The Massachusetts Association of REALTORS (MAR) reported that
single-family home sales in March were down less than one quarter
of a percent compared to the same time last year. A shortage of
homes for sale pushed prices up again slightly in March.
Condominium sales were down while prices were up three percent.
March Closed Sales:
| Single-Family | March 2015 | March 2014 | %Change |
| Sales | 2,753 | 2,758 | -0.2% |
| Median Price | $320,000 | $314,063 | +1.9% |
- Closed sales have been down seven out of the last 11
months - Median prices up 29 of last 30 months
| Condominium | March 2015 | March 2014 | %Change |
| Sales | 1,118 | 1,306 | -14.4% |
| Median Price | $309,108 | $300,154 | +3.0% |
- Closed sales have been down eight out of the last 11
months - Median prices up 21 out of the last 22 months
Despite our difficult winter, buyer demand remained almost as
constant as the snow, said 2015 MAR President Corinne Fitzgerald.
While the many storms kept sellers from putting their homes on the
market in March, pent-up seller demand should translate into a very
active spring. This activity will be good for the economy and the
real estate community as a whole.
Inventory and Days on Market:
| Single-Family | March 2015 | March 2014 | %Change |
| Inventory | 14,862 | 19,716 | -24.6% |
| Months of Supply | 3.6 | 4.8 | -25.0% |
| Days on Market | 127 | 122 | +4.1 |
| New Listings | 6,329 | 7,012 | -9.7% |
- 38th straight month of year-over-year inventory decreases
| Condominium | March 2015 | March 2014 | %Change |
| Inventory | 3,988 | 5,620 | -29.0% |
| Months of Supply | 2.4 | 3.3 | -27.3% |
| Days on Market | 98 | 85 | +15.3% |
| New Listings | 2,521 | 2,662 | -5.3% |
- 53rd straight month of year-over-year inventory
decreases
Although there was a slight slip in home sales in March, the
Bostonhousing market remains healthy with modest price appreciation
and strong buyer demand, according to data issued by the Greater
Boston Association of REALTORS (GBAR). The biggest factor currently
hindering activity is a simple lack of inventory.
Buyer activity has been just as brisk as the weather this
winter, stated GBAR President David McCarthy, noting that low
mortgage rates, rising home values, and new, lower down payment and
financing options for first-time buyers have fueled an increase in
demand in recent months.
Given our healthy economy and market fundamentals, one might
expect sales to be higher, but we simply dont have enough listings
to satisfy those looking to buy, McCarthy explained, adding that
the severe winter delayed the start of spring market as many
homeowners were unable to prepare their property to sell before
March.
As the weather only gets warmer, the level of activity is
predicted to surge as more homeowners are able to ready their
property to be listed for sale.
About the Massachusetts Association of
REALTORS:
Organized in 1924, the Massachusetts Association of REALTORS is
a professional trade organization with more than 21,000+ 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.