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Home sales fall locally and statewide while prices hold

 
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 226
Location: Cambridge, MA

PostPosted: Tue Oct 30, 2018 2:41 pm GMT    Post subject: Home sales fall locally and statewide while prices hold Reply with quote

September stats reflecting slowdown. Fewer sales, but mix probably includes higher-end households who are not constrained by affordability, hence the continued rise in median sales price. My guess is that price reductions will translate to further signs of softening in October when Mass. Association of Realtors reports them at the end of next month. (If you'd like some data analysis to inform an offer before that month delay, please contact us.)

CROWDSOURCING: What you seeing, hearing, expecting? , or are medians irrelevant? Real question is what's happening in submarkets where people are house hunting. Will we see median prices falling in 2019

Home sales fall locally and statewide while prices hold
http://bit.ly/RESalesFall_MASept18

EXCERPT: "Last month, single-family sales in the Greater Boston area were 12.5 percent below Sept. 2017 levels, while condominium sales fell by 15.2 percent annually. However, median prices for both property types grew yet again to record highs, to just under $600,000 for detached homes and $570,000 for condos, according to the Greater Boston Association of Realtors.

The rest of the state saw similar trends. The Massachusetts Association of Realtors’ September report found a 9.7 percent decrease in total sales from last year. Meanwhile, the median sales price increased 4 percent to $390,000. MAR noted that Sept. 2018 set a new record for the lowest number of active listings statewide since it began reporting the data in 2004. Single-family for-sale inventory shrank 9 percent to just under 16,000, while condo inventory fell by 8.6 percent to 4,500. The number of new listings, however, did increase marginally for both property types, which comes as a good omen to MAR President Rita Coffey."
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 226
Location: Cambridge, MA

PostPosted: Tue Oct 30, 2018 6:15 pm GMT    Post subject: Reply with quote

Boston Globe reporting stat that was omitted from the story above:

Mass. home sales slowed in September, as price increases moderated
http://bit.ly/MAcondoPricesFall_Sept18

Excerpt:

Quote:
"...the median condo price took a rare dip, falling 3.8 percent from September 2017 to $328,000, For the first nine months of 2018, however, condo prices were still 8.4 percent above 2017’s median."



My comment on the link above, what's yours?

As 20,000 Realtors arrive in Boston for their first national convention in 89 years, it's important to note that the real estate ecosystem is changing and data -- both big data and personal data -- is displacing agents as the center of the transaction. Locally, the overheated housing market has thwarted money-saving innovations but the decline in condo prices suggests that homebuyers have negotiating leverage again.

Meanwhile, mega-brokers and new players are engaged in a billion dollars arms race to control the industry, and there's angst about the viability of the MLS as siloed databases and in-house dashboards turbo-charge pocket listings.

http://bit.ly/IsREBreakingUp

The industry doesn't want consumers to look behind the scenes and what happens when "teams" pretend they can represent buyer and seller in the same transaction. When people who were advised to bid tens of thousands over asking price earlier this year realize they we're duped, should be interesting to watch the bidding war backlash.

Additional links available upon request.
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Bill Wendel
The Real Estate Cafe
Serving a menu of money-saving services since 1995
97a Garden St.
Cambridge, MA 02138
617-661-4046
realestatecafe@gmail.com
http://realestatecafe.com/blog
http://twitter.com/RealEstateCafe
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