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Tight inventory and high prices resulted in a decline in Massachusetts single-family home sales in December and throughout 2017, the Massachusetts Association of Realtors reported January 24, 2018.
Single-family home sales declined 8.4 percent in December to 4,336 from 4,736 houses sold in December 2016. For 2017, sales slipped 0.6 percent to 56,082 from 56,405 in 2016.
Homebuyers had dramatically fewer homes to choose from, so they paid more for the properties purchased. The median home price statewide in December increased 6.5 percent to $382,000 compared to $358,750 in December 2016. In December 2011, the median home price statewide was just 275,000.
The median price climbed 5.6 percent to $380,000 in 2017 from $360,000 in 2016. The median price of a single-family home has increased or been flat 25 of the last 26 months on a year-over-year basis.
Condominium sales declined 8.5 percent in December to 1,629 compared to 1,781 in December 2016. Condo sales did increase 1.4 percent in 2017 to 22,116 units sold.
The median price of a condominium increased 3.6 percent in December to $355,000 from $342,500 in December 2016. The median condo price rose 5.1 percent in 2017 to $352,000 compared to $335,000 in 2016. The median condo price also has increased or been flat 25 of the last 26 months.
Real estate inventory continued to plunge in December 2017. The number of single-family homes on the market declined 29.9 percent to only 9,101 houses available statewide. There were 12,990 homes available throughout the Commonwealth in December 2016. In December 2011, there were 25,073 single-family homes for sale in Massachusetts. On a year-over-year basis, single-family home inventory has declined 70 of the last 71 months.
Condominium inventory also continued to plummet. The number of available condos decreased 31.2 percent to 2,551 units for sale in December 2017 compared to 3,707 condominiums on the market in December 2016. In December 2011, there were 8,346 condominiums available to buy statewide.
Massachusetts December Closed Real Estate Sales:
|
Single-Family |
December 2017 |
December 2016 |
%Change |
|
Sales |
4,336 |
4,736 |
-8.4% |
|
Median Price |
$382,000 |
$358,750 |
+6.5% |
|
Condominium |
December 2017 |
December 2016 |
%Change |
|
Sales |
1,629 |
1,781 |
-8.5% |
|
Median Price |
$355,000 |
$342,500 |
+3.6% |
Massachusetts 2017 Closed Real Estate Sales:
|
Single-Family |
2017 |
2016 |
%Change |
|
Sales |
56,082 |
56,405 |
-0.6% |
|
Median Price |
$380,000 |
$360,000 |
+5.6% |
|
Condominium |
2017 |
2016 |
%Change |
|
Sales |
22,116 |
21,814 |
+1.4% |
|
Median Price |
$352,000 |
$335,000 |
+5.1% |
