Massachusetts Closed Home Sales Reached New December Highs 2015 was strong year for sales and median prices
WALTHAM, Mass – January 28, 2015 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that 2015 closed out with seven straight months of sales increases with December having the most closed sales of any December since 2004. Median prices were also up for seven straight months as home values neared pre-recession peaks. While condominium sales were up in December, prices were flat from 2014. The past 12 months was a very positive year for home sales in Massachusetts as both single-family and condominium sales and median prices were up over 2014.
December Closed Sales:
| Single-Family | December 2015 | December 2014 | %Change |
| Sales | 4,708 | 4,170 | +12.9% |
| Median Price | $345,000 | $330,000 | +4.5% |
- Most closed sales in a December since 2004
- Closed sales have been up 11 out of the last 18 months
- Median sales prices close to December 2004/2005 levels
- Median prices have been up 16 out of the last 18 months
| Condominium | December 2015 | December 2014 | %Change |
| Sales | 1,741 | 1,592 | +9.4% |
| Median Price | $319,450 | $320,000 | -0.02% |
- Most closed sales since December 2005 (1,744 closed sales)
- Closed sales have been up or flat seven of the last 18 months
- Median prices have been up 14 out of the last 18 months
“Buyers overcame the ongoing shortage of homes for sale to push closings in December to new heights,” said 2016 MAR President Annie Blatz, branch executive at Kinlin-Grover Real Estate in Brewster. “Neither new closing procedures from the Consumer Financial Protection Bureau or ongoing talk of interest rate hikes by the Federal Reserve in the fall slowed down buyers and their desire to get into their new homes by the end of the year.”
2015 Year-End Closed Sales:
| Single-Family | Year to Date 2015 | Year to Date 2014 | %Change |
| Sales | 53,014 | 48,522 | +9.4% |
| Median Price | $345,000 | $336,000 | +2.7% |
| Condominium | Year to Date 2015 | Year to Date 2014 | %Change |
| Sales | 20,688 | 19,981 | +3.4% |
| Median Price | $322,200 | $315,000 | +2.3% |
“Buyer demand was consistently strong in 2015, but it still took a few months of ups and downs for the market to hit its stride and close out the year with seven straight months of sales increases,” said Blatz. “Increasing home values in 2015 were good for homeowners who were once underwater, but increasing home prices will start to have negative impact on the market if we are unable to add more inventory.”
Inventory and Days on Market:
| Single-Family | December 2015 | December 2014 | %Change |
| Inventory | 14,875 | 18,630 | -20.2% |
| Months of Supply | 3.2 | 4.6 | -30.4% |
| Days on Market | 102 | 108 | -5.6% |
| New Listings | 2,814 | 2,553 | +10.2% |
- 47th straight month of year-over-year inventory decreases
| Condominium | December 2015 | December 2014 | %Change |
| Inventory | 3,843 | 4,718 | -18.5% |
| Months of Supply | 2.1 | 2.9 | -27.6% |
| Days on Market | 74 | 82 | -9.8% |
| New Listings | 1,058 | 955 | +10.8% |
- 62nd straight month of year-over-year inventory decreases
2014 Year-End Inventory and Days on Market:
| Single-Family | 2015 | 2014 | %Change |
| Inventory (Avg.) | 21,258 | 23,090 | -7.9% |
| Months of Supply (Avg.) | 4.9 | 5.7 | -13.5 |
| Days on Market | 97 | 99 | -2.0% |
| New Listings | 78,865 | 75,713 | +4.2% |
| Condominium | 2015 | 2014 | %Change |
| Inventory (Avg.) | 5,369 | 5,942 | 9.6% |
| Months of Supply (Avg.) | 3.2 | 3.6 | 11.4% |
| Days on Market | 75 | 78 | -3.8% |
| New Listings | 27,418` | 26,303 | +4.2% |
About the Massachusetts Association of Realtors®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 22,000+ 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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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.
