Tag: real estate

Dip in Closed Home Sales for Month of May as Median Prices Hit All-Time High

According to the Massachusetts Association of Realtors Homes for sale reach lowest level for May since 2004

WALTHAM, Mass. – June 27, 2017 – The Massachusetts Association of Realtors® (MAR) reported today both single-family and condominium saw a slight dip in sales in May from last year. Despite the drop, median home prices for both single-family homes and condominiums hit new all-time highs. Inventory also reached the lowest level for the month of May since MAR began recording the data in 2004.

May Closed Sales:

Single-Family May 2017 May 2016 %Change
Sales 4,930 5,047 -2.3%
Median Price $385,000 $352,700 +9.2%
  • Closed sales have been down or flat five out of the last 12 months
  • Median prices hit all-time high in May 2017. Previous high was June 2016 – $380,000
  • Median prices have been up or flat for 17 out of the last 18 months
Condominium May 2017 May 2016 %Change
Sales 2,061 2,067 -0.3%
Median Price $369,950 $343,000 +7.9%
  • Closed sales have been down or flat for six out of the last 12 months
  • Median prices hit an all-time high in May 2017. Previous high was July 2016 –  $356,000
  • Median prices have been up or flat for 17 out of the last 18 months

“It’s not often that you see sales go down and prices hitting all-time highs,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “However, with the number of homes for sale so low, and demand so high, this is what we get. While we’ll be ok in the short-term, if we don’t find a way to produce more housing our economy will feel the impact.”

Inventory and Days on Market:

Single-Family May 2017 May 2016 %Change
Inventory 13,918 20,065 -30.6%
Months of Supply 2.9 4.1 -29.3%
Days on Market 68 94 -27.7%
New Listings 8,968 8,611 +4.1%
  • 63rd time in the last 64 months of year-over-year inventory decreases
  • Lowest number of homes for sale in the month of May
  • New listings added to the market up for the first time in a year
Condominium May 2017 May 2016 %Change
Inventory 3,876 5,260 -26.3%
Months of Supply 2.1 2.9 -27.6%
Days on Market 52 70 -25.7%
New Listings 3,125 2,846 +9.8%
  • Inventory down for 17 out of the last 18 months
  • Lowest number of homes for sale in the month of May

“Inventory may have reached a new low, but listings added to the market went up for the first time in over a year.” said Yorkis. “This is a positive development, and a trend that must continue if we are to meet future housing demands.”

HUD Awards $4.4 Million to Protect Families in Massachusetts From Home Hazards

BOSTON – In a continuous effort to keep families and their children safe from lead-based paint and other home health and safety hazards, the U.S. Department of Housing and Urban Development (HUD) awarded more than $4.4 million in Massachusetts to the Cities of Brockton, Malden and Somerville.

The grant funding announced today will reduce the number of children with elevated blood lead levels, and protect families living in homes with significant lead and other home health and safety hazards. HUD’s Lead Based Paint Hazard Control grant programs have a proven history of success, filling critical needs in communities where no other resources exist to address substandard housing that threatens the health of the most vulnerable residents. With HUD celebrating June’s National Healthy Homes Month, HUD Secretary Ben Carson said he wants to make lead paint hazard removal a top priority.

1st-time buyers falling as share of Massachusetts real estate market

First-time buyers are finding themselves squeezed out of the Massachusetts housing market and now make up the smallest share of the market since at least 2003, according to survey numbers released Thursday by the Massachusetts Association of Realtors.

Across Massachusetts, 35 percent of all homebuyers were first-time buyers in 2016. The previous year in Massachusetts, 41 percent of all buyers were first-time home buyers.

Nationally, 35 percent of buyers were first-time buyers, an increase over the 32 percent share of first-time buyers in 2015, according to Eric Berman, spokesman for the Massachusetts Association of Realtors.

Albano’s Market building in Springfield’s South End being demolished; historic sign to survive

Albano’s Market building in Springfield’s South End being demolished; historic sign to survive

SPRINGFIELD — The building at 1167 East Columbus Ave. in Springfield’s South End that once housed Albano’s Market and its well-loved Italian ice will disappear, but the market’s familiar sign will survive.

Paul C. Picknelly, head of 180 Redevelopment Inc., which bought the building in 2015, said workers salvaged the Albano’s sign and he’s given it to Joe Frigo of Frigo’s Gourmet Foods, who has promised to display it at his shop around the corner from Albano’s on William Street.