MA Q3 housing market report: headed for new high

The median price of a Single Family Home (SFH) in Massachusetts rose 4% to $383,000 in the Third Quarter (Q3) and 3% to $370,000 for the Year to Date (YTD). Both numbers represent new highs and suggest that 2016 as a whole will set a new record – finally beating the $362,000 of 2005.

While sales YTD were up almost 10%, they were actually down slightly in Q3, reflecting a 20% decline in inventory compared with a year ago.

Third Quarter
Note the consistency of the seasonal pattern, as the median price usually rises in Q2 and Q3 and then falls in Q4.

Source:MLS, Oliver Reports

Year to Date
In 2005, the previous peak, the YTD median price through Q3 was $365,000.

Source: MLS, Oliver Reports

Sales
Better weather in the early months contributed to higher sales, but also reduced inventory and therefore sales as the year progressed.

Source: MLS, Oliver Reports

Available for Sale
The decline in inventory has been consistent since June.

Source: MLS, Oliver Reports

Comment
These numbers for Massachusetts as a whole are consistent with what we have been seeing in individual towns and in my Essex County report.
Massachusetts has an unemployment rate of just 3.6%, indicating that the economy is providing a firm underpinning for the housing market.

If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.

Not sure which broker to use to sell your home? Read  Which broker should I choose to sell my house?

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports