Dip in Closed Home Sales for Month of May as Median Prices Hit All-Time High
Homes for sale reach lowest level for May since 2004
WALTHAM, Mass. – June 28, 2017 –- (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today both single-family and condominium saw a slight dip in sales in May from last year. Despite the drop, median home prices for both single-family homes and condominiums hit new all-time highs. Inventory also reached the lowest level for the month of May since MAR began recording the data in 2004.
May Closed Sales:
| Single-Family | May 2017 | May 2016 | %Change |
| Sales | 4,930 | 5,047 | -2.3% |
| Median Price | $385,000 | $352,700 | +9.2% |
- Closed sales have been down or flat five out of the last 12 months
- Median prices hit all-time high in May 2017. Previous high was June 2016 – $380,000
- Median prices have been up or flat for 17 out of the last 18 months
| Condominium | May 2017 | May 2016 | %Change |
| Sales | 2,061 | 2,067 | -0.3% |
| Median Price | $369,950 | $343,000 | +7.9% |
- Closed sales have been down or flat for six out of the last 12 months
- Median prices hit an all-time high in May 2017. Previous high was July 2016 – $356,000
- Median prices have been up or flat for 17 out of the last 18 months
“It’s not often that you see sales go down and prices hitting all-time highs,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “However, with the number of homes for sale so low, and demand so high, this is what we get. While we’ll be ok in the short-term, if we don’t find a way to produce more housing our economy will feel the impact.”
Inventory and Days on Market:
| Single-Family | May 2017 | May 2016 | %Change |
| Inventory | 13,918 | 20,065 | -30.6% |
| Months of Supply | 2.9 | 4.1 | -29.3% |
| Days on Market | 68 | 94 | -27.7% |
| New Listings | 8,968 | 8,611 | +4.1% |
- 63rd time in the last 64 months of year-over-year inventory decreases
- Lowest number of homes for sale in the month of May
- New listings added to the market up for the first time in a year
| Condominium | May 2017 | May 2016 | %Change |
| Inventory | 3,876 | 5,260 | -26.3% |
| Months of Supply | 2.1 | 2.9 | -27.6% |
| Days on Market | 52 | 70 | -25.7% |
| New Listings | 3,125 | 2,846 | +9.8% |
- Inventory down for 17 out of the last 18 months
- Lowest number of homes for sale in the month of May
“Inventory may have reached a new low, but listings added to the market went up for the first time in over a year.” said Yorkis. “This is a positive development, and a trend that must continue if we are to meet future housing demands.”
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
