Closed Home Sales Remain Essentially Flat in September Over Last Year

Closed Home Sales Remain Essentially Flat in September Over Last Year

Inventory Dips to Lowest Level Since Winter 2015

WALTHAM, Mass. – October 27, 2016 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that home sales remained essentially flat over in September compared to the same time last year. Inventory continued to fall this month, dropping to its lowest level since February 2015. The median price in September continued its upward trend. Condominium sales closed slightly higher with median prices up almost 10 percent from 2015.

September Closed Sales:

Single-Family September 2016 September 2015 %Change
Sales 5,203 5,217 -0.3%
Median Price $350,000 $340,000 +2.9%
  • Closed sales have been up or flat for 11 out of the last 12 months
  • Median prices have been up for 11 out of the last 12 months
Condominium September 2016 September 2015 %Change
Sales 1,966 1,946 +1.0%
Median Price $335,000 $305,000 +9.8%
  • Closed sales have been up for 10 out of the last 12 months
  • Median prices have been up or flat for 11 out of the last 12 months

“Closed sales were pretty much flat in September,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. “Even with strong buyer activity in the summer, there are not enough homes available to push closed sales up.”

Inventory and Days on Market:

Single-Family September 2016 September 2015 %Change
Inventory 17,575 25,544 -31.2%
Months of Supply 3.6 5.8 -37.9%
Days on Market 75 89 -15.7%
New Listings 7,357 7,685 -4.3%
  • 56th straight month of year-over-year inventory decreases
  • New listings added to the market down for the sixth time in 12 months
Condominium September 2016 September 2015 %Change
Inventory 4,619 6,425 -28.1%
Months of Supply 2.5 3.7 -32.4%
Days on Market 60 73 -17.8%
New Listings 2,736 2,777 -1.5%
  • Inventory down for 11 out of the last 12 months
  • New listings added to the market down for the sixth time in 12 months

“Inventory plummeted yet again in September, this time to lows we haven’t seen since the winter of 2015,” said Blatz. “So far, buyers have been able to accommodate increasing prices, but the shortage of homes for sale could start pricing buyers out of the market. If you’re thinking of putting your home up for sale, now is the time.”

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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