Massachusetts Real Estate Market Starts Strong in 2017

WALTHAM, Mass. – March 1, 2017 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that the 2017 real estate market started strong with the most closed home sales in a January since MAR began recording the data in 2004. Continuing buyer demand pushed closed sales up more three percent over last year. Single-family median prices also saw a hike over last year. Condominium sales and median price closed up in January as well.

January Closed Sales:

Single-Family January 2017 January 2016 %Change
Sales 3,400 3,294 +3.2%
Median Price $354,000 $329,700 +7.4%
  • Most closed sales in a January since 200
  • Closed sales have been up or flat for 11 out of the last 14 months
  • Median prices have been up or flat for 13 out of the last 14 months
Condominium January 2017 January 2016 %Change
Sales 1,278 1,228 +4.1%
Median Price $330,000 $310,000 +6.5%
  • Second most closed sales since January 2005 (1,382 closed sales)
  • Closed sales have been up for 11 out of the last 14 months
  • Median prices have been up or flat for 13 out of the last 14 months

“Despite rising prices and falling housing stock, remaining inventory is flying off the shelves,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “This is the lowest month’s supply of home listings that we have seen since MAR began recording the data in 2004, yet buyers are still showing the willingness to enter the Massachusetts market at this unique and highly competitive time.”

Inventory and Days on Market:

Single-Family January 2017 January 2016 %Change
Inventory 11,259 16,951 -33.6%
Months of Supply 2.3 3.7 -37.8%
Days on Market 82 114 -28.1%
New Listings 4,167 4,242 -1.8%
  • 59th time in the last 60 months of year-over-year inventory decreases
Condominium January 2017 January 2016 %Change
Inventory 3,211 4,529 -29.1%
Months of Supply 1.7 2.5 -32.0%
Days on Market 72 82 -12.2%
New Listings 1,805 1,642 +9.9%
  • Inventory down for 13 out of the last 14 months 

About the Massachusetts Association of Realtors®:

Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 24,000 members.  The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.

Contact:
by Eric Berman – eberman (at) marealtor (dot) com – 781-839-5507

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