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

Massachusetts Home Sales Essentially Flat in August

by Eric Berman - eberman@marealtor.com - 781-839-5507 | Sep 26, 2018

Inventory of single-family homes and condominiums still at record monthly lows  

WALTHAM, Mass. – August 26, 2018 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for both single-family homes and condominiums remained essentially flat in August. The median price for both categories increased year-over-year. August saw the lowest number of single-family homes and condominiums for sale in the month of August since MAR began reporting the data since 2004. 

August 2018 Closed Sales: 

Single-Family

August 2018

August 2017

% Change

Sales

6,368

6,424

-0.9%

Median Price

$418,200

$392,000

+6.7%

 

  • Closed sales have been down or flat 10 out of the last 12 months 

  • Median prices have been up or flat for 33 out of the last 34 months 

 

Condominium

August 2018

August 2017

% Change

Sales

2,411

2,394

+0.7%

Median Price

$385,000

$349,000

+10.3%

 

  • Closed sales have been up or flat for six out of the last 12 months 

  • Median prices have been up or flat for 33 out of the last 34 months 

 

“For the most part, we saw the same story of rising prices and low inventory in August,” said 2018 MAR President Rita Coffey, general manager of CENTURY 21 Tullish & Clancy in Weymouth. “Homes that closed in August were the final sales of the late spring market and we’re not surprised they’re flat after being up in July.” 

 

Inventory and Days on Market:  

Single-Family

August 2018

August 2017

% Change

Inventory

14,597

16,781

-13.0%

Months of Supply

3.0

3.5

-14.3%

Days on Market

49

55

-10.9%

New Listings

6,784

6,565

+3.3%

 

  • 78th time in the last 79 months of year-over-year inventory decreases  

  • Lowest number of homes for sale in the month of August 

 

Condominium

August 2018

August 2017

%Change

Inventory

3,767

4,519

-16.6%

Months of Supply

2.0

2.5

-20.0%

Days on Market

43

47

-8.5%

New Listings

2,328

2,139

+8.8%

 

  • <p xml:lang="EN-US" paraid="793931445" paraeid="{f58cb760-3664-4b32-aa71-e166879aa026}{139}">Inventory down or flat for 30 out of the last 31 months 

     

  • <p xml:lang="EN-US" paraid="1011564578" paraeid="{f58cb760-3664-4b32-aa71-e166879aa026}{142}">Lowest number of condos for sale in the month of August 

     

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“New listings came onto the market in August, but we’ll need other sources of inventory to truly deal with this deficit,” said Coffey.  

 

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.