Massachusetts real estate inventory declined statewide again in August, but the number of new listings hitting the market in increased, the Massachusetts Association of Realtors reported September 26, 2018.
Available condominiums dropped 16.6 percent to 3,767 units for sale from 4,519 condos on the market in August 2017, and August 2018 had the fewest available units of any August. The number of months supply of condominium inventory declined 20 percent to 2.0 months statewide. About six months of inventory is considered a balanced market between home buyers and home sellers. Condominium inventory has declined or been flat for 30 of the last 31 months on a year-over-year basis. New condos hitting the market jumped 8.8 percent to 2,328 from 2,139 in August 2017.
Single-family home sales were flat in August, increasing less than 1 percent compared to August 2017. Condominium sales also inched higher by less than 1 percent.
Tight real estate inventory led to higher home prices. The median price of a single-family home increased 6.7 percent in August to $418,200 compared to $392,000 in August 2017. The median condo price jumped more than 10 percent to $385,000 from $349,000 in August 2017.