image 28 Apr 2018

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March Sales Report

Sean Pavone, iStock


The Massachusetts Association of REALTORS® (MAR) reported today that closed sales for both homes and condos fell in March while median prices went up. The median price for condos in March was $10,000 more than single-family homes for the first time since MAR began recording the data in 2004. This is the fourth month in a row that the number of single-family homes for sale has been below the 10,000 mark, an unprecedented low number.


March Closed Sales

HOMES March 2018 March 2017 % Change
Total Sales 3,354 3,679 - 8.8%
Median Price $369,000 $350,000 + 5.4%

Closed sales have been down 9 out of the last 12 months.
Median prices have been up or flat for 28 out of the last 29 months.

CONDOS March 2018 March 2017 % Change
Total Sales 1,450 1,654 - 12.3%
Median Price $389,900 $335,000 + 16.4%

Closed sales have been down or flat for 7 out of the last 12 months.
Median prices have been up or flat for 28 out of the last 29 months.


"In real estate we know it's all about location, location, location," said 2018 MAR President Rita Coffey, general manager of Century 21 Tullish & Clancy in Weymouth. "Today we know that land and square footage might not be the biggest predictor of how much your home is worth. This is why we see condos in hot neighborhoods selling for more than single-family homes state-wide."


Inventory and Days on Market

HOMES March 2018 March 2017 % Change
Inventory 9,683 13,796 - 29.8%
Months of Supply 2.0 2.9 - 31.0%
Days on Market 80 91 - 12.1%
New Listings 5,903 7,148 - 17.4%

73rd time in the last 74 months of year-over-year inventory decreases.
Lowest number of homes for sale in the month of March.

CONDOS March 2018 March 2017 % Change
Inventory 2,868 4,124 - 30.5%
Months of Supply 1.5 2.2 - 31.8%
Days on Market 57 68 - 13.6%
New Listings 2,361 2,799 - 15.6%

Inventory down or flat for 28 out of the last 29 months.
Lowest number of condos for sale in the month of March.


"REALTORS® and their buyer clients especially want to see new listings come onto the market at the start of the spring market," said Coffey. "Unfortunately, new listings are not keeping up with the demand. "


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.