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.
The 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.
Plummeting inventory caused single-family closed sales to dip year-over-year in February, as prices continued to rise. This is the 12th straight month of year-over-year increases in median price. Condominium sales also fell compared to last year, while prices saw another increase.
The 2017 real estate market started strong with the most closed home sales in a January since MAR began recording the data in 2004. Continuing buyer demand pushed closed sales up more three percent over last year. Single-family median prices also saw a hike over last year. Condominium sales and median price closed up in January as well.
December closed out with single-family home sales essentially at the same pace as last year. Eleven of the 12 months of the year saw an increase in home sales over 2015. Median prices were also up for 10 straight months as home values reached new highs. Condominium sales were down in December, after a year of mostly increases. Overall, 2016 was a positive year for home sales in Massachusetts as both year-end single-family and condominium sales and median prices were up over 2015.
Buyers didn’t let the presidential election season keep them from buying homes this past fall as closed home sales were up nearly 20 percent in November compared to the same time in 2015. Both sales and median prices for single-family homes reached their highest levels for November since 2004. Inventory continued its downward trend dropping to its lowest level since January 2004. Median prices and sales both rose for condominiums this month.