Massachusetts Median Home Prices Remain at the $400,000 Mark as Number of Homes for Sale Reach Lowest Level for July since 2004

Front Porch Of Resedential Home With Autumn Decorations

The median price for a single-family home hit the $400,000 mark for the second month in a row in July. Single-family homes saw a dip in sales over last year, while condominiums sales rose slightly. Inventory also reached the lowest level for the month of July since MAR began recording the data in 2004.
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Dip in Closed Home Sales for Month of May as Median Prices Hit All-Time High

Front Porch Of Resedential Home With Autumn DecorationsToday both single-family and condominium saw a slight dip in sales in May from last year. Despite the drop, median home prices for both single-family homes and condominiums hit new all-time highs. Inventory also reached the lowest level for the month of May since MAR began recording the data in 2004.

Read more in the full May 2017 Closed Sales Release.

  • May single-family home sales went down -2.3% over last year (4,930 sales in 2017 from 5,047 sales in May 2016)
  • May single-family median prices went up 9.2% year-over-year (to $385,000 in 2017 from $352,700 in May 2016)
  • May condo sales went down -0.3% and median prices went up 7.9% (to $369,950)
  • Inventory in May went down -30.6% to 13,918 and condominiums available down -26.3% to 3,876
  • SF listings added to the market in May went up 4.1% over last year. (8,968 from 8,611 in 2016)
  • Condo listings added to the market went up 9.8% over last year. (3,125 from 2,846 in 2016)

Continuing Buyer Demand Pushed Pending Sales Up in May

Single-family pending home sales were up over 11 percent in May from last year. Pending condominium sales were also up more than 12 percent this month. The median price for both single-family homes and condos continued to rise. Realtors® confidence both in the market and in home prices was positive in May, with both indexes making slight gains over 2016.

May Pending Sales:

Single Family May 2017 May 2016 % Change
Sales 7,280 6,530 11.5%
Median Price $385,000 $352,700 9.2%
  • Pending sales have been up 50 of the last 51 months
Condominium May 2017 May 2016 % Change
Sales 2,736 2,432 12.5%
Median Price $370,000 $343,000 7.9%
  • Pending sales have been up or flat 19 of the last 21 months

Realtor® Market and Price Confidence Indexes:

Confidence Index May 2017 May 2016 %Change
Market 83.54 81.25 3%
Price 73.94 72.46 2
  • The Realtor® Market Confidence Index has been up or flat for 26 straight months
  • The Realtor® Price Confidence Index has been up for 5 straight months
  • Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition

 

Closed Home Sales Down in April After Record Inventory Lows and Rising Prices

Front Porch Of Resedential Home With Autumn DecorationsLow 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.

Read more in the full April 2017 Closed Sales Release.

  • April single-family home sales went down -8.5% over last year (3,735 sales in 2017 from 4,082 sales in April 2016)
  • April single-family median prices went up 3.6% year-over-year (to $362,500 in 2017 from $349,900 in April 2016)
  • April condo sales went down -9.5% and median prices went up 4.6% (to $345,000)
  • Inventory in April went down -31.8% to 13,234 and condominiums available down -28.4% to 3,729
  • SF listings added to the market in April went down -9.5% over last year. (7,706 from 8,513 in 2016)
  • Condo listings added to the market went down -11.1% over last year. (2,640 from 2,971 in 2016)

Spring Market Blooming Despite Ongoing Inventory Shortage and High Prices

Front Porch Of Resedential Home With Autumn Decorations

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. 

Read more in the full March 2017 Closed Sales Release.

  • March single-family home sales went down 2.1% over last year (3,615 sales in 2017 from 3,540 sales in March 2016)
  • March single-family median prices went up 6.6% year-over-year (to $350,000 in 2017 from $328,375 in March 2016)
  • March condo sales went up 11.3% and median prices went up 8.2% (to $334,950)
  • Inventory in March went down -34.4% to 11,892 and condominiums available down -30.8% to 3,478
  • SF listings added to the market in March went down -13.5% over last year. (7,180 from 8,300 in 2016)
  • Condo listings added to the market went down -7.0% over last year. (2,785 from 2,995 in 2016)


Pending Sales Increases Continue from Busy Winter into the Spring Market

The spring market is off to a good start with pending sales up over six percent from this time last year. Pending sales have been up 48 of the last 49 months. Condominiums put under agreement also saw a hike over last year, with an increase of over 14 percent from 2016. The median price for both single-family homes and condos also saw a boost. Realtors® confidence both in the market and in home prices was positive in March.

March Pending Sales:

Single Family March2017 March2016 % Change
Sales 5,848 5,491 6.5%
Median Price $350,000 $328,375 6.6%
  • Pending sales have been up 48 of the last 49 months
Condominium March2017 March2016 % Change
Sales 2,414 2,107 14.6%
Median Price $335,000 $309,700 8.2%
  • Pending sales have been up or flat 18 of the last 19 months

Realtor® Market and Price Confidence Indexes:

Confidence Index March2017 March2016 %Change
Market 78.26 72.79 8%
Price 81.09 74.45 9%
  • The Realtor® Market Confidence Index has been up or flat for 24 straight months
  • The Realtor® Price Confidence Index is up over the 80 mark for the first time since 2015
  • Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition

Read the full March 2017 Future Indicators Report.