Happy New Year! Dec 27 – Vol 48

Home Sales Tick Up in November Despite Continuing Inventory Lows

by Eric Berman – eberman@marealtor.com – 781-839-5507 | Dec 27, 2017

New listings added to the market went up for the straight fifth month

WALTHAM, Mass. – December 27, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for single-family homes rose half a percent in November, while prices rose more than four percent. Year-over-year condominium sales saw a hike of over 10 percent, with prices rising almost eight percent. Inventory dropped to a record low for the month of November.

 November Closed Sales:

Single-Family November 2017 November 2016 %Change
Sales 4,799 4,776 +0.5%
Median Price $384,000 $369,000 +4.1%
  • Closed sales have been up or flat eight out of the last 12 months
  • Median prices have been up or flat for 24 out of the last 25 months
Condominium November 2017 November 2016 %Change
Sales 1,930 1,749 +10.3%
Median Price $368,000 $341,000 +7.9%
  • Closed sales have been up or flat for nine out of the last 12 months
  • Median prices have been up or flat for 24 out of the last 25 months

“Prices have been increasing for two years and inventory continues to go down, but demand continues to be there,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “This isn’t something that is sustainable, yet it continues. We just need more inventory and we need more housing production to make that happen.”

Inventory and Days on Market:

Single-Family November 2017 November 2016 %Change
Inventory 11,724 16,092 -27.1%
Months of Supply 2.5 3.4 -26.5%
Days on Market 65 73 -11.0%
New Listings 4,177 3,965 +5.3%
  • 69th time in the last 70 months of year-over-year inventory decreases
  • Lowest number of homes for sale in the month of November
  • New listings added to the market up in November for the fifth straight month.
Condominium November 2017 November 2016 %Change
Inventory 3,398 4,583 -25.9%
Months of Supply 1.8 2.5 -28.0%
Days on Market 47 57 -17.5%
New Listings 1,692 1,566 +8.0%
  • Inventory down or flat for 24 out of the last 25 months
  • Lowest number of condominiums for sale in the month of November

“It is encouraging to see that new listings have been on the upswing the latter half of this year,” said Yorkis. “However, this is only one part of the inventory solution we need if we’re going to truly solve this problem.”

CEU Education Offerings 

Please mark your calendars for the following dates in the first Quarter 2018.  Registration will open after January 1.

 

Instructor
MONTH

 

DAY

 

TIME

 

COURSE

 

CEU/COURSE

STATE VALID
Consoli
JANUARY
29 9:00-12  NH CORE  NH only NH
  12:30-2:30P Due Diligence (MA/NH) RE97R15 MA/NH
McCarthy
FEBRUARY
5 9-11:30A Code of Ethics RE33RC11 MA
12-2P Commonly Used Forms Mandatory/ Optional RE39C05 MA
Allard
MARCH
5  9-11A RPR (CMA) RE33RC11 MA
11-1 Facebook Business Skills (Technology & RE Brokerage) RE32RC03 MA
1-3:30 COE RE33RC11 MA

 

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Course Date & Start Time
VOW: Getting Started with Your Pinergy Virtual Office Website 01/31/2018 9:30 AM Sign Up
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