Massachusetts Home Prices Up as Low Inventory Pushes Sales Down in February 2013
The Massachusetts Association of REALTORS® (MAR) reported a lack of inventory pushed the number of closed home sales down in February after 19 months of increase. Median home prices were up for the fifth straight month. Unlike single-family sales, both condominium median prices and closed sales were up in February.
“Demand has outpaced supply with plenty of motivated buyers, but not enough homes for sale to meet the need,” said 2013 MAR President Kimberly Allard-Moccia. “If inventory continues to go down, there is a good chance we will see sales decline as well which is not what the market needs.”
There were 2,168 detached single-family homes sold this February, a 5.0 percent decrease from the 2,282 homes sold the same time last year. This is the first time in 19 straight months that home sales have gone down. On a month-to-month basis, home sales were down 20.4 percent from 2,724 homes sold this past January. This is the third straight month-to-month decrease.
The median selling price for single-family home in February was $278,000 which was UP 8.9 percent from $255,250 in February 2012. This is the fifth straight monthly year-over-year increase. On a month-to-month basis, the February median selling price went down less than one percent (-0.7%) from $280,000 in January 2013.
There were 861 condominiums sold this February, a 1.7 percent increase from the 847 condos sold the same time last year. This is the 14th straight month of year-over-year increases. On a month-to-month basis, condominium sales were down 14.8 percent from 1,010 homes sold this past January. This is also the third straight month-to-month decrease.
The median selling price for condominium in February was $257,500 which was UP 12.9 percent from the $228,000 median price in February 2012. This is the 12th straight month in which median prices were either up or flat from the year before. On a month-to-month basis, the February median selling price was UP 1.9 percent from $252,750 in January 2013.
Foran Realty is located in Dennis on the road to Chapin and Mayflower beaches. At Foran Realty, we provide Real Estate Sales, Vacation Rentals, and Property Management Services to both Residential and Commercial Clients throughout Cape Cod. To learn more about Foran Realty please call 508-385-1355 or visit us on line. Before you buy your next home, or list your home for sale make sure you talk to the Cape Cod Real Estate experts at Foran Realty, you will be glad you did! Please give Patrick a call today toll free at 1-877-385-1455 or send him an email at pforan@foranrealty.com to discuss your Cape Cod Real Estate needs.]]>
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