A new report from the Massachusetts Association of Realtors finds homebuyer demand remained consistent in September and despite another decrease in listings, there are indications the marketing is softening and sales prices may start to moderate.
Unlike typical fall seasonal trends, new listings are continuing to enter the market when listings and sales activity normally slow, MAR’s September housing statistics report found. Additionally, homebuyers are starting to take their time as many are holding off until the market balances out.
September’s median single-family home price was $525,000, down from August’s $553,000. The report noted a decrease isn’t uncommon for this time of year. Single-family home listings were also down, declining 10.1% compared to last year.
The $460,000 median condominium price was also down from last month’s median of $481,063 and condo listings fell 5.1% from last year.
“Sustained demand means that sellers are still in charge of the market, but this consistency is a good sign after months of imbalance,” MAR President Steve Medeiros said in a press release. “The dip we saw in median prices from August to September is also a welcome change for first-time homebuyers who have been struggling to enter the market or have continued to be priced out. We are excited to see what the next month brings.”
Closed sales of single-family homes fell 1.3% compared to September 2020. Condominium closed sales had some growth, up 2.4% from last year.
The report also found homes are staying on the market longer and selling closer to the list price. Days on market for single-family homes and condominiums both increased in September, up 4% and 2.5%, respectively, from August.