The Massachusetts Association of REALTORS (MAR) reported that single-family home sales in March were down less than one quarter of a percent compared to the same time last year. A shortage of homes for sale pushed prices up again slightly in March. Condominium sales were down while prices were up three percent.
March Closed Sales:
| Single-Family | March 2015 | March 2014 | %Change |
| Sales | 2,753 | 2,758 | -0.2% |
| Median Price | $320,000 | $314,063 | +1.9% |
- Closed sales have been down seven out of the last 11 months
- Median prices up 29 of last 30 months
| Condominium | March 2015 | March 2014 | %Change |
| Sales | 1,118 | 1,306 | -14.4% |
| Median Price | $309,108 | $300,154 | +3.0% |
- Closed sales have been down eight out of the last 11 months
- Median prices up 21 out of the last 22 months
Despite our difficult winter, buyer demand remained almost as constant as the snow, said 2015 MAR President Corinne Fitzgerald. While the many storms kept sellers from putting their homes on the market in March, pent-up seller demand should translate into a very active spring. This activity will be good for the economy and the real estate community as a whole.
Inventory and Days on Market:
| Single-Family | March 2015 | March 2014 | %Change |
| Inventory | 14,862 | 19,716 | -24.6% |
| Months of Supply | 3.6 | 4.8 | -25.0% |
| Days on Market | 127 | 122 | +4.1 |
| New Listings | 6,329 | 7,012 | -9.7% |
- 38th straight month of year-over-year inventory decreases
| Condominium | March 2015 | March 2014 | %Change |
| Inventory | 3,988 | 5,620 | -29.0% |
| Months of Supply | 2.4 | 3.3 | -27.3% |
| Days on Market | 98 | 85 | +15.3% |
| New Listings | 2,521 | 2,662 | -5.3% |
- 53rd straight month of year-over-year inventory decreases
Although there was a slight slip in home sales in March, the Bostonhousing market remains healthy with modest price appreciation and strong buyer demand, according to data issued by the Greater Boston Association of REALTORS (GBAR). The biggest factor currently hindering activity is a simple lack of inventory.
Buyer activity has been just as brisk as the weather this winter, stated GBAR President David McCarthy, noting that low mortgage rates, rising home values, and new, lower down payment and financing options for first-time buyers have fueled an increase in demand in recent months.
Given our healthy economy and market fundamentals, one might expect sales to be higher, but we simply dont have enough listings to satisfy those looking to buy, McCarthy explained, adding that the severe winter delayed the start of spring market as many homeowners were unable to prepare their property to sell before March.
As the weather only gets warmer, the level of activity is predicted to surge as more homeowners are able to ready their property to be listed for sale.
About the Massachusetts Association of REALTORS:
Organized in 1924, the Massachusetts Association of REALTORS is a professional trade organization with more than 21,000+ members. The term REALTOR is registered as the exclusive designation of members of the National Association of REALTORS who subscribe to a strict code of ethics and enjoy continuing education programs.
