Buyer Demand Keeps Massachusetts Home Sales Strong to Start 2016

by Eric Berman - eberman@marealtor.com - 781-839-5507 | Feb 23, 2016
Most closed home sales in the month of January since 2004

WALTHAM, Mass. – February 23, 2016 – The Massachusetts Association of Realtors® (MAR) reported today that 2016 started where 2015 left off with closed sales continuing to go up on strong buyer demand. Activity in the final months of 2015 pushed closed sales to its highest levels for a month of January since 2004. While single-family closed sales were up, median prices were essentially level compared to the same time last year. Condominium sales also closed up with median prices down almost one percent.


January Closed Sales:

Single-Family

January 2016

January 2015

%Change

Sales

3,237

2,736

+18.3%

Median Price

$330,000

$329,700

+0.1%

  • Most closed sales in a January since 2004
  • Closed sales have been up 12 out of the last 19 months
  • Median prices have been up 17 out of the last 19 months

Condominium

January 2016

January 2015

%Change

Sales

1,208

993

+21.7%

Median Price

$309,500

$311,860

-0.8%

  • Second most closed sales since January 2005 (1,382 closed sales)
  • Closed sales have been up or flat eight of the last 18 months
  • Median prices have been up 14 out of the last 19 months

“The calendar pages keep turning and buyers keep buying,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. “We remain in a unique time where, despite the lack of inventory of homes for sale, buyers have been successfully finding homes they want to live in and making offers that sellers are accepting.”

Inventory and Days on Market:

Single-Family

January 2016

January 2015

%Change

Inventory

14,291

17,955

-20.4%

Months of Supply

3.0

4.4

-31.8%

Days on Market

113

122

-7.4%

New Listings

4,261

3,968

+7.4%

  • 48th straight month of year-over-year inventory decreases

 

Condominium

January 2016

January 2015

%Change

Inventory

3,808

4,679

-18.6%

Months of Supply

2.1

2.9

-27.6%

Days on Market

81

92

-12.0%

New Listings

1,636

1,515

+8.0%

  • 63rd straight month of year-over-year inventory decreases

 

About the Massachusetts Association of Realtors®:

Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 22,000+ 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.