Massachusetts Home Buyers Pushed Sales to Another Record for the Month of June

Massachusetts Home Buyers Pushed Sales to Another Record for the Month of June

Single-family median home prices hit $380,000 for the first time

WALTHAM, Mass. – July 26, 2016 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that home buyers pushed home sales to another record for the month of June. While year-over-year increases were more modest compared to previous months, single-family home median prices hit $380,000 for the first time. Condominium sales also closed higher with median prices up from 2015.

June Closed Sales:

Single-Family June 2016 June 2015 %Change
Sales 6,740 6,374 +5.7%
Median Price $380,000 $372,250 +2.1%
  • Most closed sales in the month of June since 2004
  • Closed sales have been up 17 out of the last 24 months
  • Median prices have been up for the 14 out of the last 15 months
Condominium June 2016 June 2015 %Change
Sales 2,646 2,630 +0.6%
Median Price $349,900 $330,000 +6.0%
  • Closed sales have been up or flat 12 of the last 16 months
  • Median prices have been up 11 out of the last 15 months

“The competition to buy a home in Massachusetts right now very intense,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. “Buyers are having to use every additional dollar worth of purchasing power they are getting from these historically-low interest rates to close a deal.”

Inventory and Days on Market:

Single-Family June 2016 June 2015 %Change
Inventory 17,711 24,649 -28.1%
Months of Supply 3.6 5.8 -37.9%
Days on Market 81 85 -4.7%
New Listings 8,612 9,391 -8.3%
  • 53rd straight month of year-over-year inventory decreases
  • New listings added to the market down for the third time in 12 months
Condominium June 2016 June 2015 %Change
Inventory 2,646 2,630 +0.6%
Months of Supply 2.3 3.6 -36.1%
Days on Market 64 64 0.0%
New Listings 2,816 3,031 -7.1%
  • First time in 65 months that inventory has increased
  • New listings added to the market down for the third time in 12 months

“While we need more than just homeowners to list their homes for sale to meet our inventory shortage, it is the most immediate thing we can do to help boost supply,” said Blatz.

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 | Jul 26, 2016

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