image 27 Jun 2018

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May Sales Report

Bill Damon, Flickr


The Massachusetts Association of REALTORS® (MAR) reported today that closed sales for single-family homes fell in May while the median price rose over the $400,000 mark for the first time in 2018. The median price for a single-family home rose over $400,000 for the first time ever in June 2017. Condominium sales also fell over last year while the median price rose almost four percent. The number of homes for sale reached the lowest level for the month of May since MAR began recording the data in 2004.


May Closed Sales

HOMES May 2018 May 2017 % Change
Total Sales 4,856 5,083 - 4.5%
Median Price $405,000 $383,000 + 5.7%

Closed sales have been down or flat 10 out of the last 12 months.
Median prices have been up or flat for 30 out of the last 31 months.

CONDOS May 2018 May 2017 % Change
Total Sales 2,058 2,110 - 2.5%
Median Price $384,371 $370,000 + 3.9%

Closed sales have been down or flat for 6 out of the last 12 months.
Median prices have been up or flat for 30 out of the last 31 months.


"We've passed the $400,000 mark for median price on closed home sales a month earlier than we did last year," said 2018 MAR President Rita Coffey, general manager of Century 21 Tullish & Clancy in Weymouth. "Continued inventory shortages along with buyer demand may send prices to record levels this summer."


Inventory and Days on Market

HOMES May 2018 May 2017 % Change
Inventory 13,427 16,416 - 18.2%
Months of Supply 2.8 3.5 - 20.0%
Days on Market 59 71 - 16.9%
New Listings 9,934 9,120 + 8.9%

75th time in the last 76 months of year-over-year inventory decreases.
Lowest number of homes for sale in the month of May.

CONDOS May 2018 May 2017 % Change
Inventory 3,865 4,628 - 16.5%
Months of Supply 2.0 2.5 - 20.0%
Days on Market 46 53 - 13.2%
New Listings 3,269 3,181 + 2.8%

Inventory down or flat for 29 out of the last 30 months.
Lowest number of condos for sale in the month of May.


"Fortunately, new listings are coming on to the market to help mitigate the strain on inventory and rising prices," said Coffey. "We're feeling positive that Governor Baker's Housing Choice Initiative, or H.4290 An Act to promote housing choices, that we've supported will pass the legislature and be a good start to solving this problem in the Commonwealth."


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 REALTORĀ® 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.