image 23 Jan 2019

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December Sales Report


The Massachusetts Association of REALTORS® (MAR) reported today that closed sales for both homes and condos dropped year-over-year from last December. There was a one percent drop in median price for homes and condos compared to this time last year. This month saw the lowest number of homes for sale in the month of December since MAR began reporting the data in 2004.

Year-end data for 2018 shows that total closed sales have had a two percent decrease for both homes and condos. The year also saw an increase in average median prices for both homes and condos compared to 2017.


December Closed Sales

HOMES December 2018 December 2017 % Change
Total Sales 4,129 4,544 - 9.1%
Median Price $375,000 $380,000 - 1.3%

Closed sales have been down or flat 10 out of the last 12 months.
Median prices have been up or flat for 34 out of the last 36 months.

CONDOS December 2018 December 2017 % Change
Total Sales 1,504 1,702 - 11.6%
Median Price $355,000 $359,900 - 1.4%

Closed sales have been down or flat for 8 out of the last 12 months.
Median prices have been up or flat for 33 out of the last 36 months.


"Whether it was December or all of 2018, the phrase that best describes this real estate market, was ‘lack of homes for sale," said 2019 MAR President Anne Meczywor, associate broker at Roberts & Associates Realty in Lenox, MA. "It’s not too much of a stretch to imagine we’ll be using the same phrase to describe 2019 if we can’t do something to increase production and encourage more homeowners who are on the fence about selling to put their homes on the market."


Year End Closed Sales

HOMES 2018 2017 % Change
Total Sales 56,444 57,630 - 2.1%
Median Price $397,500 $377,000 + 5.4%

CONDOS 2018 2017 % Change
Total Sales 21,887 22,335 - 2.0%
Median Price $375,000 $350,000 + 7.1%

Year end sales data derived from monthly published closed sales reports.


December Inventory and Days on Market

HOMES December 2018 December 2017 % Change
Inventory 10,508 11,912 - 11.8%
Months of Supply 2.2 2.5 - 12.0%
Days on Market 67 69 - 2.9%
New Listings 2,367 2,400 - 1.4%

82nd time in the last 83 months of year-over-year inventory decreases.
Lowest number of homes for sale in the month of December.

CONDOS December 2018 December 2017 % Change
Inventory 3,294 3,292 + 0.1%
Months of Supply 1.8 1.8 0%
Days on Market 55 53 + 3.8%
New Listings 827 804 + 2.9%

Inventory down or flat for 33 out of the last 33 months.
Lowest number of condos for sale in the month of December.


"Interest rates are a wild card. If they rise, it could make homes less affordable and cut demand for the upper-end but may fuel increased demand in the more affordable range, which is already facing short supply," said Meczywor.


Year End Inventory and Days on Market

HOMES 2018 2017 % Change
Inventory 14,125 15,291 - 7.6%
Months of Supply 3.0 3.2 - 6.3%
Days on Market 59 67 - 11.9%
New Listings 74,629 73,545 + 1.5%

CONDOS 2018 2017 % Change
Inventory 4,011 4,339 - 7.6%
Months of Supply 2.2 2.4 - 8.3%
Days on Market 49 53 - 7.5%
New Listings 27,608 26,968 + 2.4%

Year end inventory and days on market data derived from monthly published closed sales reports.


About the Massachusetts Association of REALTORS®


Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 24,000+ members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.


Editors and reporters: Please note that the term REALTOR® is properly spelled with capitalized letters and the registered trademark symbol, per the Associated Press Stylebook.