Busy Spring Season is in Full Swing as Massachusetts Experiences a Record May in Closed Home Sales

Busy Spring Season is in Full Swing as Massachusetts Experiences a Record May in Closed Home Sales

New listings added to the market down for the second month in a row

WALTHAM, Mass – June 28, 2016 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that the busy early spring and late winter showed no sign of slowing down as closed home sales rose over 17 percent in May from this time last year. Median prices also rose incrementally as new listings coming on the market fell for the second month in a row. Condominium sales also closed higher with median prices up close to three percent from 2015.

May Closed Sales:

Single-Family May 2016 May 2015 %Change
Sales 4,966 4,235 +17.3%
Median Price $353,000 $340,000 +3.8%
  • Most closed sales in the month of May since 2004
  • Closed sales have been up 16 out of the last 23 months
  • Median prices have been up for the 13 out of the last 14 months

 

Condominium May 2016 May 2015 %Change
Sales 1,997 1,866 +7.0%
Median Price $340,000 $330,000 +3.0%
  • Closed sales have been up or flat 11 of the last 15 months
  • Median prices have been up 10 out of the last 14 months

“Buyers snatched up homes as soon as they came on the market in the spring and once again pushed closed sales up,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. “Although new listings had been on the rise, they are down for the second straight month in May. We need to encourage hesitant sellers to add to the inventory by listing their home in order to keep the market moving and prices from going too high.”

Inventory and Days on Market:

Single-Family May 2016 May 2015 %Change
Inventory 17,120 23,530 -27.2%
Months of Supply 3.4 5.7 -40.4%
Days on Market 94 106 -11.3%
New Listings 8,663 10,445 -17.1%
  • 52nd straight month of year-over-year inventory decreases
  • New listings added to the market down for the second time in 12 months

 

Condominium May 2016 May 2015 %Change
Inventory 4,310 6,026 -28.5%
Months of Supply 2.3 3.6 -36.1%
Days on Market 70 70 0.0%
New Listings 2,837 3,318 -14.5%
  • 65th straight month of year-over-year inventory decreases
  • New listings added to the market down for the second time in 12 months

 

About the Massachusetts Association of Realtors®:

Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 22,000+ 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.

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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.

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

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