Massachusetts Median Home Prices Remain at the $400,000 Mark as Number of Homes for Sale Reach Lowest Level for July since 2004

WALTHAM, Mass. – August 22, 2017 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that the median price for a single-family home hit the $400,000 mark for the second month in a row in July. Single-family homes saw a dip in sales over last year, while condominiums sales rose slightly. Inventory also reached the lowest level for the month of July since MAR began recording the data in 2004.

July Closed Sales:

Single-Family July 2017 July 2016 %Change
Sales 5,709 5,777 -1.2%
Median Price $400,000 $380,000 +5.3%
  • This is the second month in a row median prices have reached $400,000 or higher
  • Closed sales have been down or flat seven out of the last 12 months
  • Median prices have been up or flat for 19 out of the last 20 months
Condominium July 2017 July 2016 %Change
Sales 2,193 2,128 +3.1%
Median Price $370,000 $358,950 +3.1%
  • Closed sales have been up or flat for seven out of the last 12 months
  • Median prices have been up or flat for 19 out of the last 20 months

“This is the second month in a row home prices in Massachusetts have been at or above the $400,000 mark, and we’re seeing it take a toll on the ability of some buyers to close transactions,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The demand is still there, but it’s the combination of price and inventory that’s catching up to buyers who are on the cusp of buying their first home, which has helped cause the dip we saw in closed sales this month.”

Inventory and Days on Market:

Single-Family July 2017 July 2016 %Change
Inventory 13,788 19,317 -28.6%
Months of Supply 2.9 4.1 -29.3%
Days on Market 50 76 -34.2%
New Listings 6,266 6,142 +2.0%
  • 65th time in the last 66 months of year-over-year inventory decreases
  • Lowest number of homes for sale in the month of July
  • New listings added to the market have been up for two out of the last 12 months
Condominium July 2017 July 2016 %Change
Inventory 3,750 5.155 -27.3%
Months of Supply 2.0 2.9 -31.0%
Days on Market 45 59 -23.7%
New Listings 2,222 2,265 -1.9%
  • Inventory down for 19 out of the last 20 months
  • Lowest number of homes for sale in the month of July

“New listings are up for only the second time this year,” said Yorkis. “Hopefully new listings added to the market will continue go up. While it won’t solve our historically low inventory problem, it is still critically important to keep the market moving.”

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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by Eric Berman – eberman (at) marealtor (dot) com – 781-839-5507

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