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

Home Sales Down in January as Inventory Remains at Record Low Levels

by Eric Berman - eberman@marealtor.com - 781-839-5507 | Feb 28, 2018

Home Sales Down in January as Inventory Remains at Record Low Levels

Second month in a row number of single-family homes for sale below 10,000

 

WALTHAM, Mass. – February 28, 2018 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for single-family homes fell slightly in January, while prices rose more than three percent. Condominium sales saw a drop in sales as well, with prices rising over six percent. Inventory dropped to a record low for the month of January. This is the second month in a row that the number of single-family homes for sale has been below the 10,000 mark.

 

January Closed Sales:

Single-Family

January 2018

January 2017

%Change

Sales

3,414

3,455

-1.2%

Median Price

$369,000

$354,900

+4.0%

 

  • Closed sales have been down five out of the last 12 months
  • Median prices have been up or flat for 26 out of the last 27 months

 

Condominium

January 2018

January 2017

%Change

Sales

1,231

1,320

-6.7%

Median Price

$355,000

$344,500

+6.1%

 

  • Closed sales have been down for six out of the last 12 months
  • Median prices have been up or flat for 26 out of the last 27 months

“It is challenging to start out the new year with such a deficit of housing inventory,” said 2018 MAR President Rita Coffey, general manager of CENTURY 21 Tullish & Clancy in Weymouth. “Unfortunately, Massachusetts residents selling their homes will not be enough to recover. Realtors® support housing production measures such as Governor Charlie Baker's Housing Choice Initiative in response to the inventory shortage.”

 

Inventory and Days on Market:

Single-Family

January 2018

January 2017

%Change

Inventory

9,188

13,471

-31.8%

Months of Supply

1.9

2.8

-32.1%

Days on Market

72

81

-11.1%

New Listings

3,557

4,152

-14.3%

 

  • 71st time in the last 72 months of year-over-year inventory decreases
  • Lowest number of homes for sale in the month of January

 

Condominium

January 2018

January 2017

%Change

Inventory

1,231

1,320

-6.7%

Months of Supply

1.4

2.1

-33.3%

Days on Market

61

61

-14.1%

New Listings

1,556

1,831

-15.0%

 

  • Inventory down or flat for 26 out of the last 27 months

 

“The dearth of inventory coupled with the downturn in new listings this month compounds the problem,” said Coffey. “The market is still busy and very competitive. Buyers need those new listings to keep their options open."

 

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.