image 28 Nov 2018

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October Sales Report


Benedek, iStock


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


October Closed Sales

HOMES October 2018 October 2017 % Change
Total Sales 4,865 5,024 - 3.5%
Median Price $390,000 $370,000 + 5.4%

Closed sales have been down or flat 8 out of the last 12 months.
Median prices have been up or flat for 35 out of the last 36 months.

CONDOS October 2018 October 2017 % Change
Total Sales 1,781 1,818 - 2.0%
Median Price $353,000 $339,000 + 4.1%

Closed sales have been down or flat for 7 out of the last 12 months.
Median prices have been up or flat for 35 out of the last 36 months.


"While October 2018 was memorable because the Red Sox won the World Series, it was another strikeout for needed homes added to the market to meet demand," said 2018 MAR President Rita Coffey, general manager of Century 21 Tullish & Clancy in Weymouth. "One thing is for sure, we’ll keep stepping to the plate to support programs like Governor Baker's Housing Choice Initiative that will start producing needed housing."


Inventory and Days on Market

HOMES October 2018 October 2017 % Change
Inventory 15,441 16,682 - 7.4%
Months of Supply 3.2 3.5 - 8.6%
Days on Market 58 62 - 6.5%
New Listings 6,694 6,038 + 10.9%

80th time in the last 81 months of year-over-year inventory decreases.
Lowest number of homes for sale in the month of October.

CONDOS October 2018 October 2017 % Change
Inventory 4,602 4,675 - 1.6%
Months of Supply 2.5 2.5 0%
Days on Market 49 50 - 2.0%
New Listings 2,505 2,255 + 11.1%

Inventory down or flat for 32 out of the last 32 months.
Lowest number of condos for sale in the month of October.


"With the national unemployment rate hovering under four percent, and it even lower in Massachusetts at 3.5 percent, we have the type of conditions that promote buyer demand. What we don’t have is enough homes to meet that demand," said Coffey.


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.