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News & Press: Market Update

Prices Rise as High Demand and Historically-low Inventory Continue

Wednesday, August 23, 2017   (0 Comments)
Posted by: Maria Brogan
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NEAR reported today that local area median prices are at or over the $400,000 threshold for the third straight month. Prices continue to increase for both single-family and condominium markets because of high demand and historically-low inventory. Increasing housing prices will especially hurt first-time homebuyers trying to get into the market.

 

July Closed Sales:

Single-Family

July 2017

July 2016

% Change

Sales

416

407

+2.2%

Median Price

$429,450

$391,450

+9.8%

  • Days on market down 47.7 percent versus last year.

  • Sellers received 99.9 percent of list price in last month.

  • Healthy inventory is considered to be 3 months, July ended with 2 months.

     

Condominium

July 2017

July 2016

% Change

Sales

158

175

-9.7%

Median Price

$236,000

$225,000

+4.9%

  • Days on market down 35.2 percent versus last year.

  • Pending sales down 14.9 percent compared to July 2016.

  • New listings down 17.6 percent versus same time last year.

     

“Like July, the housing market last month was hot!" said 2017 NEAR President Will Molina, broker with Coco, Early & Associates in Haverhill. "The slight jump in new homes available for sale in the Merrimack Valley area were quickly scooped up as the demand for homes remains high.”

 

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