Single-family and condo prices in Massachusetts were up annually in October amid a shrinking supply of available homes to buy, according to new figures from the Massachusetts Association of Realtors.
The figures suggest that, whatever the evidence of an emerging buyers’ market in the Boston region, the wider market still favors sellers.
The median single-family price was up year over year by 1.8 percent in October, to $400,000, and single-family sales were up 0.5 percent over the same period. The median condo price in Massachusetts was up 4.2 percent, to $370,000, and sales were up 3.2 percent.
The realtors association expects the trend in higher prices to continue into 2020.
“While prices might tick down a bit over the coming winter months, the desire to live in Massachusetts, with its low unemployment and high-paying jobs, will keep home prices historically high until we can increase production,” Anne Meczywor, a broker at Roberts & Associates Realty Inc. Lenox and the association’s president, said in a statement.
In the meantime, before production catches up with demand, don’t expect too much help from existing inventory if you’re a buyer. The association’s stats showed sharp year-over-year drops in the inventories of available houses and condos to buy. Single-family inventory was down more than 23 percent in October, and condo inventory was down more than 11 percent.
At the same time, the volumes of new listings for both were also down.
“Homeowners seem more inclined to stay off the market rather than risk having nothing to buy after the sale goes through, even though they have an opportunity to take advantage of these record high selling prices,” Meczywor said.