Closed Home Sales Dip in October for the Third Time This Year
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Closed Home Sales Dip in October for the Third Time This Year

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Median Prices Continue to Rise Over Last Year

WALTHAM, Mass.- (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that home sales fell in October compared to the same time in 2015, during a year that has otherwise mostly seen an upward trend in sales. Inventory continued to dip this month, dropping to its lowest level since January 2005. Median prices increased again for both single-family homes and condominiums.

October Closed Sales:

Single-Family October 2016 October 2015 %Change
Sales 4,596 4,870 -5.6%
Median Price $354,000 $335,000 +5.7
  • Closed sales have been down or flat for 3 out of the last 12 months
  • Median prices have been up or flat for 11 out of the last 12 months
Condominium October 2016 October 2015 %Change
Sales 1,651 1,752 -5.8%
Median Price $325,000 $318,000 +2.2%
  • Closed sales have been down or flat for 3 out of the last 12 months
  • Median prices have been up or flat for 11 out of the last 12 months

“This is only the third time Massachusetts has seen a decrease in year-over-year closed sales this year,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. “The demand continues to be there, but when there are so few homes for sale, it’s hard for the number of sales to continue to go up.”

Inventory and Days on Market:

Single-Family October 2016 October 2015 %Change
Inventory 16,418 24,391 -32.7%
Months of Supply 3.3 5.5 -40.0%
Days on Market 76 96 -20.8%
New Listings 5,740 6,485 -11.5%
  • 57th straight month of year-over-year inventory decreases
  • New listings added to the market down for the seventh time in 12 months
Condominium October 2016 October 2015 %Change
Inventory 4,431 6,217 -28.7%
Months of Supply 2.4 3.6 -33.3%
Days on Market 60 74 -18.9%
New Listings 2,098 2,280 -8.0%
  • Inventory down for 11 out of the last 12 months
  • New listings added to the market down for the seventh time in 12 months

“This year has been month after month of inventory shortages, but in October we saw a new low that hasn’t been seen since winter of 2005,” said Blatz. “We need more homes for sale and if you’re thinking about selling, now is a good time to put your home on the market.”

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.

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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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