Home Sales Slow Down in the Dog Days of Summer

Home Sales Slow Down in the Dog Days of Summer

Trend of decreasing inventory and new listings continue to inflate prices

WALTHAM, Mass. – August 23, 2016 — (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that home sales decreased for the first time in 14 months, after a year of several record highs. Prices pushed up again for the fifth month in a row as inventory continues to slide. Condominium sales also closed lower with median prices up from 2015.

July Closed Sales:

Single-Family July 2016 July 2015 %Change
Sales 5,799 6,745 -14.0%
Median Price $376,750 $364,000 +3.5%
  • Closed sales down for the first time in 14 months
  • Median prices have been up for the 15 out of the last 16 months
Condominium July 2016 July 2015 %Change
Sales 2,093 2,554 -18.1%
Median Price $360,000 $340,000 +5.9%
  • Closed sales down for the first time in nine months
  • Median prices have been up 12 out of the last 16 months

“Buyers finally took a break for the first time since May 2015,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. “So much of this year’s activity came early when the market typically is slow. We also know some buyers are getting priced out of the market, and the only way we can fix this is with more inventory.”

Inventory and Days on Market:

Single-Family July 2016 July 2015 %Change
Inventory 17,650 24,938 -29.2%
Months of Supply 3.6 5.8 -37.9%
Days on Market 78 77 +1.3%
New Listings 6,387 7,507 -14.9%
  • 54th straight month of year-over-year inventory decreases
  • New listings added to the market down for the fourth time in 12 months
Condominium July 2016 July 2015 %Change
Inventory 2,093 2,554 -18.1%
Months of Supply 2.4 3.5 -31.4%
Days on Market 58 66 -12.1%
New Listings 2,307 2,403 -4.0%
  • Inventory down for 11 out of the last 12 months
  • New listings added to the market down for the fourth time in 12 months

“Despite the slowdown in closed sales in July, the market continues to be intensely competitive,” said Blatz.  “It remains a very good time to put your home on the market if you’re interested in selling and Massachusetts needs a boost in supply more than ever.”

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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