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.
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)