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News & Press: Market Update

Closed Sales Down in April as Inventory Remains Limited

Wednesday, May 31, 2017   (0 Comments)
Posted by: Maria Brogan
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The Northeast Association of Realtors® (NEAR) reported today that the local Spring real estate market is in full bloom. Single-family median prices are more than 5 percent higher than last year. Condominium sales were up slightly in April and median prices followed suit. Buyer demand remains strong contributing to high competition and multiple offers, many above asking, for the available inventory.

 

April Closed Sales:

Single-Family

April 2017

April 2016

% Change

Sales

224

292

-23.3%

Median Price

$386,250

$366,999

+5.2%

  • Days on market down 26.5 percent versus last year.

  • Closed sales down 23.3 percent versus April 2016.

  • Healthy inventory is considered to be 3 months, April ended with 1.6 months.

     

Condominium

April 2017

April 2016

% Change

Sales

112

92

+21.7%

Median Price

$206,075

$210,500

-2.1%

  • Days on market down 45.9 percent versus last year.

  • Pending sales down 9.7 percent compared to April 2016.

  • Months supply of inventory down 37.8 percent; with April 2017 at 1.3 months of inventory available.

     

“The spring housing market continues to show strong buyer demand despite the historically-low number of homes for sale,” said 2017 NEAR President Will Molina, broker with Coco, Early & Associates in Haverhill. “Open houses are at capacity and we’re starting to see many more buyers from greater Boston considering the Merrimack Valley because of our more reasonable home prices.”

The Northeast Association of REALTORS® is one of 1,200 local chapters of the National Association of REALTORS®. Officially, NEAR covers 15 cities and towns from Boxford to Littleton, though it has members from more than 50 cities and towns in the Merrimack and Nashoba valleys as well as southern New Hampshire. The term, REALTOR®, is a trademark for use exclusively by members of the National Association of REALTORS®, whose members subscribe to a strict Code of Ethics.

 

 

The Northeast Association of REALTORS®
6 Lyberty Way, Suite 204
Westford, MA 01886

Phone: 978-577-6138
Fax: 978-577-6156