The median price for a single-family home in Weymouth, Massachusetts increased during the first quarter of 2018 but declined in March, according to data compiled by the Massachusetts Association of Realtors.
The median price of a single-family house in Weymouth increased 3.4 percent during the first three months of 2018 to $382,500 compared to $370,000 during the same timeframe last year. In March the median home price declined from $390,000 in March 2017 to $380,000. Homebuyers paid on average 99.7 percent of the original list price in the first quarter and 99.6 percent in March.
Closed sales were flat in the first quarter, up just one sale compared to the first three months of 2017. Sales declined 14.3 percent from 35 in March 2017 to 30 sales in March.
Weymouth real estate inventory declined 40.3 percent in March. There were 67 single-family homes for sale in March 2017 but only 40 available in March 2017. The number of months supply of inventory plunged 46.2 percent to 0.7 months compared to 1.3 months in March 2017. About six months of inventory is considered a balanced market between buyers and sellers. In 2012, there was 5.5 months supply of inventory and 168 single-family homes for sale.
The median price of a condominium in Weymouth declined 6.1 percent during the first three months of the year to $216,000, down from $230,000. The median condo price in March was $202,500, an 11.6 percent decrease from March 2017's $229,000. On average, homebuyers paid 99.1 percent of the original list price in Q1 and 100.4 percent in March for condominiums.
Condominium sales were flat in March and during the first quarter. During the first quarter of 2017 and 2018, there were 51 units sold. There were 20 condos sold in both March 2017 and March 2018. Condominium inventory declined 42.1 percent to 57 available units, with 1.7 months supply of inventory. In 2012, there was 10.6 months supply of inventory and 92 condos for sale.