This week, the Massachusetts Association of Realtors (MAR) released their Existing Home Sales Report for April 2007 showing further weakness to the regions residential housing market.Along with the release, MAR President Doug Azarian continued to maintain an optimistic outlook on the trend.
“The housing market continued to trend in a positive direction for the month of April … While the number of detached single-family homes sold was down, the 1.7 percent decrease year-to-year was the lowest we’ve seen in the month of April for the past three years. … With inventory levels decreasing and interest rates still low, demand should continue to keep prices stable through the end of the spring home buying season,”
Probably the most notable data-point of the report is the continued increase of the average “days on the market” resulting in an increasing monthly supply.
Although the total residential inventory is lower now than in April of 2006, the sales pace is continuing to slow.
It’s important to remember that we are again seeing year-over-year sales declines “on the back” of last years historic sales drop-off indicating truly fundamental weakness.
This is inevitably resulting in climbing inventories that for some towns, such as Concord, are exceeding last years levels while many other towns continue to simply trend upward.
Use the PaperMoney Inventory Tracker to follow your town’s daily inventory as well as visualize the inventory changes that have occurred over the last year.
As in months past, be on the lookout for the inflation adjusted charts produced by BostonBubble.com for an even more accurate "real" view of the current market trend.
April’s Key Statistics:
- Single family sales declined 3.5% from March and declined 1.7% as compared to April 2006
- Single family median price increased 0.3% from March and declined 2.3% as compared to April 2006
- Condo sales declined 0.7% from March and increased 0.7% as compared to April 2006
- Condo Median Price declined 1.6% from February and increased 2.6% as compared to April 2006
- The number of months supply of residential properties stands at 10.0 months.
- The average “days on market” for single family homes stands at 150 days.
- The average “days on market” for condos stands at 143 days.
