Sources inside the Massachusetts Association of Realtors (MAR) report that tomorrows monthly existing home sales results will show that January single family home sales crashed 27.7% on a year-over-year basis while condo sales collapsed 33.7% over the same period.Further, the single family median selling price declined 5.6% on a year-over-year basis to $321,000 while condo median prices increased 3.5% to $277,500.
It’s also important to note that January’s single family home sales count was the lowest January result on record since 1992 and at 1984 units sold was 37.9% below the record peak set in January 1999 and 33.1% below the more recent peak of January 2005.
The following charts (click for larger) show the decline in single family home sales since 2005.
Notice that January 2008 is registering a home sales count well below even the 2007 level as well as indicating that the February’s results will be well below 2000 units, a significant decline.
After two years of declining home sales, weakening home prices and now looming recession it appears that Massachusetts may have just entered the price “free-fall” phase of the housing decline where home prices continuously drop even through the spring months which are typically strong in the region.Stay tuned as tomorrow the S&P/Case-Shiller home price index results will be available for Boston likely showing the most significant decline in the last 12 months.
