Massachusetts Home Sales Down in December and Down for 2018
Inventory of single-family homes at record monthly lows
WALTHAM, Mass. – January 29, 2019 – (RealEstateRama) — The Massachusetts Association of Realtors® (MAR) reported today that closed sales for both single-family homes and condominiums dropped year-over-year from last December. There was a one percent drop in median price for single-family homes and condominiums compared to this time last year. This month saw the lowest number of single-family homes for sale in the month of December since MAR began reporting the data in 2004.
Year-end data for 2018 shows that total closed sales have had a two percent decrease for both single-family homes and condominiums. The year also saw an increase in average median prices for both single-family homes and condominiums compared to 2017.
December 2018 Closed Sales:
|
Single-Family |
December2018 |
December2017 |
%Change |
|
Sales |
4,129 |
4,544 |
-9.1% |
|
Median Price |
$375,000 |
$380,000 |
-1.3% |
- Closed sales have been down or flat 10 out of the last 12 months
- Median prices have been up or flat for 34 out of the last 36 months
|
Condominium |
December2018 |
December2017 |
%Change |
|
Sales |
1,504 |
1,702 |
-11.6% |
|
Median Price |
$355,000 |
$359,900 |
-1.4% |
- Closed sales have been down or flat for eight out of the last 12 months
- Median prices have been up or flat for 33 out of the last 36 months
“Whether it was December or all of 2018, the phrase that best describes this real estate market, was ‘lack of homes for sale’,” said 2019 MAR President Anne Meczywor, broker/associate at Roberts & Associates Realty Inc. in Lenox. “It’s not too much of a stretch to imagine we’ll be using the same phrase to describe 2019 if we can’t do something to increase production and encourage more homeowners who are on the fence about selling to put their homes on the market.”
2018 Year-End Closed Sales:
|
Single-Family |
2018 |
2017 |
%Change |
|
Sales |
56,444 |
57,630 |
-2.1% |
|
Median Price |
397,500 |
377,000 |
+5.4% |
|
Condominium |
2018 |
2017 |
%Change |
|
Sales |
21,887 |
22,335 |
-2.0% |
|
Median Price |
$375,000 |
$350,000 |
+7.1% |
December Inventory and Days on Market:
|
Single-Family |
December2018 |
December2017 |
%Change |
|
Inventory |
10,508 |
11,912 |
-11.8% |
|
Months of Supply |
2.2 |
2.5 |
-12.0% |
|
Days on Market |
67 |
69 |
-2.9% |
|
New Listings |
2,367 |
2,400 |
-1.4% |
- 82nd time in the last 83 months of year-over-year inventory decreases
- Lowest number of homes for sale in the month of December
|
Condominium |
December2018 |
December2017 |
%Change |
|
Inventory |
3,294 |
3,292 |
+0.1% |
|
Months of Supply |
1.8 |
1.8 |
0.0% |
|
Days on Market |
55 |
53 |
+3.8% |
|
New Listings |
827 |
804 |
+2.9% |
- Inventory down or flat for 33 out of the last 33 months
- Lowest number of condos for sale in the month of December
2018 Year-End Inventory and Days on Market:
|
Single-Family |
2018 |
2017 |
%Change |
|
Inventory (Monthly Avg.) |
14,125 |
15,291 |
-7.6% |
|
Months of Supply (Monthly Avg.) |
3.0 |
3.2 |
-6.3% |
|
Days on Market |
59 |
67 |
-11.9% |
|
New Listings |
74,629 |
73,545 |
+1.5% |
|
Condominium |
2018 |
2017 |
%Change |
|
Inventory (Monthly Avg.) |
4,011 |
4,339 |
-7.6% |
|
Months of Supply (Monthly Avg.) |
2.2 |
2.4 |
-8.3% |
|
Days on Market |
49 |
53 |
-7.5% |
|
New Listings |
27,608 |
26,968 |
+2.4% |
“Interest rates are a wild card. If they rise, it could make homes less affordable and cut demand for the upper-end but may fuel increased demand in the more affordable range, which is already facing short supply.” said Meczywor.
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 – 781-839-5507 – eberman (at) marealtor (dot) com |
