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Spring Market Blooming Despite Ongoing Inventory Shortage and High Prices

Number of homes for sale at lowest level since 2004

WALTHAM, Mass. The Massachusetts Association of Realtors® (MAR) reported that as of April 25the number of closed single-family home sales were up more than two percent over March 2016, with median price also seeing a hike. This is despite the month seeing the lowest number of homes for sale since MAR began recording the data in 2004. Condominium sales and price also rose over last year.

March Closed Sales:

Single-Family March 2017 March 2016 %Change
Sales 3,615 3,540 +2.1%
Median Price $350,000 $328,375 +6.6%
  • Closed sales have been up for nine out of the last 12 months
  • Median prices have been up or flat for 15 out of the last 16 months
Condominium March 2017 March 2016 %Change
Sales 1,621 1,456 +11.3%
Median Price $334,950 $309,700 +8.2%
  • Closed sales have been up for eight out of the last 12 months
  • Median prices have been up or flat for 15 out of the last 16 months

“Strong buyer activity in the early winter pushed homes sales up in March after a slight dip in February,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “Unfortunately, without more inventory, prices will continue to rise and price buyers out of the market.”

Inventory and Days on Market:

Single-Family March 2017 March 2016 %Change
Inventory 11,892 18,118 -34.4%
Months of Supply 2.4 3.8 -36.8%
Days on Market 89 116 -23.3%
New Listings 7,180 8,300 -13.5%
  • 61st time in the last 62 months of year-over-year inventory decreases
Condominium March 2017 March 2016 %Change
Inventory 3,478 5,026 -30.8%
Months of Supply 1.9 2.7 -29.6%
Days on Market 65 85 -23.5%
New Listings 2,785 2,995 -7.0%
  • Inventory down for 15 out of the last 16 months

“This is the second straight month of record year-over-year inventory lows since we started tracking this data in 2004,”said Yorkis. “The problem of low inventory is one that needs to be addressed sooner than later if we want to keep the Massachusetts economy thriving.”

In this very tight Massachusetts real estate market for buyers, you will have an advantage by working with a member of the Massachusetts Association of Buyer Agents. These men and women will work exclusively on your behalf to help you find properties that meet your financial and lifestyle needs. Find an MABA agent here.

 
 
 

Latest from the Blog

  • 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
    Sales 6,723 6,128 9.7%
    Median Price $410,000 $380,000 7.9%
    • Pending sales have been up 51 of the last 52 months 
    Condominium June2017 June2016 % Change
    Sales 2,596 2,307 12.5%
    Median Price $370,000 $349,900 2.9%
    • 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: 

    Confidence Index June2017 June2016 %Change
    Market 80.73 80.97 -0.29%
    Price 71.79 73.87 -2.82%
    • 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.