sold during September 2013. There were 118 condo units sold through September, an 8.3 percent increase from 109 units sold during the same three quarters in 2013.
The average number of days it took for single-family homes to sell increased by just one day in September while condominiums sold 33.7 percent faster in September.