Massachusetts Pending Home Sales and Median Price Up Again in June
The Massachusetts Association of Realtors® (MAR) reported today that single-family pending home sales were up over nine percent in June from last year. Pending condominium sales were also up more than 12 percent. The median price for both single-family homes and condos saw a hike, with the single-family median price rising over the $400,000 mark. Realtors® confidence both in the market and in home prices dipped slightly in June. This month’s “Hot Topic” question finds that the majority of Realtors® surveyed have had at least one transaction that was an all-cash deal (i.e. no mortgage involved) since the beginning of the year.
June Pending Sales:
|Single Family||June 2017||June2016||% Change|
- Pending sales have been up 51 of the last 52 months
- Pending sales have been up or flat 20 of the last 22 months
“The increase in homes put under agreement this month may be a positive sign for a spring market that has suffered plummeting inventory,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “However, median prices have continued to rise, which can push some buyers out of the market.”
Realtor® Market and Price Confidence Indexes:
- The Realtor® Market Confidence Index went down for the first time in 27 months
- The Realtor® Price Confidence Index went down for the first time in six months
- Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition
“The Realtor® Market Confidence Index has dipped year-over-year for the first time in over two years, indicating that Realtors® are growing concerned about some of their buyers being able to succeed in this market,” said Yorkis. “However, both indexes reveal that ultimately Realtors® remain positive. We just need to see more inventory to keep up with the demand.”
With home inventory being as tight as it is, you want to give yourself every advantage if you are thinking of buying a home in Massachusetts. For the best possible experience, be sure to work with an agent who is a member of the Massachusetts Association of Buyer Agents.
Many Massachusetts Home Buyers are Paying Cash
Over half of Realtors® surveyed have been involved with at least one all-cash home sale since the start of 2017.
The June “Hot Topic” question asked by the Massachusetts Association of Realtors (MAR) queried agents about how many buyer or seller transactions have been cash deals since the start of the year. Of those Realtors® who responded, about 47 percent reported that some of their transactions had been cash deals. Another 44 percent responded that they had seen no cash deals since the start of the year. A remaining nine percent reported that either half of their transactions (5%) or more than half (4%) of their transactions had been cash deals.
“We see prices continuing to go up, but there is still a segment of buyers who are paying all cash when buying a home. It’s good for sellers, but can be especially hard on first-time homebuyers who need to have a mortgage,” said MAR President Paul Yorkis.
If you are a first time homebuyer in Massachusetts, give yourself an advantage in this competitive market by working with a member of the Massachusetts Association of Buyer Agents. These agents are dedicated to making sure that you, the buyer, have the best possible experience when buying a home in Massachusetts. Find a MABA agent here.