Massachusetts Real Estate Market Starts Strong in 2017

Front Porch Of Resedential Home With Autumn Decorations

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.

Read more in the full January 2017 Closed Sales Release.


Highlights from the release:

      • January single-family home sales went up 3.2% over last year (3,400 sales in 2017 from 3,294 sales in January 2016)
      • January single-family median prices went up 7.4% year-over-year (to $354,000 in 2017 from $329,700 in January 2016)
      • January condo sales went up 4.1% and median prices went up 6.5% (to $330,000)
      • Inventory in January went down -33.6% to 11,259 and condominiums available down -29.1% to 3,211
      • SF listings added to the market in January went down -1.8% over last year. (4,167 from 4,242 in 2016)
      • Condo listings added to the market went up 9.9% over last year. (1,805 from 1,642 in 2016)

Buyer Demand Keeps Pending Sales Strong in January

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Ongoing buyer demand pushed pending home sales up in January more than 10 percent compared to the same time last year. Realtors® confidence both in the market and in home prices was positive in January.

January Pending Sales:

Single Family January 2017 January 2016 % Change
Sales 3,600 3,254 10.6%
Median Price $354,000 $329,700 7.4%
  • Pending sales have been up 46 of the last 47 months
Condominium January 2017 January 2016 % Change
Sales 1,524 1,278 19.2%
Median Price $330,000 $310,000 6.5%
  • Pending sales have been up 16 of the last 17 months

Realtor® Market and Price Confidence Indexes:

Confidence Index January 2017 January 2016 %Change
Market 69.63 66.98 4%
Price 75.19 73.32 2%
  • The Realtor® Market Confidence Index was up for the 10th straight month
  • 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 January 2017 Future Indicators Report.

These 10 MA towns experienced the highest increases in sales and price in December

Top-ten_blog_purpleWorcester County experienced a boom in median price increases over last year in December, with two towns topping the list. Closed home sales increases were spread across the state.

Closed Sales Percent Increase
1. Wellfleet + 175.0%
2. Ashland, Mansfield, Merrimac + 150.0%
3. Westfield + 140.0%
4. Kingston + 120.0%
5. Rutland + 116.7%
6. South Hadley + 111.1%
7. Longmeadow + 109.1%
8. Marshfield + 94.4%
9. Wilmington + 94.1%
10. Seekonk + 92.3%

 

Median Sales Price Growth Median Price Percent Increase
1. Douglas $338,000 + 64.9%
2. Belchertown $307,000 + 43.6%
3. Spencer $215,000 + 38.7%
4. Sudbury $774,500 + 36.3%
5. Bourne $375,000 + 35.1%
6. Gardner $190,000 + 34.2%
7. Westwood $755,500 + 33.7%
8. Tyngsborough $399,900 + 32.5%
9. Norwell $840,000 + 30.5%
10. Dracut $365,000 + 29.8%

*A minimum of ten homes must have been sold in each town during December 2016 to make this list.

All data used in the rankings is compiled from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS®, Inc. and MLS Property Information Network, Inc.

Massachusetts Home Sales Flat in December After a Strong Year

Front Porch Of Resedential Home With Autumn Decorations

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.

Read more in the full December 2016 Closed Sales Release.

Highlights from the release:

      • December single-family home sales remained essentially flat over last year. (4,779 sales in 2016 from 4,805 sales in December 2015)
      • December single-family median prices went up 3.6% year-over-year (to $355,000 in 2016 from $342,500 in December 2015)
      • December condo sales went down -2.5% and median prices went up 4.6% (to $338,500)
      • Inventory in December went down -35.5% to 11,447 and condominiums available down -31.3% to 3,164
      • SF listings added to the market in December went down -12.7% over last year. (2,453 from 2,810 in 2015)
      • Condo listings added to the market went down -11.0% over last year. (940 from 1,056 in 2015)

 

Closed Home Sales Dip in October for the Third Time This Year

Front Porch Of Resedential Home With Autumn DecorationsHome 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)

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Massachusetts Pending Home Sales and Median Prices Up Across the Board in October

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The number of homes put under agreement in October were up 15 percent from last year. Condominium pending sales were also up almost nine percent as prices for both property types continue to go up. The strong market was reflected in high Realtor® Market Confidence Index, while the Price Confidence Index remained essentially the same over last year.

October Pending Sales:

Single Family October 2016 October 2015 % Change
Sales 5,680 4,936 15.1%
Median Price $355,778 $335,000 6.2%
  • Pending sales have been up 43 of last 44 months
Condominium October 2016 October 2015 % Change
Sales 1,984 1,825 8.7%
Median Price $327,000 $318,000 2.8%
  • Pending sales have been up for 13 of last 14 months

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Realtor® Market and Price Confidence Indexes:

Confidence Index October 2016 October 2015 % Change
Market 70.18 65.53 5.0%
Price 68.86 68.79 0.4%
  • The Realtor® Market Confidence Index was up for the 18th straight month
  • The Realtor® Price Confidence Index was down or essentially flat for the eighth time in 13 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

Read the full October 2016 Future Indicators Report.