The number of single-family homes and condominiums sold in Massachusetts declined in December 2018, as well as for the entire year, the Massachusetts Association of Realtors (MAR) reported on January 23, 2019.
The median price of a single-family home increased in 2018, but prices declined in December on a year-over-year basis. The same was true for condominium prices statewide.
Single-family prices rose 5.4 percent in 2018 to a median price of $397,500 compared to $377,000 in 2017. The median home price was $375,000 in December 2018, down 1.3 percent compared to $380,000 in December 2017. Median home prices have been flat or up 34 out of the last 36 months.
Condo prices increased 7.1 percent to $375,000 in 2018 compared to $350,000 in 2017. In December, the median condo price slipped 1.4 percent to $355,000 from $359,900 in December 2017. Median condo prices have been up or flat for 33 out of the last 36 months.
Single-family home sales declined 2.1 percent in 2018 to 56,444 homes closed statewide compared to 57,630 properties sold in 2017. Home sales dropped 9.1 percent in December to 4,129 from 4,544 houses sold in December 2017. Single-family homes sales have been down or flat 10 out of the last 12 months.
Condominium sales in 2018 decreased 2 percent to 21,887 compared to 22,335 units sold in 2017. In December, condo sales plunged 11.6 percent to 1,504 from 1,702 units closed in December 2017. Condominium sales have declined or been flat for eight out of the last 12 months.
Single-family house inventory fell 11.8 percent (down 1,404 properties) in December, and the number of months supply of inventory declined 12 percent to just 2.2 months from 2.5 months in December 2017. December had the fewest number of single-family homes on the market for any December since the MAR started reporting real estate inventory data in 2004.
Condominium inventory was mostly flat, increasing only 0.1 percent (up two units). The number of months supply of inventory was 1.8 months in December and the same in December 2017. About six months of inventory is considered a balanced real estate market between home buyers and home sellers.