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Tight inventory led to falling sales and rising single-family home prices in Quincy, Massachusetts in May 2022.
According to data compiled by the Massachusetts Association of Realtors (MAR), the number of single-family homes sold in May dropped by 10 to 28, a 26 percent year-over-year decline. Through the first five months of 2022, sales in Quincy have declined 38 percent to 95 from 154 houses sold during the same period last year.
The sales drop was partly due to the continued scarce real estate inventory. There were 36 houses on the market in May, a 27 percent decline. The number of months of supply decreased 17 percent to one month, meaning if no new listings came on the market, there would be no available single-family homes in Quincy in about 30 days.
With few homes to choose from, many homebuyers paid more than the listing price. On average, homebuyers paid 108 percent of the original list price in May and 104 percent through May.
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The median price of a single-family home rose 13 percent to $700,000 in May from $619,000 in May 2021. Through May, the median price was $660,000, up 11 percent from $597,500 during the same five-month timeframe last year.
Condominium sales in Quincy were flat, median prices declined slightly, and inventory plunged in May, according to MAR.
There were 40 condos sold in May 2022 and May 2021; however, the number of units sold dropped 23 percent through May to 152 from 197 sales during the first five months of 2021.
Condominium inventory plummeted in May, a 78 percent fall to 21 available units compared to 95 in May 2021. The number of months of supply of inventory decreased from 2.1 months to about two weeks, a 76 percent decline. About six months of inventory is considered a balanced market between home buyers and sellers. Prospective homebuyers likely will not have many more condos to choose from in the coming months because the number of new listings for condos declined in May and through May.
Related: What is a Special Assessment for a Condo?
Condominium homebuyers often paid more than the listing price last month. On average, homebuyers paid 104 percent of the original list price in May and 101 percent through May.
The median condo price fell 5 percent to $449,944 in May from $475,000 in May 2021. Through May, the median price was also $449,944, down 6 percent from $480,000 during the same five-month period last year.
