Massachusetts Home Sales Down in October

by Eric Berman - eberman@marealtor.com - 781-839-5507 | Nov 28, 2018

Inventory of single-family homes and condominiums still at record monthly lows  

WALTHAM, Mass. – November 19, 2018 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for both single-family homes and condominiums dropped year-over-year in October. There was a hike in median price for single-family homes compared to this time last year. October saw the lowest number of single-family homes and condominiums for sale in the month of October since MAR began reporting the data since 2004. 

October 2018 Closed Sales: 

Single-Family

October 2018

October 2017

%Change

Sales

4,865

5,024

-3.5%

Median Price

$390,000

$370,000

+5.4%

 

  • Closed sales have been down or flat eight out of the last 12 months 

  • Median prices have been up or flat for 35 out of the last 36 months 

Condominium

October 2018

October 2017

%Change

Sales

1,781

1,818

-2.0%

Median Price

$353,000

$339,000

+4.1%

 

  • 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 

“While October 2018 was memorable because the Red Sox won the World Series, it was another strikeout for needed homes added to the market to meet demand,” said 2018 MAR President Rita Coffey, general manager of CENTURY 21 Tullish & Clancy in Weymouth. “One thing is for sure, we’ll keep stepping to the plate to support programs like Governor Baker’s Housing Choice Initiative that will start producing needed housing.”   

Inventory and Days on Market:  

Single-Family

October 2018

October 2017

%Change

Inventory

15,441

16,682

-7.4%

Months of Supply

3.2

3.5

-8.6%

Days on Market

58

62

-6.5%

New Listings

6,694

6,038

+10.9%


  • 80th time in the last 81 months of year-over-year inventory decreases  

  • Lowest number of homes for sale in the month of October 

Condominium

October 2018

October 2017

%Change

Inventory

4,602

4,675

-1.6%

Months of Supply

2.5

2.5

0%

Days on Market

49

50

-2.0%

New Listings

2,505

2,255

+11.1%

 

  • Inventory down or flat for 32 out of the last 32 months 

  • Lowest number of condos for sale in the month of October 

“With the national unemployment rate hovering under four percent, and it even lower in Massachusetts at 3.5 percent, we the type of conditions that promote buyer demand. What we don’t have is enough homes to meet that demand,” said Coffey.  

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.