Run-up to Election Didn’t Keep Home Buyers on Sidelines as November Sales and Prices Reach New Highs for the Month

Homes for sale at lowest levels since January 2004

WALTHAM, Mass. – December 28, 2016 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that buyers didn’t let the presidential election season keep them from buying homes this past fall as closed home sales were up nearly 20 percent in November compared to the same time in 2015. Both sales and median prices for single-family homes reached their highest levels for November since 2004. Inventory continued its downward trend dropping to its lowest level since January 2004. Median prices and sales both rose for condominiums this month.

November Closed Sales:

Single-Family November 2016 November 2015 %Change
Sales 4,784 3,990 +19.9%
Median Price $365,000 $344,500 +6.0%
  • Closed sales have been up or flat for 10 out of the last 12 months
  • Most closed sales on record for a November
  • Median prices have been up or flat for 11 out of the last 12 months
Condominium November 2016 November 2015 %Change
Sales 1,723 1,505 +14.5%
Median Price $339,900 $335,000 +1.5%
  • Closed sales have been up for 10 out of the last 12 months
  • Median prices have been up or flat for 11 out of the last 12 months

“Any presidential election has the potential to cause buyers and sellers to hold off on getting into the market, but that wasn’t the case this past fall,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. “Buyers didn’t let debates, political ads or low inventory keep them from staying in the market and closing on homes in November.”

Inventory and Days on Market:

Single-Family November 2016 November 2015 %Change
Inventory 14,300 21,862 -34.6%
Months of Supply 2.9 4.9 -40.8%
Days on Market 75 95 -21.1%
New Listings 4,090 4,179 -2.1%
  • 58th straight month of year-over-year inventory decreases
  • New listings added to the market down for the eighth time in 12 months
Condominium November 2016 November 2015 %Change
Inventory 3,887 5,592 -30.5%
Months of Supply 2.1 3.2 -34.4%
Days on Market 59 73 -19.2%
New Listings 1,568 1,530 +2.5%
  • Inventory down for 11 out of the last 12 months
  • New listings added to the market up for the fifth time in 12 months

“Inventory reached a low this month that we haven’t seen since MAR began recording the data in January 2004,” said Blatz. “As long as we need more homes for sale it will remain a good time to put your house or condo on the market.”

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

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