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.
Note the consistency of the seasonal pattern, as the median price usually rises in Q2 and Q3 and then falls in Q4.
Year to Date
In 2005, the previous peak, the YTD median price through Q3 was $365,000.
Better weather in the early months contributed to higher sales, but also reduced inventory and therefore sales as the year progressed.
Available for Sale
The decline in inventory has been consistent since June.
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