October 2019 Massachusetts Closed sales stats

[Timothy Lewman]

October closed sales stats are as follows.

Warren Group, reports all closed sales - on MLS and off MLS, shows that the median price of Single Family Houses in October 2019 was $388,000 - up 3.49% from October 2018. Mass. Association of Realtors (MAR) has a figure of $400,000 for all MLS sales, which is up 2.56% from October 2018.

The number of transactions for the Warren Group checks in at 5,224 for October 2019, up 0.83% from 10/2018. MAR shows 4,943 sales, up 1.79% from 10/2018. If you were looking for off-market properties, you had 281 to choose from (=5,224-4,943).

Inventory and new listings again took a nose-dive from 10/2018. MAR shows there were 13,437 listed properties, down 12.81% from 10/2018. This was partially fueled by a drop in new listings of 6.08% at 6,287 for the month. This is the seventh month in a row of declining new listings. Simply put, people are staying right where they are.

Our months supply figure registers 2.8 months; 6 months is considered neutral. This remains a sellers market and will for the foreseeable future.

Case-Schiller index barely budged both locally for Boston and nationally - nothing to see here.

My fundamental analysis hasn't changed - a lack of sellers shown in inventory and new listings has constrained supply and continues to boost prices. Low mortgage interest rates boost demand from buyers, making these higher prices more affordable. Certainly this can't last forever for until something changes we are stuck in this pattern.