Media Contact: Eric Berman - 781-839-5507 - eberman@marealtor.com

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

by Eric Berman - eberman@marealtor.com - 781-839-5507 | May 23, 2017

Median Sales Prices Have Seen Year-Over-Year Increases for 19 Straight Months

WALTHAM, Mass. – May 23, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that 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.

April Closed Sales: 

Single-Family

April 2017

April 2016

%Change

Sales

3,735

4,082

-8.5%

Median Price

$362,500

$349,900

+3.6%

  • Closed sales have been down for four out of the last 12 months
  • Median prices have been up or flat for 16 out of the last 17 months

Condominium

April 2017

April 2016

%Change

Sales

1,455

1,607

-9.5%

Median Price

$345,000

$329,950

+4.6%

  • Closed sales have been down for four out of the last 12 months
  • Median prices have been up or flat for 16 out of the last 17 months

“With the current trend of plunging inventory and rising prices, the odds were strong that sales increases of the winter market would be unsustainable through the spring,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The demand is there; we just need more homes on the market to satisfy that demand.”

Inventory and Days on Market:

Single-Family

April 2017

April 2016

%Change

Inventory

13,234

19,392

-31.8%

Months of Supply

2.7

4.0

-32.5%

Days on Market

81

107

-24.3%

New Listings

7,706

8,513

-9.5%

  • 62nd time in the last 63 months of year-over-year inventory decreases

Condominium

April 2017

April 2016

%Change

Inventory

1,455

1,607

-9.5%

Months of Supply

2.0

2.8

-28.6%

Days on Market

60

78

-23.1%

New Listings

2,640

2,971

-11.1%

  • Inventory down for 16 out of the last 17 months

“Unfortunately, our existing level of inventory makes it hard for us to meet our current and future housing needs,” said Yorkis. “If we don’t do anything soon, it will have a negative impact on the entire Massachusetts economy.”

About the Massachusetts Association of Realtors®:

Organized in 1924, the Massachusetts Association of Realtors® is a professional trade organization with more than 24,000 members.  The term Realtor® is registered as the exclusive designation of members of the National Association of Realtors® who subscribe to a strict code of ethics and enjoy continuing education programs.
 

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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.