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Report: Massachusetts remains a seller’s market

by Stephanie Sims and Natalie Terchek

The summer buying season may be over, but homes around the state are a hot commodity. The low number of homes that actually are for sale are selling for higher prices and stay on the market for a shorter time, according to a new report from the Massachusetts Association of Realtors.

The number of closed sales for single-family homes around the state in September decreased 5.8 percent to 5,186 from the same time last year. The median sales price in that same time period surged 8 percent to $380,000.

The story is the same in Boston, where 1,100 single-family homes sold in September, down 5 percent from the same time last year, marking the sixth consecutive month of declines. The Greater Boston Association of Realtors report showed that sellers should be encouraged by the latest data.

“It remains a seller’s market, with demand outpacing supply at most price points,” said GBAR President Melody Sky Roloff. “As a result, buyers continue to face multiple offer situations and bidding wars, though, not at the frequency or intensity as we saw during the previous 12 months.”

Though the decrease in sales is driven by a tight inventory — the number of homes for sale last month was down 5.7 percent from last year — the homes that are for sale are flying off the market. Last month, single-family homes spent an average of 44 days on the market, a drop of 12 percent from 50 days in September 2016.

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