Slight Increases in Both Closed Sales and Prices Across the Board in August

Slight Increases in Both Closed Sales and Prices Across the Board in August

Massachusetts Single-family home median price nears record highs

WALTHAM, Mass. – September 29, 2016 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that home sales increased again over August of last year. Inventory decreases and ongoing buyer demand continue to push median prices up, nearing record highs for August. Condominium sales also closed slightly higher with median prices up from 2015.

August Closed Sales:

Single-Family August 2016 August 2015 %Change
Sales 6,254 6,015 +4.0%
Median Price $375,000 $365,000 +2.7%
  • Closed sales have been up for 11 out of the last 12 months
  • Median prices have been up for 11 out of the last 12 months
Condominium August 2016 August 2015 %Change
Sales 2,290 2,272 +0.8%
Median Price $345,000 $335,450 +2.8%
  • 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

“After a very busy winter and early spring market closed sales dipped a bit in July, but strong buyer demand once again pushed sales back up in August,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. “Prices are nearing record highs again and we desperately need more inventory to keep people in the market as we head into the last quarter of the year.”

Inventory and Days on Market:

Single-Family August 2016 August 2015 %Change
Inventory 16,994 25,086 -32.3%
Months of Supply 3.4 5.8 -41.4%
Days on Market 75 81 -7.4%
New Listings 6,417 6,865 -6.5%
  • 55th straight month of year-over-year inventory decreases
  • New listings added to the market down for the fifth time in 12 months
Condominium August 2016 August 2015 %Change
Inventory 4,168 5,959 -30.1%
Months of Supply 2.2 3.4 -35.3%
Days on Market 62 67 -7.5%
New Listings 2,129 2,191 -2.8%
  • Inventory down for 11 out of the last 12 months
  • New listings added to the market down for the fifth time in 12 months

“The number of single-family homes for sale in August was the lowest we’ve seen since the winter, making the market an extremely competitive one,” said Blatz.

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.

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

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