Closed sales are up slightly but the number of single-family homes and condominiums for sale hit record monthly lows
by Eric Berman - email@example.com - 781-839-5507
WALTHAM, Mass. – November 26, 2019 – The Massachusetts Association of Realtors® (MAR) reported today that median price for single-family homes increased almost two percent from last year to $400,000 while median price for condominiums saw a four percent increase to $370,000. Closed sales for single-family homes and condominiums increased year-over-year from October of 2018 with single-family closed sales increasing half of a percent and condominiums increasing three percent. October also saw the lowest number of single-family homes and condominiums for sale in the month of October since MAR began reporting the data in 2004.
October 2019 Closed Sales:
Closed sales have been up or flat for seven out of the last 12 months.
Median prices have been up or flat for 35 out of the last 36 months.
Sixth straight month of median prices at or above $400K
“Six straight months of median prices over $400,000 is a good indication that this is our new normal,” said 2019 MAR President Anne Meczywor, broker/associate at Roberts & Associates Realty Inc. in Lenox. “While prices might tick down a bit over the coming winter months, the desire to live in Massachusetts, with its low unemployment and high-paying jobs, will keep home prices historically high until we can increase production.”
October Inventory and Days on Market:
“We again saw both the number of homes for sale and new homes added to the market go down in October,” said Meczywor. “Homeowners seem more inclined to stay off the market rather than risk having nothing to buy after the sale goes through, even though they have an opportunity to take advantage of these record high selling prices.”
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.