At the end of January the Massachusetts Association of Realtors® released it's report for the year over year report of residential Real Estate sales. December 2016 saw the 59th straight month of inventory declines. Sales have been flat to up as have prices for the majority of the last 13 months. In my area of the state, the North Shore of Boston, sales have been strong and prices are trending up.
Massachusetts Home Sales Flat in DecemberAfter a Strong Year
2016 was marked by increasing sales and prices as inventory reached new lows
WALTHAM, Mass. – January 24, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that 2016 closed out in December with single-family home sales essentially at the same pace as last year. Eleven of the 12 months of the year saw an increase in home sales over 2015. Median prices were also up for 10 straight months as home values reached new highs. Condominium sales were down in December, after a year of mostly increases. Overall, 2016 was a positive year for home sales in Massachusetts as both year-end single-family and condominium sales and median prices were up over 2015.
December Closed Sales:
Single-Family |
December 2016 |
December 2015 |
%Change |
Sales |
4,779 |
4,805 |
-0.5% |
Median Price |
$355,000 |
$342,500 |
+3.6% |
- Closed sales have been up or flat for 10 out of the last 13 months
- Median prices have been up or flat for 12 out of the last 13 months
Condominium |
December 2016 |
December 2015 |
%Change |
Sales |
1,750 |
1,795 |
-2.5% |
Median Price |
$338,500 |
$323,767 |
+4.6% |
- Closed sales have been up for 10 out of the last 13 months
- Median prices have been up or flat for 12 out of the last 13 months
“Prices going up continued to rule the day in December despite closed sales that were flat for single-family homes and down slightly for condominiums,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “We know the demand to live in Massachusetts continues to be strong and inventory is very low, but what we don’t know is how increasing interest rates, a new Congress and new President will impact the market going forward.”
2016 Year-End Closed Sales:
Single-Family |
Year to Date 2016 |
Year to Date 2015 |
%Change |
Sales |
57,599 |
53,104 |
+8.5% |
Median Price |
$355,000 |
$345,000 |
+2.9% |
Condominium |
Year to Date 2016 |
Year to Date 2015 |
%Change |
Sales |
21,860 |
20,754 |
+5.3% |
Median Price |
$334,900 |
$322,775 |
+3.8% |
“As soon as the calendar flipped to start 2016, the spring market took off and that activity set the tone for the entire year,” said Yorkis. “The run-up to a presidential election and talk of increased interest rates could have caused uncertainty, but those factors didn’t slow down buyers’ resolve to want to live in Massachusetts.”
Inventory and Days on Market:
Single-Family |
December 2016 |
December 2015 |
%Change |
Inventory |
11,447 |
17,739 |
-35.5% |
Months of Supply |
2.3 |
3.9 |
-41.0% |
Days on Market |
78 |
103 |
-24.3% |
New Listings |
2,453 |
2,810 |
-12.7% |
- 59th straight month of year-over-year inventory decreases
Condominium |
December 2016 |
December 2015 |
%Change |
Inventory |
3,164 |
4,603 |
-31.3% |
Months of Supply |
1.7 |
2.6 |
-34.6% |
Days on Market |
61 |
75 |
-18.7% |
New Listings |
940 |
1,056 |
-11.0% |
- Inventory down for 12 out of the last 13 months
2016 Year-End Inventory and Days on Market:
Single-Family |
2016 |
2015 |
%Change |
Inventory (Monthly Avg.) |
18,046 |
21,258 |
-17.8% |
Months of Supply (Monthly Avg.) |
3.8 |
4.9 |
-28.9% |
Days on Market |
88 |
97 |
-9.3% |
New Listings |
75,452 |
78,609 |
-4.0% |
Condominium |
2016 |
2015 |
%Change |
Inventory (Monthly Avg.) |
4,799 |
5,369 |
-11.9% |
Months of Supply (Monthly Avg.) |
2.6 |
3.2 |
-23.1% |
Days on Market |
68 |
75 |
-9.3% |
New Listings |
27,020 |
27,484 |
-1.7% |
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