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

Falling Inventory and Rising Prices Finally Catch Up to Closed Home Sales in February

by Eric Berman - eberman@marealtor.com - 781-839-5507 | Mar 28, 2017

Single-Family Median Prices Up for the 12th Straight Month

WALTHAM, Mass. – March 28, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that 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.

February Closed Sales:

Single-Family

February 2017

February 2016

%Change

Sales

2,519

2,830

-11.0%

Median Price

$330,000

$309,000

+6.8%

  • Closed sales have been down for three out of the last 12 months
  • Median prices have been up or flat for 14 out of the last 15 months

Condominium

February 2017

February 2016

%Change

Sales

947

1,038

-8.8%

Median Price

$313,000

$290,000

+7.9%

  • Closed sales have been down or flat for four out of the last 12 months
  • Median prices have been up or flat for 14 out of the last 15 months

“Falling inventory kept buyer demand from pushing closed sales higher again in February,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “Massachusetts buyers need more homes for sale and hopefully seller activity this spring will give the market the inventory it needs to see sales go back up.”

Inventory and Days on Market:

Single-Family

February 2017

February 2016

%Change

Inventory

11,409

17,514

-34.9%

Months of Supply

2.3

3.7

-37.8%

Days on Market

94

121

-22.3%

New Listings

4,369

5,018

-12.9%

  • 60th time in the last 61 months of year-over-year inventory decreases

Condominium

February 2017

February 2016

%Change

Inventory

3,275

4,629

-29.3%

Months of Supply

1.7

2.5

-32.0%

Days on Market

67

99

-32.3%

New Listings

1,715

1,919

-10.6%

  • Inventory down for 14 out of the last 15 months

“We’re at the lowest inventory we’ve seen since MAR began recording the data in 2004, so it’s likely there just isn’t enough housing out there to satisfy demand,” said Yorkis. “This just underscores our state’s need to produce more for sale and rental housing.”

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.