Media Contact: Eric Berman - 781-839-5507 - eberman@marealtor.com
Home Sales Down in February as Median Prices for Single-Family Homes and Condominiums Hit Same Level
by
Eric Berman - eberman@marealtor.com - 781-839-5507 | Mar 28, 2018
Inventory remains at record lows as the number of single-family homes for sale remains below 10,000 for third straight month
WALTHAM, Mass. – March 28, 2018 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for single-family homes fell in February, while condominium sales remained essentially flat. In February, both single-family home and condominium median prices were up and shared the same price point at $350,000. This is the third time single-family homes and condominiums were essentially the same price since MAR began recording the data in 2004. This is the third month in a row that the number of single-family homes for sale has been below the 10,000 mark, an unprecedented low number.
“At one time, condominiums were often a more affordable option for buyers who wanted to get onto the first wrung of the home ownership ladder,” said 2018 MAR President Rita Coffey, general manager of CENTURY 21 Tullish & Clancy in Weymouth. “Today, that’s not necessarily the case, as inventory is so low and demand so high that many low- and moderate-income home buyers are being left on the outside looking in.”
Inventory and Days on Market:
"As we head into the spring market, it is encouraging to see the number of new single-family listings up over last year,” said Coffey. “While it won't be enough to satisfy the demand, it's still an important part of an overall solution that also needs to include new production.”
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.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.