image 24 Oct 2018

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September Sales Report


Kusska, ShutterStock


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


September Closed Sales

HOMES September 2018 September 2017 % Change
Total Sales 4,621 5,115 - 0.9%
Median Price $390,000 $375,000 + 4.0%

Closed sales have been down or flat 9 out of the last 12 months.
Median prices have been up or flat for 34 out of the last 35 months.

CONDOS September 2018 September 2017 % Change
Total Sales 1,685 1,929 - 12.6%
Median Price $339,000 $350,000 - 2.9%

Closed sales have been down or flat for 8 out of the last 12 months.
Median prices have been up or flat for 34 out of the last 35 months.


"Even with interest rates ticking up over the past few months, buyer demand continues to be strong," said 2018 MAR President Rita Coffey, general manager of Century 21 Tullish & Clancy in Weymouth. "Yet, despite that buyer demand, there are not enough homes for sale and as a result we saw closed sales go down. We need more homes on the market in all price ranges to keep up."


Inventory and Days on Market

HOMES September 2018 September 2017 % Change
Inventory 15,907 17,477 - 9.0%
Months of Supply 3.3 3.7 - 10.8%
Days on Market 55 61 - 9.8%
New Listings 7,384 7,313 + 1.0%

79th time in the last 80 months of year-over-year inventory decreases.
Lowest number of homes for sale in the month of September.

CONDOS September 2018 September 2017 % Change
Inventory 4,497 4,918 - 8.6%
Months of Supply 2.4 2.7 - 11.1%
Days on Market 45 51 - 11.8%
New Listings 2,787 2,705 + 3.0%

Inventory down or flat for 31 out of the last 31 months.
Lowest number of condos for sale in the month of September.


"Positive year-over-year increases in new listings coming onto the market is always a positive, but we’ll need more changes to truly deal with the inventory shortage," 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.