The Massachusetts Association of
REALTORS (MAR) reported that 2014 ended on a positive note overall
as the number of single-family homes sold in December was up 5.5%
compared to the same time last year. For the year, both
single-family and condominium sales were down compared to 2013, but
prices were up year-over-year.
December/ 2014 Year-End Closed Sales:
It was nice to see the year finish strong with the number of
sales and the median price both up from the previous year, despite
the shortage of homes for sale, said 2015 MAR President Corinne
Fitzgerald. Hopefully, prospective sellers will see this as a
positive trend and feel confident that it is a good time to sell
their homes in 2015.
Single-Family home sales were up 5.5% over December 2013 closing
the year with 4,082 sales. The median price has also seen an
increase of 4.1%. December 2014 closed the year with a median sale
price of $332,925 over the 2013 median sale price of $319,000.
Closed sales have been up only twice in the past six months and
median prices have been up 26 of the last 27 months.
Condominium closed sales saw a slight decrease from 2013 ending
December 2014 with 1,543 sales as opposed to 1,613 in December
2013. The median sale price of condos increased 3.4% to $317,000 in
December 2014. Six out of the last seven months have seen a closed
sales decrease in condos while prices have been up 18 out of the
last 19 months.
Looking to the 2014 year-end closed sales, both single-family
homes and condos saw a slight decrease in year to date sales from
2013 to 2014. 2014 was a year in which the shortage of homes for
sale resulted in a decrease of the overall number of homes sold
while prices increased, said Fitzgerald. At the same time, an
improving economy and interest rates that continued to stay low
attracted a lot of buyers into a very competitive market.
December/ 2014 Year-End Inventory and Days on
Market:
The inventory of single-family homes on the market in December
was down 16.8% compared to the year before (15,339 listings in 2014
from 18,436 listings in 2013), which translates into 3.7 months of
supply and is down from 4.4 months in December 2013.
The number of new listings added to the single-family market
increased 4% from December 2013. (2,565 new listings in December
2014 from 2,466 listings in December 2013)
The inventory of condos as of December 2014 decreased 24.5% from
December 2013 (3,824 listings in 2014 from 5,062 listings in 2013)
which translates into 2.4 months of supply in December 2014. This
is down from 3.0 months of supply last year. December was the
50th straight month of year-over-year inventory
decreases.
The number of new listings added to the market of condos in
December increased 3.7% over the same time last year (942 new
listings in 2014 from 908 in 2013).
The average year-end inventory of single-family homes saw
aslight decrease in 2014 of 0.3%. (Inventory average in 2014 was
22,237 and in 2013 the average was 22,243). While the average days
single-family homes were on the market, the number of new listings
increased 2.3% in 2014. (New listings in 2014 were 75,577 up from
73,873 in 2013).
Looking to condo year-end inventory averages, the number of
condos on the market decreased in 2014 to 5,711 translating into an
average of 3.4 months supply. Although the number of new condos
listed in 2014 decreased 2.3%, the number of days condos were on
the market dropped to a low of 78 days since 2013. (A 4.9% decrease
days on the market).
Overall inventory of homes for sale is down statewide, but there
continues to be pockets across the state that are seeing increases.
Despite this lack of inventory, 2014 ended on a high note with
single-family closed sales up in December. Rising prices to go
along with the improving inventory has caused a shift in the
market.
More Information: MAR