Spring Market Blooming Despite Ongoing Inventory Shortage and High Prices

Number of homes for sale at lowest level since 2004

WALTHAM, Mass. – April 25, 2017 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that the number of closed single-family home sales were up more than two percent over March 2016, with median price also seeing a hike. This is despite the month seeing the lowest number of homes for sale since MAR began recording the data in 2004. Condominium sales and price also rose over last year.

March Closed Sales:

Single-Family March 2017 March 2016 %Change
Sales 3,615 3,540 +2.1%
Median Price $350,000 $328,375 +6.6%
  • Closed sales have been up for nine out of the last 12 months
  • Median prices have been up or flat for 15 out of the last 16 months
Condominium March 2017 March 2016 %Change
Sales 1,621 1,456 +11.3%
Median Price $334,950 $309,700 +8.2%
  • Closed sales have been up for eight out of the last 12 months
  • Median prices have been up or flat for 15 out of the last 16 months

“Strong buyer activity in the early winter pushed homes sales up in March after a slight dip in February,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “Unfortunately, without more inventory, prices will continue to rise and price buyers out of the market.”

Inventory and Days on Market:

Single-Family March 2017 March 2016 %Change
Inventory 11,892 18,118 -34.4%
Months of Supply 2.4 3.8 -36.8%
Days on Market 89 116 -23.3%
New Listings 7,180 8,300 -13.5%
  • 61st time in the last 62 months of year-over-year inventory decreases
Condominium March 2017 March 2016 %Change
Inventory 3,478 5,026 -30.8%
Months of Supply 1.9 2.7 -29.6%
Days on Market 65 85 -23.5%
New Listings 2,785 2,995 -7.0%
  • Inventory down for 15 out of the last 16 months

“This is the second straight month of record year-over-year inventory lows since we started tracking this data in 2004,” said Yorkis. “The problem of low inventory is one that needs to be addressed sooner than later if we want to keep the Massachusetts economy thriving.”

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

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

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