The number of single-family homes for sale hit an all-time low last month, according to the Massachusetts Association of Realtors (MAR).

There were 14,519 single-family homes on the market in September, down 24.6 percent from last year, when there were 19,261 homes for sale, according to MAR. The organization said that represents 3.1 months of inventory and the 67th month of year-over-year decreases in inventory in the last 68 months.

“We need to see more listings come on to the market to deal with these record inventory lows,” Paul Yorkis, 2017 MAR president, said in a statement. “These listings could come from new production, people moving in with their families or in accessory dwelling units – any way it comes, young and first-time homebuyers especially will be grateful.”

Of course, when supply decreases, both demand and prices increase as well. Data released yesterday from The Warren Group, publisher of the Banker & Tradesman, bears that out.

“Dynamics of supply and demand dynamics are playing out across the state; supply remains at record lows and prices continue to rise as a result,” Cassidy Murphy, editorial and media relations director of The Warren Group, said in a statement. “This will likely continue through the end of this year as sales slow in the fall and holiday seasons. Come the spring hopefully the supply of homes and condos for sale will increase and bring some stability, but for now, it’s definitely a seller’s market.”

There were 5,376 single-family homes sold in September, slightly below the 5,582 in September 2016, marking a 3.69 percent decrease, according to The Warren Group.

In contrast, the median sale price of a single-family home in September increased 9.34 percent to $362,200, up from $331,175 last year.

Year-to-date, single-family home sales fell 0.33 percent through September compared to the same period in 2016 (from 45,773 to 45,621), while the median price jumped 6.16 percent (from $341,175 to $362,200) over that period.

There were 2,177 condominiums sold in September 2017, compared to 2,293 last year – a decrease of 5.06 percent. The median sale price increased 1.79 percent, to $341,000.

Year-to-date condo sales were up 3.19 percent through September compared to the same period in 2016 (from 18,156 to 18,735), while the median price was up 3 percent over the same period (from $330,000 to $340,500).

Residential Real Estate Inventory Hits Record Low, Driving Prices Higher

by Jim Morrison time to read: 1 min