The median price for single-family houses and condominiums increased in Dedham, Massachusetts during the first quarter and inventory declined dramatically in March 2017, according to data compiled by the Massachusetts Association of Realtors.
The median price of a single-family home increased 3.6 percent from January through March to $430,000 compared to $415,000 during the same three-month period last year. The median price in March increased 17.5 percent to $420,000. Homebuyers paid 99.1 percent, on average, of the original list price during the first quarter.
The number of houses sold in the first quarter declined by three to 47 sales. Single-family home sales increased to 20 in March compared to 12 in March 2016.
Single-family home inventory decreased 42.9 percent in March to 28 available homes compared to 49 homes on the market in March 2016. The number of months supply of inventory declined from 2.1 months in March 2016 to just 1.3 months last March. About six months of inventory is considered a balanced market between home buyers and sellers.
A lack of inventory is driving up condo prices in Dedham. There were nine units on the market in March 2016 but only one in March 2017. The number of months supply of inventory decreased to an astonishing 0.2 months. There were only three condominiums sold in March and six during the first three months of the year.
Median condo prices increased 8.1 percent in the first quarter to $302,450 compared to $279,750 during the same period last year. On average, homebuyers paid 94.9 percent of the original list price during the first quarter.