Massachusetts single-family home sales were flat in October on a year-over-year basis, while median home prices did increase slightly, the Massachusetts Association of Realtors (MAR) reported November 26, 2019.
The number of single-family houses statewide increased only 0.5 percent in October to 4,943 closed sales compared to 4,916 in October 2018. The median home price rose 1.8 percent in October to $400,000 from $392,900 in October 2018. October marked the sixth straight month that the median price for a single-family home was $400,000 or more.
Scarce inventory is one reason for the flat home sales. The number of single-family homes for sale in October plummeted 23.3 percent to 13,437 compared to 17,514 houses for sale in October 2018. The number of months of inventory dropped 26.3 percent in October to 2.8 months from 3.8 months in October 2018. About six months of inventory is considered a balanced market between home buyers and home sellers.
Inventory in October declined for 92nd time in the last 93 months (Yes, nearly eight years) on a year-over-year basis. October 2019 had the fewest single-family homes for sale in October since MAR began reporting such data in 2004.
Massachusetts condominium sales increased by just 57 (3.2 percent) in October to 1,863 from 1,806 units sold in October 2018. Condo sales have been flat or up only five of the last 12 months.
The median condo price in October rose 4.2 percent to $370,000 from $355,000 in October 2018. Condominium prices have risen or been flat for 32 out of the last 36 months.
The inventory situation for condominiums wasn't much better. October 2019 had the fewest number of condos for sale in any October since MAR began compiling such data in 2004.
The number of condominiums for sale dropped 11.3 percent to 4,684 compared to 5,282 units in October 2018. The number of months of inventory decreased 13.8 percent to 2.5 months.