BOSTON – The Massachusetts Association of Realtors (MAR) and The Warren Group reported today that the number of home sales last month was down about 1 percent.
Both groups reported a jump in median prices — more than 10 percent according to the Realtors to $315,000, and 14 percent by The Warren Group to $313,000 — compared to the previous April.
“There is high demand and low inventory this spring, which is causing this pattern of rising prices and dropping sales volume,” said Timothy M. Warren Jr., CEO of The Warren Group. “Despite the news that sales volume is down, low mortgage rates and steady home values are helping buoy consumer confidence.”
The Massachusetts Association of Realtors reports that the lack of homes for sale over the past several months once again pushed the number of closed home sales down in April. However, a big jump in the number of new listings on the market in April could indicate a positive shift in future closed sales. Both sales and median prices of condominiums were up again.
“While the lack of homes to buy over the past several months kept closed sales down, the surge in the number of new listings to hit the market in April is an optimistic sign,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “With home prices improving, sellers are finally gaining the confidence they need to list their home. This should help move us closer to a more balanced market.”
There are some encouraging signs in the housing market locally, as well.
“Our average price has really jumped!” said Ted Cassell of Park Square Realty in Westfield. “We are almost through the first five months of 2013 and the average sale price of homes sold by Park Square this year to date has increased to $197,214. Last year in the same period, our average sale price was $173,739, so we are up $23,475.”
“In 2013, the average days on market for single family homes that have gone under agreement is down to 53 days, with many homes going under agreement in a matter of days and weeks,” he said. “The market has turned dramatically among all the price ranges.”
“Our market here is very healthy,” said Westfield realtor Lisa Oleksak-Sullivan. “Right now there are more buyers than there are sellers and inventory is low. These are the conditions that will slowly tip the scale over as we move from a buyer’s market into a seller’s market. Interest rates are still very low which gives the buyers more buying power. We still have a month left of the ‘spring market’ and I believe this year will be the busiest the housing market has seen in a few years.”
Heather Witalisz, managing director of Witalisz and Associates, Inc. reports that “Housing statistics are very localized, even in the state of Massachusetts. Similar to the Boston area, we are seeing an influx of buyers. But we have low inventory, so it is a good time to put your house on the market.”
“According to Multiple Listing Services (MLS), in Westfield, the number of units (single family homes) that sold in April of 2013 was up 25 percent compared to the month of April last year,” said Witalisz. “Using the same time-frame comparison, time on market is 6 days shorter and average sale price is up about 35 percent.”
“So, there is activity,” she said.
