New month. Same story.
Massachusetts single-family home sales declined in September compared to September 2016, the median home price rose again, and inventory continued to shrink, the Massachusetts Association Realtors (MAR) reported October 24, 2017.
Single-family home sales declined 5.8 percent statewide from 5,186 homes sold in September 2016 to 4,883 sales in September. Closed sales have been down or flat nine out of the last 12 months, and September is the sixth consecutive month sales have declined.
The median home price increased 8 percent from $352,000 in September 2016 to $380,000 last September. The median price of a single-family house has risen 21 out of the previous 22 months.
Massachusetts condominium sales decreased 7.6 percent in September to 1,864 units sold from 2,017 sales the previous September. Condo sales have been down or flat seven out of the last 12 months.
The median condo price increased 3.9 percent from $337,000 in September 2016 to $350,000 last September. The median price of a condominium has increased or been flat for 21 out of the last 22 months.
Real estate inventory continues to decline. The number of single-family houses on the market dropped 24.6 percent in September on a year-over-year basis to 14,519 statewide. The number of months supply of inventory decreased 24.4 percent to 3.1 months. Single-family home inventory has declined 67 of the last 68 months statewide.
About six months of inventory is considered a balanced market between buyers and sellers. Many cities and towns in the Boston area have a significantly fewer number of months supply of single-family inventory, including Arlington (1.3), Cambridge (2.3), Dedham (2.1), Melrose (1.2), and Quincy (1.9). September 2017 had the fewest number of single-family houses on the market since MAR has tracked real estate inventory.
Massachusetts condominium inventory declined 24.1 percent to 2.2 months supply of inventory. September marked the 21st month out of the last 22 months that condo inventory has decreased.