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News & Press: Market Update

Median Prices Continue to Climb in June

Thursday, July 26, 2018   (0 Comments)
Posted by: Maria Brogan
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NEAR reported today that statewide closed sales and median prices rose year-over-year, while locally closed sales were slightly lower than last year. Prices continue to increase for both single-family and condominium markets in our area because of high demand and historically-low inventory. Increasing housing prices will especially hurt first-time homebuyers trying to get into the market.

 

June Closed Sales:

Single-Family

June 2018

June 2017

% Change

Sales

453

486

-6.8%

Median Price

$469,000

$435,000

+7.8%

  • Days on market down 17.6 percent versus last year.

  • Closed sales down versus June 2017.

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

     

     

Condominium

June 2018

June 2017

% Change

Sales

201

199

+1.0%

Median Price

$265,000

$237,000

+11.8%

  • Days on market down 13.7 percent versus last year.

  • Pending sales up 15.6 percent compared to June 2017.

  • Months supply of inventory down 19.3 percent; with June 2018 at 1.4 months of inventory available.

     

“The housing market at the halfway point of the year is beginning to show more activity on the listing side,” said 2018 NEAR President Susan Callahan of Coldwell Banker in Chelmsford. “Properties priced between $225,000 to $300,000 in our area are going fast."

 

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.