September sales down
[Doug Azarian is the 2007 President of the Massachusetts Association of Realtors and owns Century21/Dream Homes in Falmouth.]
The Massachusetts Association of Realtors ® reported Oct. 22 that the number of single-family homes and condominiums sold in September were down over 13 percent compared to the same time last year while prices continue to remain steady. This decrease comes after July and August saw year-to-year sales increases. Despite the drop in sales in September, the third quarter was still the fourth most active third quarter since 1990, with sales of single-family homes up slightly and condominium sales down only 2.4 percent compared to the third quarter in 2006.
Unfortunately, September wasn’t able to continue the year-to-year sales gains experienced in both July and August. It is definitely possible that all the reports about foreclosures, lack of financing, and the like have taken their toll and the result is that buyers are waiting on the sidelines.
However, despite the disappointing news, interest rates are still low and for credit-worthy buyers now is a really good time to buy.
There were 3,108 detached single-family homes sold this September, a 13.7 percent decrease from the 3,600 homes sold the same time last year. On a month-to-month basis, there was a 33.9 percent decrease compared to the 4,700 homes sold this past August.
While a double-digit percentage decrease is typical from August to September, this was the biggest drop in over 10 years. The median selling price for single-family homes in September was $340,000, a decrease of only 0.3 percent compared to $341,000 in September 2006.
On a month-to-month basis, the September median selling price is down 4.8% percent from $357,000 in August.