Today, the Massachusetts Association of Realtors (MAR) released their Existing Home Sales Report for November showing that single family home sales completely collapsed dropping 21.8% on a year-over-year basis while condo sales crumpled a staggering 27.3% over the same period firmly indicating that a new and dramatic leg of the housing downturn has commenced.Further, the single family median home value declined a whopping 14.2% on a year-over-year basis to $283,000 while condo median prices dropped 9.1% to $250,000.
Clearly, the impact of the recent stock market crash and ongoing economic crisis is bearing down on both consumer sentiment and, more fundamentally, credit availability resulting in a significant pullback in spending on homes and other costly purchases.
It’s perfectly clear now that home sellers that choose to wait out the “down market” did so in vain as the 2008 selling season draws to a close likely the last opportunity to sell any residential property at anywhere near the prices set in the peak boom years.
With confidence depressed and eroding and sales volumes this low Boston area home prices have nowhere left to go but down.
MAR reports that in November, single family home sales decreased 21.8% as compared to November 2007 with a 13.0% decline in inventory translating to 12.2 months of supply and a median selling price decline of 14.2% while condo sales dropped 27.3% with an 21% decline in inventory translating to 13.2 months of supply and a median selling price decline of 9.1%.
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 home price movement.November’s key MAR statistics:
- Single family sales declined 21.8% as compared to November 2007
- Single family median selling price declined 14.2% as compared to November 2007
- Condo sales declined 27.3% as compared to November 2007
- Condo median price declined 9.1% as compared to November 2007
- The number of months supply of single family homes stands at 12.2 months.
- The number of months supply of condos stands at 13.2 months.
- The average “days on market” for single family homes stands at 137 days.
- The average “days on market” for condos stands at 149 days.
