Closed Home Sales Rise Despite Record Low Inventory for Month of October

Closed Home Sales Rise Despite Record Low Inventory for Month of October

New listings added to the market went up

WALTHAM, Mass. – November 29, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for single-family homes saw a hike of almost six percent, while prices rose more than five percent. Year-over-year condominium sales also saw a bump, with prices rising almost four percent. Inventory dropped to a record low for the month of October.

October Closed Sales:

Single-Family October 2017 October 2016 %Change
Sales 4,810 4,542 +5.9%
Median Price $375,000 $355,555 +5.5%
  • Closed sales have been up or flat seven out of the last 12 months
  • Median prices have been up or flat for 23 out of the last 24 months
Condominium October 2017 October 2016 %Change
Sales 1,766 1,671 +5.7%
Median Price $339,700 $327,000 +3.9%
  • Closed sales have been up or flat for eight out of the last 12 months
  • Median prices have been up or flat for 23 out of the last 24 months

“Demand has been consistently strong throughout the year, but whether sales have closed up or down has been a bit of a rollercoaster ride because of inventory,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “While prices in October were up over last year, compared to some of the highs in 2017 they have become somewhat more reasonable, giving more buyers an opportunity.”

Inventory and Days on Market:

Single-Family October 2017 October 2016 %Change
Inventory 13,571 18,138 -25.2%
Months of Supply 2.9 3.9 -25.6%
Days on Market 61 75 -18.7%
New Listings 5,900 5,549 +6.3%
  • 68th time in the last 69 months of year-over-year inventory decreases
  • Lowest number of homes for sale in the month of October
  • New listings added to the market up in October for the fourth straight month.
Condominium October 2017 October 2016 %Change
Inventory 3,777 5,074 -25.6%
Months of Supply 2.0 2.8 -28.6%
Days on Market 49 59 -16.9%
New Listings 2,225 2,111 +5.4%
  • Inventory down or flat for 23 out of the last 24 months
  • Lowest number of condominiums for sale in the month of October

“It’s always good to see new listings on the upswing as we head into the winter market,” said Yorkis. “While new listings alone won’t solve our inventory crisis, it’s an important part of the overall solution to making sure there are enough homes to buy for all the people who want to buy one.”

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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