Despite Low Inventory, MA Home Sales Tick Up

Prices and sales in Massachusetts continue to rise in real estate, despite a drop in inventory, according to experts. The Massachusetts Association of Realtors reported this week that closed sales for single-family homes rose half a percent in November, while prices rose more than four percent. Year-over-year condominium sales saw a hike of over 10 percent, with prices rising almost eight percent. Inventory, however, dropped to a record low for the month of November.

In November, 4,799 single family homes closed in Massachusetts, compared to 4,776 last year at this time. The median price this November is $384,000, jumping from $369,000 at this time in 2016.

According to the Mass. Association of Realtors, closed sales have been up or flat eight out of the last 12 months and median prices have been up or flat for 24 out of the last 25 months.

• Closed sales have been up or flat for nine out of the last 12 months
• Median prices have been up or flat for 24 out of the last 25 months

Condos, too, saw a jump, with 1,749 selling in November of 2016 and 1,930 in the same month in 2017. The median price was $368,000 this year, compared to $341,000 last November.

“Prices have been increasing for two years and inventory continues to go down, but demand continues to be there,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway, in a statement. "This isn’t something that is sustainable, yet it continues. We just need more inventory and we need more housing production to make that happen.”

Inventory, however, dropped some 26 percent from this same time last year.

“It is encouraging to see that new listings have been on the upswing the latter half of this year,” said Yorkis. “However, this is only one part of the inventory solution we need if we’re going to truly solve this problem.”

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