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.
Home sales fell in October compared to the same time in 2015, during a year that has otherwise mostly seen an upward trend in sales. Inventory continued to dip this month, dropping to its lowest level since January 2005. Median prices increased again for both single-family homes and condominiums.
Read more in the full October 2016 Closed Sales Release.
Highlights from the release:
October single-family home sales went down -5.6% over last year. (4,596 sales in 2016 from 4,870 sales in October 2015)
October single-family median prices went up 5.7% year-over-year (to $354,000 in 2016 from $335,000 in October 2015)
October condo sales went down -5.8% and median prices went up 2.2% (to $325,000)
Inventory in October went down -32.7% to 16,418 and condominiums available down -28.7% to 4,431
SF listings added to the market in October went down -11.5% over last year. (5,740 from 6,485 in 2015)
Condo listings added to the market went down -8.0% over last year. (2,098 from 2,280 in 2015)
Home sales increased again over August of last year. Inventory decreases and ongoing buyer demand continue to push median prices up, nearing record highs for August. Condominium sales also closed slightly higher with median prices up from 2015.
Home sales decreased for the first time in 14 months, after a year of several record highs. Prices pushed up again for the fifth month in a row as inventory continues to slide. Condominium sales also closed lower with median prices up from 2015.
The busy early spring and late winter showed no sign of slowing down as closed home sales rose over 17 percent in May from this time last year. Median prices also rose incrementally as new listings coming on the market fell for the second month in a row. Condominium sales also closed higher with median prices up close to three percent from 2015.