Media Contact: Eric Berman - 781-839-5507 - eberman@marealtor.com

Massachusetts Home Sales Down in September

by Eric Berman - eberman@marealtor.com - 781-839-5507 | Oct 24, 2018

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

WALTHAM, Mass. – October 24, 2018 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for both single-family homes and condominiums dropped year-over-year in September. The median price for single-family homes jumped over this time last year. September saw the lowest number of single-family homes and condominiums for sale in the month of September since MAR began reporting the data since 2004. 

September 2018 Closed Sales: 

Single-Family

September 2018

September 2017

% Change

Sales

4,621

5,115

-9.7%

Median Price

$390,000

$375,000

+4.0%

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

  • Median prices have been up or flat for 34 out of the last 35 months 

Condominium

September 2018

September 2017

% Change

Sales

1,685

1,929

-12.6%

Median Price

$339,000

$350,000

-2.9%

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

  • Median prices have been up or flat for 34 out of the last 35 months 

<p xml:lang="EN-US" paraid="1877890486" paraeid="{e3f80d80-934a-4e26-ba3c-c1daffbecc55}{121}">“Even with interest rates ticking up over the past few months, buyer demand continues to be strong,” said 2018 MAR President Rita Coffey, general manager of CENTURY 21 Tullish & Clancy in Weymouth. “Yet, despite that buyer demand, there are not enough homes for sale and as a result we saw closed sales go down. We need more homes on the market in all price ranges to keep up.” 

Inventory and Days on Market:  

Single-Family

September 2018

September 2017

% Change

Inventory

15,907

17,477

-9.0%

Months of Supply

3.3

3.7

-10.8%

Days on Market

55

61

-9.8%

New Listings

7,384

7,313

+1.0%

  • 79th time in the last 80 months of year-over-year inventory decreases  

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

Condominium

September 2018

September 2017

% Change

Inventory

4,497

4,918

-8.6%

Months of Supply

2.4

2.7

-11.1%

Days on Market

45

51

-11.8%

New Listings

2,787

2,705

+3.0%

  • Inventory down or flat for 31 out of the last 31 months 

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

“Positive year-over-year increases in new listings coming onto the market is always a positive, but we’ll need more changes to truly deal with the inventory shortage,” 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.  

### 

Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.