Number of single-family homes for sale remained at record monthly lows while condominiums increased for the seventh straight month.
by Eric Berman - email@example.com - 781-839-5507
WALTHAM, Mass. – August 28, 2019 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for single-family homes and condominiums decreased year-over-year from July of 2018. This month saw a three and a half percent increase in median price for single-family homes and less than a one percent decrease in median price for condominiums compared to last year. This month saw the lowest number of single-family homes for sale in the month of July since MAR began reporting the data in 2004. However, this is the seventh month in a row of year-over year condominium inventory increases.
July 2019 Closed Sales:
• Closed sales have been down or flat for eight out of the last 12 months.
• Median prices have been up or flat for 35 out of the last 36 months.
• Closed sales have been down or flat for 10 out of the last 12 months.
• Median prices have been up or flat for 32 out of the last 36 months.
“This is the third straight month of prices being over $400,000 for single-family homes, and while they might moderate a little in the fall, we have to get used to this being our new ‘normal’ median price range until we can increase supply,” said 2019 MAR President Anne Meczywor, broker/associate at Roberts & Associates Realty Inc. in Lenox.
July Inventory and Days on Market:
• 89th time in the last 90 months of year-over-year inventory decreases.
• Lowest number of homes for sale in the month of July since MAR began reporting in 2004.
• The number of condominiums for sale increased for the seventh straight month and only the seventh time in the last 40 months.
“While the percent increases in the number of condominiums for sale aren’t big, they are still up over the same time last year,” said Meczywor. “Seven straight months of year-over-year increases is positive and hopefully it will continue.”
About the Massachusetts Association of Realtors®: Organized in 1924, the Massachusetts Association of Realtors® is a professional trade organization with more than 25,000 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.
Editors and reporters: Please note that the term Realtor® is properly spelled with an initial capital “R”, per the Associated Press Stylebook.