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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

  • Closed Home Sales Down in April After Record Inventory Lows and Rising Prices

    Median Sales Prices Have Seen Year-Over-Year Increases for 19 Straight Months

    WALTHAM, Mass. – May 23, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that low inventory and rising prices caught up to the spring market, with single-family home sales decreasing over eight percent from this time last year. Both single-family and condominium prices saw a hike. Condominium sales decreased almost 10 percent from April 2016.

    April Closed Sales:

    Single-Family April 2017 April 2016 %Change
    Sales 3,735 4,082 -8.5%
    Median Price $362,500 $349,900 +3.6%
    • Closed sales have been down for four out of the last 12 months
    • Median prices have been up or flat for 16 out of the last 17 months
    Condominium April 2017 April 2016 %Change
    Sales 1,455 1,607 -9.5%
    Median Price $345,000 $329,950 +4.6%
    • Closed sales have been down for four out of the last 12 months
    • Median prices have been up or flat for 16 out of the last 17 months

    “With the current trend of plunging inventory and rising prices, the odds were strong that sales increases of the winter market would be unsustainable through the spring,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The demand is there; we just need more homes on the market to satisfy that demand.”

    Inventory and Days on Market:

    Single-Family April 2017 April 2016 %Change
    Inventory 13,234 19,392 -31.8%
    Months of Supply 2.7 4.0 -32.5%
    Days on Market 81 107 -24.3%
    New Listings 7,706 8,513 -9.5%
    • 62nd time in the last 63 months of year-over-year inventory decreases
    Condominium April 2017 April 2016 %Change
    Inventory 1,455 1,607 -9.5%
    Months of Supply 2.0 2.8 -28.6%
    Days on Market 60 78 -23.1%
    New Listings 2,640 2,971 -11.1%
    • Inventory down for 16 out of the last 17 months

    “Unfortunately, our existing level of inventory makes it hard for us to meet our current and future housing needs,” said Yorkis. “If we don’t do anything soon, it will have a negative impact on the entire Massachusetts economy.”

    If you are thinking of buying a home anywhere in the state of Massachusetts, it is in your best interest to work with a member of the Massachusetts Association of Buyer Agents. These men and women are dedicated to working exclusively on your behalf to ensure that you have the best possible home-buying experience. Find a MABA agent here.