August 2019 Massachusetts Closed sales stats

[Timothy Lewman]

I follow 2 sets of data; starting with the Warren Group, which reports all recorded transactions shows us at a median (median = half of the houses sold for more and half sold for less; it's different than the mathematical average) selling price of $420,000, an all time high for August, up 4.71% from last August. The Massachusetts Association of Realtors (MAR) only tracks properties on the three state MLS's, shows a median selling price of $430,000, also an all time high for August, up 2.87% since August 2018.

For volume - number of transactions - The Warren group shows 6,606 houses changed hands, down 3.11% from August 2018. The MAR reports 6,221 sales, down 2.31% from last August. Why is the volume shrinking? MAR shows total inventory down year over year 8.60% and new listings are tumbling down 11.95% YoY!  We still have a very tight supply of houses at 2.8 months. Months supply calculation = the inventory of homes for sale (at the end of a given month) divided by the average monthly pending sales from the last 12 months.

It makes sense that with inventory and new listing dropping that prices are staying elevated; it's a great time to list your home if you're thinking about it.

See attached charts and graphs to really put it in perspective.