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News & Press: Market Update

Median Sales Prices Continue to Rise as Inventory Remains Low

Wednesday, August 2, 2017   (0 Comments)
Posted by: Maria Brogan
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The Northeast Association of Realtors® (NEAR) reported today that the local summer real estate market continues to be very competitive. Single-family median prices are just over nine percent higher than last year. Condominium sales dipped slightly in June and median prices were up almost six percent. New listings are seeing lots of foot traffic by ready buyers.

 

June Closed Sales:

Single-Family

June 2017

June 2016

% Change

Sales

477

479

-0.4%

Median Price

$437,250

$399,900

+9.3%

  • Days on market down 25.1 percent versus last year.

  • Closed sales remained flat versus June 2016.

  • Healthy inventory is considered to be 3 months, June ended with 1.9 months.

     

Condominium

June 2017

June 2016

% Change

Sales

190

193

-1.6%

Median Price

$224,900

$238,000

+5.8%

  • Days on market down 39.9 percent versus last year.

  • Pending sales down 7.3 percent compared to June 2016.

  • Months supply of inventory down 41.1 percent; with June 2017 at 1.4 months of inventory available.

     

“The housing market at the halfway point of 2017 continues to show strong buyer demand despite the lack of available homes,” said 2017 NEAR President Will Molina, broker with Coco, Early & Associates in Haverhill. “New listings are going quickly with eager buyers with many multiple offers being negotiated. The Merrimack Valley housing market will continue to heat up this summer!"


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