December Sales Increase Despite Declines in Year-End
On January 27 MA Realtor Association reported that single-family homes sales were up 3.2 percent in December compared to the same time last year. While median prices continue to go down, this is the third month in the last four to experience sales increases.
There were 2,622 single-family homes sold in December 2008, a 3.2 percent increase compared to 2,540 homes sold the year before. This is only the third monthly increase in 2008 and only the fourth time there has been an annual December increase since 1997. On a month-to-month basis, there was a 12.1 percent increase compared to the 2,339 homes sold this past November. This is only the third November-to-December increase since 2000.
In December, the median selling price for single-family homes was $275,000 a decrease of 14.9 percent compared to $323,000 in December 2007, which is back to 2002 levels. On a month-to-month basis, the December median selling price went down 2.8 percent from November at $283,000.
The condominium market experienced a 14.8 percent decrease in the number of units sold this December compared to last year (from 1,107 units sold in 2007 to 943 units sold in 2008). On a month-to-month basis, condominium sales were up 4.1 percent compared to 906 units sold in November. Similar to single-family home sales, this is only the third November-to-December sales increase since 2000.
The median selling price of a condo in December 2008 was $230,000, which is down 14.8 percent from the December 2007 median price of $270,000, which is back to 2003 levels. Compared to this past November, the median selling price of a condominium was down 8.0 percent (from $250,000).
“With sales up in December, we feel prices and the extremely low interest rates are bringing people back into the market,” said Rogers. “This was something that was starting to happen in September and October, but the financial turmoil put a halt to that in November. December’s results indicate that the market is at least heading in a positive direction and we’ll take that for now.”
The inventory of single-family homes fell 16 percent from December 2007 levels (from 30,014 listings in 2007 to 25,178 listings in 2008) which translates into 9.6 months of supply in December 2008. This is down from 11.8 months of supply in December 2007 and down from 12.2 months of supply in November 2008. This is the ninth straight month that year-over-year inventory levels have gone down.
Inventory continues to drop in the condominium market as well. December inventory went down 24 percent (from 13,939 listings in 2007 to 10,637 listings in 2008), which translates into 11.3 months of supply, down from 12.6 months of supply in December 2007 and down from 13.2 months this past November.
Detached single-family homes stayed on the market an average of 140 days in December 2008 compared to an average of 147 days in December 2007, while condos stayed on the market an average of 142 days, down from an average of 148 days in December 2007.
There were 2,622 single-family homes sold in December 2008, a 3.2 percent increase compared to 2,540 homes sold the year before. This is only the third monthly increase in 2008 and only the fourth time there has been an annual December increase since 1997. On a month-to-month basis, there was a 12.1 percent increase compared to the 2,339 homes sold this past November. This is only the third November-to-December increase since 2000.
In December, the median selling price for single-family homes was $275,000 a decrease of 14.9 percent compared to $323,000 in December 2007, which is back to 2002 levels. On a month-to-month basis, the December median selling price went down 2.8 percent from November at $283,000.
The condominium market experienced a 14.8 percent decrease in the number of units sold this December compared to last year (from 1,107 units sold in 2007 to 943 units sold in 2008). On a month-to-month basis, condominium sales were up 4.1 percent compared to 906 units sold in November. Similar to single-family home sales, this is only the third November-to-December sales increase since 2000.
The median selling price of a condo in December 2008 was $230,000, which is down 14.8 percent from the December 2007 median price of $270,000, which is back to 2003 levels. Compared to this past November, the median selling price of a condominium was down 8.0 percent (from $250,000).
“With sales up in December, we feel prices and the extremely low interest rates are bringing people back into the market,” said Rogers. “This was something that was starting to happen in September and October, but the financial turmoil put a halt to that in November. December’s results indicate that the market is at least heading in a positive direction and we’ll take that for now.”
The inventory of single-family homes fell 16 percent from December 2007 levels (from 30,014 listings in 2007 to 25,178 listings in 2008) which translates into 9.6 months of supply in December 2008. This is down from 11.8 months of supply in December 2007 and down from 12.2 months of supply in November 2008. This is the ninth straight month that year-over-year inventory levels have gone down.
Inventory continues to drop in the condominium market as well. December inventory went down 24 percent (from 13,939 listings in 2007 to 10,637 listings in 2008), which translates into 11.3 months of supply, down from 12.6 months of supply in December 2007 and down from 13.2 months this past November.
Detached single-family homes stayed on the market an average of 140 days in December 2008 compared to an average of 147 days in December 2007, while condos stayed on the market an average of 142 days, down from an average of 148 days in December 2007.
posted by lindanortonrealtor | 12:17 PM
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