Media Contact: Eric Berman - 781-839-5507 - eberman@marealtor.com

Massachusetts Home Sales Drop as Inventory Reaches New Low for Month of September

by Eric Berman - eberman@marealtor.com - 781-839-5507 | Oct 24, 2017

WALTHAM, Mass. – October 24, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for single-family homes dropped almost six percent this September over last year, while prices rose eight percent. Year-over-year condominium sales also saw a dip, with prices rising almost four percent. Inventory reached a record low for the month of September.

September Closed Sales:

Single-Family

September 2017

September 2016

%Change

Sales

4,883

5,186

-5.8%

Median Price

$380,000

$352,000

+8.0%

  • Closed sales have been down or flat nine out of the last 12 months
  • Median prices have been up or flat for 21 out of the last 22 months

Condominium

September 2017

September 2016

%Change

Sales

1,864

2,017

-7.6%

Median Price

$350,000

$337,000

+3.9%

  • Closed sales have been down or flat for seven out of the last 12 months
  • Median prices have been up or flat for 21 out of the last 22 months

“This is the sixth month in a row of year-over-year decreases in single-family home sales,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “Unfortunately, the low inventory situation coupled with rising prices are taking a toll on some buyers’ ability to compete in this market.”

Inventory and Days on Market:

Single-Family

September 2017

September 2016

%Change

Inventory

14,519

19,261

-24.6%

Months of Supply

3.1

4.1

-24.4%

Days on Market

60

74

-18.9%

New Listings

7,181

7,159

+0.3%

  • 67th time in the last 68 months of year-over-year inventory decreases
  • Lowest number of homes for sale in the month of September
  • New listings added to the market up in September for the third straight month.

Condominium

September 2017

September 2016

%Change

Inventory

4,079

5,269

-22.6%

Months of Supply

2.2

2.9

-24.1%

Days on Market

50

60

-16.7%

New Listings

2,666

2,736

-2.6%

  • Inventory down for 21 out of the last 22 months
  • Lowest number of homes for sale in the month of September

“We need to see more listings come on to the market to deal with these record inventory lows,” said Yorkis. “These listings could come from new production, people moving in with their families or in accessory dwelling units— any way it comes, young and first-time homebuyers especially will be grateful.”

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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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.