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

Massachusetts Home Sales Flat in December After a Strong Year

by Eric Berman - eberman@marealtor.com - 781-839-5507 | Jan 24, 2017

 2016 was marked by increasing sales and prices as inventory reached new lows

WALTHAM, Mass. – January 24, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that 2016 closed out in December 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.

December Closed Sales:

Single-Family

December 2016

December 2015

%Change

Sales

4,779

4,805

-0.5%

Median Price

$355,000

$342,500

+3.6%

  • Closed sales have been up or flat for 10 out of the last 13 months
  • Median prices have been up or flat for 12 out of the last 13 months

Condominium

December 2016

December 2015

%Change

Sales

1,750

1,795

-2.5%

Median Price

$338,500

$323,767

+4.6%

  • Closed sales have been up for 10 out of the last 13 months
  • Median prices have been up or flat for 12 out of the last 13 months

“Prices going up continued to rule the day in December despite closed sales that were flat for single-family homes and down slightly for condominiums,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “We know the demand to live in Massachusetts continues to be strong and inventory is very low, but what we don’t know is how increasing interest rates, a new Congress and new President will impact the market going forward.” 

2016 Year-End Closed Sales:

Single-Family

Year to Date 2016

Year to Date 2015

%Change

Sales

57,599

53,104

+8.5%

Median Price

$355,000

$345,000

+2.9%

 

Condominium

Year to Date 2016

Year to Date 2015

%Change

Sales

21,860

20,754

+5.3%

Median Price

$334,900

$322,775

+3.8%

“As soon as the calendar flipped to start 2016, the spring market took off and that activity set the tone for the entire year,” said Yorkis. “The run-up to a presidential election and talk of increased interest rates could have caused uncertainty, but those factors didn’t slow down buyers’ resolve to want to live in Massachusetts.”

Inventory and Days on Market:

Single-Family

December 2016

December 2015

%Change

Inventory

11,447

17,739

-35.5%

Months of Supply

2.3

3.9

-41.0%

Days on Market

78

103

-24.3%

New Listings

2,453

2,810

-12.7%

  • 59th straight month of year-over-year inventory decreases

Condominium

December 2016

December 2015

%Change

Inventory

3,164

4,603

-31.3%

Months of Supply

1.7

2.6

-34.6%

Days on Market

61

75

-18.7%

New Listings

940

1,056

-11.0%

  • Inventory down for 12 out of the last 13 months

2016 Year-End Inventory and Days on Market:

Single-Family

2016

2015

%Change

Inventory (Monthly Avg.)

18,046

21,258

-17.8%

Months of Supply (Monthly Avg.)

3.8

4.9

-28.9%

Days on Market

88

97

-9.3%

New Listings

75,452

78,609

-4.0%

 

Condominium

2016

2015

%Change

Inventory (Monthly Avg.)

4,799

5,369

-11.9%

Months of Supply (Monthly Avg.)

2.6

3.2

-23.1%

Days on Market

68

75

-9.3%

New Listings

27,020

27,484

-1.7%


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.