Report: Housing market continues to cool
The monthly sales report from the Massachusetts Association of Realtors shows a continued decline in sales of detached single-family homes in the Bay State, representing a 16.6 percent drop from the same time last year.
In December, 2,980 homes were sold, down from 3,574 single-family homes sold in December of 2005. The monthly median selling price in December also declined, dropping to $335,000 from $354,000 at the same time last year, a decline of 5.4 percent. Inventory figures rose last month, showing a 2.9 percent increase over December of '05, with 30,651 homes on the market compared to 29,771 last year. Detached single family homes stayed on the market longer in '06, rising to 138 days average time on the market from 104 days in December of '05.
Condo sales fell 8.2 percent in December, while the prices rose from $264,950 in December of '05 to $270,000 last month. Also rising was the number of condos for sale, up 13.7 percent from 14,581 units last December to 16,581 units in December of 2006. Condo sales also showed condos to be sitting on the market longer, with average condo listing times rising from 98 days in December of 2005 to 134 days last month.
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