Massachusetts Real Estate Market Starts Strong in 2017
WALTHAM, Mass. – March 1, 2017 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that the 2017 real estate market started strong with the most closed home sales in a January since MAR began recording the data in 2004. Continuing buyer demand pushed closed sales up more three percent over last year. Single-family median prices also saw a hike over last year. Condominium sales and median price closed up in January as well.
January Closed Sales:
| Single-Family | January 2017 | January 2016 | %Change |
| Sales | 3,400 | 3,294 | +3.2% |
| Median Price | $354,000 | $329,700 | +7.4% |
- Most closed sales in a January since 200
- Closed sales have been up or flat for 11 out of the last 14 months
- Median prices have been up or flat for 13 out of the last 14 months
| Condominium | January 2017 | January 2016 | %Change |
| Sales | 1,278 | 1,228 | +4.1% |
| Median Price | $330,000 | $310,000 | +6.5% |
- Second most closed sales since January 2005 (1,382 closed sales)
- Closed sales have been up for 11 out of the last 14 months
- Median prices have been up or flat for 13 out of the last 14 months
“Despite rising prices and falling housing stock, remaining inventory is flying off the shelves,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “This is the lowest month’s supply of home listings that we have seen since MAR began recording the data in 2004, yet buyers are still showing the willingness to enter the Massachusetts market at this unique and highly competitive time.”
Inventory and Days on Market:
| Single-Family | January 2017 | January 2016 | %Change |
| Inventory | 11,259 | 16,951 | -33.6% |
| Months of Supply | 2.3 | 3.7 | -37.8% |
| Days on Market | 82 | 114 | -28.1% |
| New Listings | 4,167 | 4,242 | -1.8% |
- 59th time in the last 60 months of year-over-year inventory decreases
| Condominium | January 2017 | January 2016 | %Change |
| Inventory | 3,211 | 4,529 | -29.1% |
| Months of Supply | 1.7 | 2.5 | -32.0% |
| Days on Market | 72 | 82 | -12.2% |
| New Listings | 1,805 | 1,642 | +9.9% |
- Inventory down for 13 out of the last 14 months
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.
Contact:
by Eric Berman – eberman (at) marealtor (dot) com – 781-839-5507
